Recently, I have been receiving calls and letters from insurance companies introducing new riders. I don't understand what they do and why I need them. How do I know whether I need these additional riders?

You should never be pressured into buying more products or adding riders. Most riders are typically personal accident, premium is relatively low, payouts are only on accidental death and dismemberment.

Other common riders you may wish to consider are for female illness rider (carcinoma-in-situ, "localized cancers" of female organs etc.) which are otherwise not claimable under the more stringent definition of "major cancers" under the critical illness definition. People with family history of specific illnesses and child illnesses too, like Hand, Foot and Mouth disease, may find these riders useful as the sum assured are usually not large enough to warrant a medical check. Full declaration is of course important.

Marion Chin, Vice President and a Licensed Financial Adviser Representative with ipac financial planning Singapore private limited, which is licensed with the MAS, Financial Adviser's Licence No FA100003-2