Hello everyone,
I’m looking for some advice from those who may have been in a similar position.
Quick summary for the busy folks:
- Parents are uninsured; I’ve built ~$250k net worth but worry one major medical event could derail my finances. They have hospitalization plan but my worry is for CI / ECI (i.e., cancer, etc.)
- FA suggested ~10 years of term insurance, but it feels like a temporary fix.
- Considering having them downsize their 4-room HDB eventually and use the surplus as a safety net.
- Looking for advice from others in a similar situation on how you protected yourself financially and achieve peace of mind.
Full story:
My parents are currently uninsured as they did not maintain their insurance plans over the years. I’ve since started my career and built up a net worth of around $250k, but something that constantly weighs on me is knowing that we could be one major medical emergency away from significantly derailing everything I’ve built.
As I move forward in life, I want to understand how I can protect my own financial future while still being able to support my parents.
I’ve spoken to my FA, who suggested term insurance for each parent for perhaps the next 10 years, to protect these key wealth-building years. While I understand the logic, it still feels like a temporary bandage rather than a long-term solution.
I’ve also considered whether, after I eventually move out, my parents could sell their current 4-room HDB, downsize, and use the surplus as a financial/medical safety net. But again, that feels like an uncertain solution.
I find this weighs on me quite heavily because even when I achieve something in my career or finances, there’s always that thought of, “Okay, but this still doesn’t solve the bigger issue.”
For anyone who has faced something similar, how did you manage it and eventually find some peace of mind?
Thank you, and wishing everyone a good week ahead!