Edge - Using Lifestyle Planning to Unlock Business Opportunities
Edge’s Lifestyle Planning feature is built to help consultants visually map out a client’s desired lifestyle against their existing or proposed financial portfolio.
The tool includes a chart that projects incremental income growth at customisable rates, alongside a clear overview of the client’s current or suggested portfolio.
Data entry is minimized — users only need to fill in profile income and expenses to generate an illustration.
Other fields are pre-filled with default rates, which can be adjusted as needed.
Consultants can simulate various scenarios to show how the portfolio holds up under different conditions — giving clients a realistic view of their financial preparedness.
This not only enhances clarity for the client but also opens up new business opportunities for consultants to recommend targeted solutions based on identified gaps or shortfalls.
1) Using the Stop Income Scenario to Highlight Critical Illness Gaps
According to MAS guidelines, individuals are advised to have 4–5 times their annual income set aside for critical illness coverage.
With Edge's Stop Income Scenario function, consultants can effectively illustrate the financial impact of a critical illness by simulating a pause in income — typically over a 4–5 year period.
This visual chart clearly shows the income gap and potential financial loss during that time, helping clients grasp the shortfall in a way that’s more impactful than just quoting numbers.
Many clients tend to plan based on their current income, often overlooking how future income growth affects protection needs — especially with rising critical illness risks as one ages.
Example:
A 30-year-old earning $60,000 annually may feel well-covered with $250,000 in critical illness insurance, assuming it aligns with the 4x rule.
However, factoring in just a modest 3% annual income growth, by age 45 their income could reach ~$94,000/year.
If a critical illness strikes then, and income stops for 5 years, the total potential income loss would be around $600,000 — far exceeding their current insured value.
This scenario not only highlights the coverage gap but also gives consultants a compelling, data-driven way to initiate meaningful conversations around protection planning and upgrading CI coverage.
2) Using the Reduce Income % Feature to Highlight Critical Illness Shortfalls
Edge’s Reduce Income % feature lets consultants model a scenario where clients don't stop working entirely but experience a partial income loss due to a critical illness — such as reducing to part-time work or taking a less demanding role during recovery or early stage illnesses.
This approach helps highlight less obvious shortfalls in protection planning.
For example, following above example where after a critical illness at age 45, where the individual faces full income loss until 50. Due to long-term health impacts, he then suffers a 30% income reduction through retirement, the chart will show the cumulative loss during that period.
Scenario of a critical illness leading to reduced pay, as long-term health impacts prevent the individual from securing their previous income level.
Alternatively, a simpler scenario involves partial disability or early critical illness causing a gradual income reduction over time — which can still accumulate into a significant financial loss.
This visual presentation makes it easier for clients to grasp how even a partial income reduction can significantly impact their financial stability.
When potential income losses are compared against a client’s current insurance coverage, it often reveals a protection gap. This creates a valuable opportunity for consultants to highlight the shortfall and visually present tailored solutions to help bridge it.
3) Milestone Goals - Enhancing Lifestyle Planning with Purposeful Wealth Accumulation
Within Edge’s Lifestyle Planning module, consultants can help users chart out personal milestone goals — such as children’s education, home upgrades, or parents’ retirement.
Each goal can be adjusted to factor in inflation, with a breakdown of how much needs to be set aside and how to work towards achieving it.
With this intuitive interface, consultants can support clients in planning their goals by customizing rates and illustrating the monthly savings needed to achieve them — effectively aiding in wealth accumulation planning.
This feature is especially powerful when used alongside the excess monthly income displayed above the chart, allowing consultants to guide clients on how to better allocate surplus cash — whether to grow wealth, achieve goals faster, or plug existing shortfalls.
Each time a goal is added, it’s also reflected in the main chart, helping clients visualise critical financial periods where more buffers may be needed.
For example, when personal goals are embedded into the earlier critical illness scenario—where income stops from age 45 to 50—it highlights a high-risk period, with two major goals occurring simultaneously. This calls for increased attention to ensure sufficient coverage is in place.
For example, during kids’ university years or when parents retire, financial strain is naturally higher — and the impact of an illness or income loss during these periods could be more severe.
By mapping these out clearly, consultants can offer more tailored advice and ensure clients are better prepared for life’s key moments.
