marriage Archives | MoneyDigest.sg

Is Your Life Insurance Enough to Support Your Family?

Life in Singapore moves quickly, and with it comes the responsibility of safeguarding the people who depend on you. Life insurance protects your loved ones when you are no longer able to do so yourself. Still, many people wonder if the coverage they have today would truly be enough.

Whole life insurance has gained popularity among Singaporeans because it provides lifelong coverage and combines protection with the opportunity to build cash value over time. A portion of the premiums you pay goes into investments, allowing the policy to grow in value and be used later. This value may include guaranteed benefits and in some cases non guaranteed bonuses, depending on the type of whole life plan. If necessary, the cash value can be accessed during emergencies or used to pay future premiums. However, loans taken from the policy must be repaid with interest, and failing to do so may slow future growth and reduce the amount available.

Participating whole life plans share in the profits of the insurer’s participating fund. These profits are distributed to policyholders as dividends or bonuses. While they offer the potential for attractive growth, these bonuses are not guaranteed and depend on the performance of investments in the fund. In contrast, non participating policies focus on stability and offer guaranteed benefits without bonuses. Choosing between the two depends on your risk appetite and expectations for long term returns.

Term life insurance provides a simpler alternative. It offers coverage for a set period and is typically more affordable since it does not invest part of the premium. Many families select term insurance to cover key life stages, such as raising children until they become financially independent or supporting elderly parents. Because it does not build cash value, term insurance works well for those who only want pure protection without an investment component.

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The amount of protection you need depends on the sum assured, which is the payout your family would receive if you pass away or suffer total and permanent disability. If you are the primary income provider, you may require a higher sum assured to ensure your family can continue living comfortably. If your household has multiple income sources and relies less on yours, a lower amount may be sufficient. Coverage can remain fixed for the policy’s duration or decrease gradually, such as in mortgage reducing plans that are designed to cover home loan balances until they are fully paid.

To determine the right level of coverage, start by looking at your family’s lifestyle and financial commitments. Consider the monthly expenses needed to maintain their standard of living. Think about potential medical or care costs that may arise. Add unpaid liabilities such as home loans or personal debts. Then assess the assets already available, including savings, investments, and government support schemes.

Singapore provides several programs to help families in difficult times. The Dependants’ Protection Scheme automatically covers Singaporeans and Permanent Residents who have made their first CPF working contribution and offers a payout of up to $46,000 in the event of death, terminal illness, or total and permanent disability. Home buyers who use CPF to finance their Housing and Development Board loan may be protected under the Home Protection Scheme, which covers outstanding housing loan instalments until the loan is fully paid.

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Protecting your family remains one of the most meaningful financial decisions you can make. Whether you select a lifetime policy that grows with you or a term plan that offers straightforward coverage, the key is choosing a solution that fits your family’s needs and allows them to continue life with dignity should the unexpected happen.

Sources: 1 & 2

Should You Treat Your Marriage Like a Business Merger?

In Singapore, romance often begins not with a ring but with a Build-To-Order flat application. The path to marriage is planned around housing launches, savings goals, and government timelines. Love here is not only a feeling; it is a strategy. For instance, the HDB Hub in Toa Payoh has quietly become a symbol of modern commitment, where couples line up to submit forms that will shape their shared future.

Many have started to describe marriage as a kind of business merger, and it is not a far-fetched comparison. Marriage is both a legal and financial contract that joins two people into one entity. Just as companies merge to consolidate assets and increase stability, couples combine their income, savings, and responsibilities to build a life together. They plan mortgage payments, contribute to their CPF accounts, and share financial goals that mirror the structure of a joint venture.

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A marriage certificate, like a business contract, formalizes this partnership. Both parties carry duties, rights, and obligations that define the relationship. In many ways, the process mirrors corporate due diligence. Before deciding to commit, couples evaluate each other’s background, financial history, and long-term direction. Factors such as career plans, family expectations, and financial habits need to be considered because these can influence the success of their union. Love may be emotional, but it exists in a world of real costs and commitments.

Still, marriage cannot be reduced to a financial transaction. Unlike a merger built on profit and loss, marriage draws its strength from emotional connection. It is sustained by care and shared growth. The most valuable outcomes are not measured in dollars but in trust, companionship, and resilience through changing circumstances.

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It is easy to see why practicality plays such a large role in romance. Housing policies have made home ownership a major milestone for couples, linking proposals to property applications. Among young adults, the question “Are you thinking of marriage?” has often been replaced with “Are you thinking of getting a BTO?” The sequence is predictable, but it reflects a deeper understanding that love here must coexist with planning.

This kind of love may not appear spontaneous, but it has its own form of romance. When a couple decides to apply for a flat together, they are declaring a long-term commitment to build a shared future. The Singaporean proposal becomes less about surprise and more about mutual intention.

Like any partnership, marriage requires adaptability and honesty. There will be disagreements and moments when visions do not align. Yet the most successful relationships (much like strong companies) thrive when both sides are transparent and flexible.

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The real insight is that marriage deserves the same attention and respect as any serious investment. However, it should never lose its emotional foundation. Love, unlike money, appreciates in value when it is shared and nurtured. Ultimately, marriage is the most meaningful investment two people can make together.

Sources: 1 & 2

Money Talks Every Couple Must Have Before Marriage

Money is more than dollars and cents. In marriage, it reflects values, priorities, and shared dreams. With rising costs of homes, cars and childcare, financial compatibility is a necessity. Love may be blind, but bank accounts are not.

Before stepping into marriage, it is critical to put everything on the table. Debts, assets, income, and even the less glamorous realities such as credit card balances or study loans should be disclosed openly. It may feel uncomfortable at first, but transparency is the foundation of trust.

Imagine planning for a BTO down payment only to discover hidden liabilities later. The fallout can fracture not just finances but also the sense of partnership. Equally important is understanding how each partner treats money. One may be a saver who carefully monitors every dollar while the other could see money as a tool for indulgence. Neither is inherently wrong, but a lack of alignment often leads to friction. Recognizing these patterns early allows couples to assess whether their financial goals truly complement each other.

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Once married, the financial conversation evolves. Couples must establish a joint budget that covers fixed commitments such as rent or mortgage, insurance premiums, and car payments. These are the essential expenses that keep a household running. Beyond that, couples also need to navigate variable costs like groceries or utilities and decide how to handle discretionary indulgences. Whether that is a weekend brunch at Dempsey Hill or a spontaneous trip to Bali. The key lies in creating an arrangement that feels fair. Some couples prefer to pool all resources into a shared account, while others split expenses equally or contribute proportionally based on income. What matters is that both partners feel respected in the chosen structure.

Not everything in a marriage’s financial life should be rigid. There is always room for negotiation. For example, while saving for retirement may be non-negotiable, the exact amount put aside each month can be adjusted according to changing circumstances (e.g., job transition or the arrival of children). This balance makes it possible for couples to thrive without feeling suffocated by financial rules.

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At the heart of these conversations lies something deeper than money itself: values. Respect is the bedrock of every healthy relationship, especially when disagreements arise. Respect does not mean uniformity, it means acknowledging and accepting differences without harsh judgment or attempts at control. Trust, too, is indispensable. It reassures both partners that financial decisions are made with the family’s best interest in mind, not hidden agendas or self serving motives. Finally, honest communication weaves everything together.

As psychologist Dr. John Gottman has long emphasized, couples who communicate openly, who share their feelings, listen actively, and respond with empathy are far better equipped to handle financial disagreements. Without this, even the most carefully planned budget will crumble under the weight of unspoken frustrations.

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For couples, money conversations are not optional. They are the lifeline of a stable partnership. Love may begin with sparks and chemistry, but enduring marriages are built on shared vision, mutual respect, and a willingness to be transparent about the things that matter most.

Sources: 1 & 2

Ring, Romance, & Price Tag: Inside Taylor Swift & Travis Kelce’s Engagement

Travis Kelce orchestrated nothing short of a modern fairytale for his proposal to Taylor Swift.

“Your English teacher and your gym teacher are getting married,” Swift wrote in the caption of her engagement photos, signaling a moment that instantly captivated fans worldwide.

The centerpiece of the proposal is a ring Kelce designed in collaboration with Kindred Lubeck of Artifex Fine Jewelry. The dazzling stone is an old mine brilliant cut diamond, a style dating back centuries that Swift proudly displays in her announcement photos. Known for its squarish shape and distinctive character, the old mine cut features a smaller table, larger culet, and higher crown. According to the Gemological Institute of America, the style was common from the early 1700s through the late 1800s and is often sought after for its antique and vintage qualities. The choice perfectly aligns with Swift’s well-known affinity for timeless, nostalgic aesthetics.

Image Credits: Taylor Swift & Travis Kelce (instagram.com)

New York jewelry influencer Julia Hackman Chafé estimates the value of the ring to fall between US$250,000 (approximately S$322,000) and US$500,000 (approximately S$642,000), though the final figure remains undisclosed.

The proposal setting was equally breathtaking, designed as a lush garden dreamscape. It featured 800 pounds of greenery, 1,200 roses, and more than 1,000 additional blooms. At its center stood a 20-foot domed arboretum draped in southern smilax vines, moss, and layered with garden roses, anemones, lilies, and soft candlelight. Industry experts suggest the elaborate display could have cost as much as US$38,000 (approximately S$49,000) to create.

For fans, the engagement is a new chapter in a story that began publicly in September 2023, when Swift made a surprise appearance at a Kansas City Chiefs game. She was seen cheering from Kelce’s suite alongside his mother, Donna, and celebrated as he scored a touchdown. The two left the stadium together, sparking rumors that quickly evolved into one of the most followed celebrity relationships of the year.

Their bond has since grown in full public view. Earlier this month, Swift appeared on Kelce’s New Heights podcast with his brother Jason. The episode shattered a Guinness World Record by reaching 1.3 million concurrent views on YouTube. It was during this conversation that Swift not only announced her twelfth studio album, The Life of a Showgirl, but also offered rare glimpses into her relationship with Kelce, including hints that they now share a home.

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Together, Swift and Kelce have transformed their romance into a cultural moment, blending music and sports into a love story that resonates far beyond the stage and the field.

Sources: 1 & 2

Smart Money Moves for New Parents in Singapore

For couples preparing to welcome a new addition to the family in Singapore, the emotional joy of parenthood is often accompanied by a long list of financial considerations. While baby talk usually revolves around nursery themes and names, the reality is that understanding what support is available can make a significant difference to your family’s financial comfort. The government has introduced a range of initiatives to help new parents, and knowing about them early can help you plan more strategically.

One of the first surprises for parents of Singaporean babies born in 2025 is the SG60 Baby Gift. This carefully curated set is designed to welcome your child into the world while giving you a head start on some newborn essentials. Parents can register online to receive it, and while it may not replace your entire shopping list, it offers a practical beginning to your parenting journey.

Beyond gifts, the Child Development Account is a cornerstone of the Baby Bonus Scheme and serves as a dedicated savings account for your child’s education and healthcare. All eligible children receive a First Step Grant of S$5,000 credited directly into their CDA. Families with three or more children can enjoy an additional money through the Large Families Scheme. The appeal of the CDA lies in the Government’s generous dollar-for-dollar matching program. For example, if you deposit S$4,000 into the account, the Government will match it exactly, effectively doubling your savings. Matching is capped at S$4,000 for the first child, S$7,000 for the second, S$9,000 for the third and fourth, and S$15,000 for the fifth child or more, making it a highly rewarding way to build a long-term fund for your little one.

The Baby Bonus Scheme itself has also been enhanced, putting more money directly into the hands of parents. For babies born after February 14, 2023, parents can receive up to S$11,000 in cash for their first and second child, and S$13,000 for the third and beyond. These payouts are staggered to help with expenses during the early years, with up to S$9,000 released over the first eighteen months, followed by S$400 every six months until the child is six and a half years old. This steady flow of financial support can ease the initial shock of childcare, medical, and daily living expenses.

Healthcare is another area where the government has stepped in to help new parents manage costs. The MediSave Grant for Newborns automatically credits S$5,000 into a MediSave account created for your child at birth registration. This money can be used to pay MediShield Life premiums, recommended vaccinations, hospitalization bills, and certain outpatient treatments. For many parents, this grant is a valuable safety net to ensure that medical needs do not become an overwhelming financial burden.

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Let us talk about the support given to working fathers and mothers. Time spent with your newborn is just as important as financial preparation, and working fathers in Singapore have reason to celebrate recent changes. For children born on or after April 1, 2025, fathers will be entitled to four full weeks of Government-paid paternity leave. Beyond this, shared parental leave will increase to six weeks from April 2025 and ten weeks from April 2026, giving families more flexibility in dividing caregiving responsibilities during those critical early months.

For working mothers, there is another form of support that often goes unnoticed called the Working Mothers’ Child Relief, or WMCR. Starting from the Year of Assessment 2025, this relief will be offered as a fixed dollar amount rather than a percentage of the mother’s income. The relief amounts are substantial: S$8,000 for the first child, S$10,000 for the second, and S$12,000 for the third and subsequent children. This is a valuable tax-saving tool for families balancing career and caregiving.

While these schemes and grants are designed to lighten the financial load, it is also crucial to look beyond government support and think about your own long-term stability. Parenthood naturally shifts your focus toward your child, but maintaining your retirement contributions is essential, especially if your employer offers matching contributions. Sacrificing this in pursuit of short-term goals like buying a larger home could lead to a less secure financial future.

Finally, every household with children should have a strong emergency fund. Experts recommend setting aside three to six months of take-home pay to handle unexpected expenses without disrupting your financial plans. If that goal feels daunting, start small with S$1,000, then work towards one month of expenses and gradually build from there. This cushion will offer peace of mind, allowing you to navigate life’s uncertainties without compromising your child’s well-being.

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Becoming a parent is a deeply rewarding chapter of life, and with the right mix of government support and personal financial planning, it can also be a secure one. By taking advantage of the schemes available and making prudent choices for your own future, you can give your child not only a strong start in life but also a household built on lasting stability.

Source: 1

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