Kevin:
Three to six months is a common guideline, but the right amount depends on income stability, commitments and life stage. For irregular or self employed income, consider up to nine months. Think of emergency savings in layers: a short term buffer for job transitions, a reserve for medical needs, and a longer term layer for disability or chronic illness. Keep these funds separate from daily spending in stable, liquid accounts, avoid highly volatile investments for this purpose, and use automated contributions to reduce the chance of reactive, high cost decisions during stress events.

Yvonne:
I think building an emergency fund should be flexible and sustainable. Fresh graduates should build the habit early by automating transfers and consider structured savings plans to discourage impulsive spending. For young families or newlyweds, work out your essentials and strip them down to non negotiables such as mortgage, food, transport and insurance; review monthly expenses for “quiet leaks” like unused subscriptions, Grab splurges and online shopping, then redirect those savings into the buffer. Set a fixed monthly amount for these and try not to overspend. You will be surprised by how much you spend on these small items when you list them all out.

Kevin:
There are several tax reliefs available in Singapore and many are declared via the IRAS portal, including family and dependent related reliefs and NSman Relief. Other reliefs often missed include CPF Cash Top Up Relief, donations relief and SRS tax relief, which require deliberate planning. CPF balances earn statutory interest that supports long term retirement adequacy, while SRS allows tax deferral and investment within annual caps. A common mistake is failing to review tax reliefs regularly as income and circumstances change.

Yvonne:
Working adults commonly miss voluntary CPF top ups for self and family, Parent Relief or Handicapped Parent Relief (which may be claimable even if parents do not live with you), and Course Fees Relief for job related upskilling. SRS contributions reduce taxable income up to the applicable caps and SRS funds may be invested with tax free returns. Some reliefs are not auto included and must be claimed manually; waiting until year end or claiming incorrectly can trigger audits or clawbacks. Start early, plan deliberately, and keep accurate records.

Kevin:
Approach insurance review as part of a broader financial check up and conduct one at least once every two years, or more frequently during rapid life changes. Reviews are especially valuable before major milestones — buying a home, starting a family, or taking on significant debt — because proactive adjustments create flexibility and reduce the need for reactive compromises later. Use reviews to confirm coverage adequacy, align premiums with cash flow, and identify gaps or overlaps so protection remains consistent with upcoming responsibilities.

Yvonne:
Have your coverage reviewed annually or after major life events such as childbirth, marriage, job changes, retrenchment or health diagnoses. Check coverage for death, TPD, critical illness and medical expenses, confirm health riders and hospital coverage, and update beneficiaries and nominations. For Investment Linked Policies, monitor performance with the understanding that returns are market dependent and not guaranteed.

Kevin:
The most important consideration is estate and legacy intent. IUL functions primarily as an estate multiplier, allowing clients to create an immediate estate value through the death benefit, while cash value may accumulate over time subject to policy performance and sustained funding. This ensures liquidity for beneficiaries and protects the estate from forced liquidation of assets.

Clients should also understand that IUL is not purely a wealth accumulation tool. While it provides accumulation potential, its core strength lies in combining coverage with capital growth. If the sole objective is maximising returns, there are alternative instruments without the insurance component that may generate higher returns over a similar horizon. However, those do not provide estate multiplication, contractual liquidity via the death benefit, or legacy protection.

Finally, IUL is most effective when supported by sustainable funding and a long term planning horizon, as this allows both the estate multiplier effect and accumulation component to work efficiently.

Yvonne:
There are a few considerations before implementing an IUL structure such as suitability, whether the client is receptive to the design, the risks involved, and budget, since premiums of an IUL are generally higher than other life insurance products. IUL works best for those who require death benefit coverage and have long term holding power. They are usually more suitable for high net worth clients who are looking to leave a legacy with its death coverage benefit.

An IUL should not replace foundational retirement planning tools. When properly structured, it can serve as a complementary pool of capital for clients who wish to separate retirement funding from legacy capital while maintaining flexibility in distribution planning. By retirement, this means clients can retain funds for their own retirement needs while allocating a small portion to create legacy or estate liquidity.

Kevin:
An IUL can be suitable as a supplementary retirement planning tool, particularly for clients who want to multiply their estate while maintaining flexibility. The accumulated policy cash value may, subject to policy performance and sustained funding, provide liquidity in later years to supplement retirement cash flow. At the same time, the death benefit helps ensure that outstanding liabilities or obligations are addressed, allowing clients to maintain financial independence during retirement without compromising legacy objectives. Ultimately, IUL is best positioned as a complementary structure that strengthens retirement flexibility, provides estate multiplication, and supports efficient wealth transfer across generations.

Yvonne:
IUL is better positioned as a supplemental retirement income stream, rather than a plan that’s primarily focused on retirement. This is because it typically requires a long time horizon, usually between 15–20 years to build meaningful cash value and to offset the higher policy costs in the early years.