When was the last time you looked at your insurance coverage? ASP (NS) Lai Shu Wei (Rep No. LSW300105812), a senior financial representative representing Great Eastern Financial Advisers Pte Ltd, shares how to stay financially prepared for whatever life throws your way.
Insurance tends to fall into the “I’ll sort it out later” category of adulting. But according to ASP (NS) Lai Shu Wei, a licensed financial representative and Executive Committee member at HomeTeamNS Bukit Batok, putting it off could cost you more than you think.
“Many people assume they’re too young to need coverage, only to face health issues later that make it much harder — or more expensive — to get insured,” he explains. “I’ve had clients who were eventually diagnosed with conditions that rendered them uninsurable.”
Unexpected medical costs can quickly eat into your savings — and with inflation and economic uncertainty in play, the financial impact can be even greater. “Hospitalisation and accident coverage offer a crucial safety net. They help you manage these risks without derailing your long-term goals,” Shu Wei adds.
ASP (NS) Lai Shu Wei, a licensed financial representative, found his calling early and hasn’t looked back since.
His own journey into the field started during his second year at NUS Business School, from which he graduated in 2022. “I realised the work is meaningful, as I get to help people and add real value to their lives through financial planning,” he says.
Insurance does more than protect your finances — it gives you peace of mind to plan your future with confidence.
When advising clients, Shu Wei walks them through the core pillars of coverage:
For those looking to build a stronger foundation, he recommends the Monetary Authority of Singapore’s Basic Financial Planning Guide as a helpful resource on emergency funds, essential coverage, investments and legacy planning.
Just starting your career or juggling multiple financial commitments? If affordability is a concern, finding the right balance between cost and coverage is key. “Start with term plans to get sufficient protection at a lower cost, then upgrade your plans as your income grows,” Shu Wei advises. “It’s better to be adequately covered at a basic level than to be under-protected or completely uninsured.”
Group personal accident plans are a cost-effective way to boost your coverage, especially for those with active lifestyles or physically demanding jobs where the risk of injury is higher. “The lump sum payout can help cover recovery expenses — such as physiotherapy or mobility aids — even if these aren’t reimbursed under other plans,” Shu Wei explains. “That extra layer of support can make a big difference during recovery.”
Even if you’ve got a comprehensive plan in place, insurance isn’t a set-it-and-forget-it arrangement — it needs to grow with you.
Shu Wei advises checking in regularly, especially after major life changes. A thorough review should consider whether your current coverage is still sufficient, the types of protection you have in place, how comfortably you’re managing your premiums, whether your investment allocations need adjusting, and if any recent events have shifted your insurance needs.
During a check-in with your adviser, consider asking these questions:
It’s easy to put off these reviews, especially when life gets busy. But Shu Wei cautions against waiting. “As your life circumstances change, your insurance should change with you,” he says. “Don’t wait for a crisis to find out that you’re underinsured.”
While digital platforms are convenient for quick comparisons, a trusted financial representative still brings value to the table. “Online tools may suffice for simple, one-off purchases,” Shu Wei says. “But if you want personalised guidance, regular reviews and support when it matters most, it’s best to speak with an adviser.”
A good adviser will assess your overall situation — including lifestyle, goals and responsibilities — and flag any coverage gaps or policy overlaps. When the need arises, they will also guide you through the claims process and help ensure that your portfolio evolves with major life changes.
Beyond protection plans, Shu Wei shares the importance of estate planning including considerations such as Central Provident Fund (CPF) nominations, wills, Lasting Power of Attorney (LPA) nominations, and Advance Medical Directives (AMD). “Policy nominations are especially crucial,” he notes. “They ensure that your insurance payouts go directly to your chosen beneficiaries without going through probate. This saves time and prevents complications during what is already a stressful period.”
When needed, he also reviews a household’s overall coverage to ensure that the entire family is financially secure should something happen to a loved one. The personal and long-term nature of the work means many clients eventually become friends, Shu Wei observes. “Seeing how their lives improve — and knowing I played a part in that — is what gives me immense job satisfaction.”
Shu Wei recommends reviewing your coverage once a year — even if everything seems stable. “It’s a good way to stay informed about policy changes, benefit enhancements and whether your protection still aligns with your goals,” he advises.
Key moments that should trigger a review:
And what if your adviser no longer feels like the right fit? If you feel stressed or pressured every time you speak with your adviser, it may be a sign to reassess that relationship, too. “Your financial journey is personal, and you deserve guidance that feels respectful and aligned with your goals,” emphasises Shu Wei. “If you’re not getting what you need, do speak with your financial representative about it first. Otherwise, it’s perfectly okay to explore other options. What matters most is feeling informed and supported every step of the way.”
Disclaimer:
The views and opinions expressed in this article are solely that of the interviewee and do not necessarily reflect the opinion of Great Eastern Financial Advisers Private Limited (“GEFA”).
For the avoidance of doubt, GEFA does not make any representations or warranties, express or implied, as to the completeness or accuracy of the information contained in this article. Further, GEFA expressly disclaims any and all liability relating to or arising from the use of and/or reliance on the information contained in this article.
The information contained in this article is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any person(s).
HomeTeamNS offers one-year complimentary accident coverage through a partnership with Professional Investment Advisory Services Pte Ltd (“PIAS”), a wholly-owned subsidiary of Singapore Life Ltd (“Singlife”). HomeTeamNS Shield360 includes a complimentary one-year HomeTeamNS membership and a one-year Group Personal Accident Insurance plan by Singlife. The plan provides up to $50,000 in the event of accidental death or total permanent disability. It also covers $5,000 for mobility aid expenses and $1,000 for physiotherapy costs in the event of total and permanent disability.
*Terms and conditions apply. For more details, please visit https://www.hometeamns.sg/singlife/. Protected up to specified limited by Singapore Deposit Insurance Corporation (SDIC).
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