32 ANB, male, non smoker, healthy,married (a boy)gross income 4.1k. have no insurance except company's. As financial tight, looking to cover the protection with least amt with biggest coverage.?

Hi Daryl,

Currently if you have no insurance at all, your utmost priority would be to take up a hospitalisation insurance (ISP) as soon as possible, especially if you are currently in the pink of health. This would be the list of priorities for yourself:

1. Integrated Shield Plan and Personal Accident Insurance

2. Critical Illness Coverage for Self

3. Death, Disability and Terminal Illness coverage

Point 1 is to ensure during the chance event of hospitalisation or accidental injury, your expenses are covered for. ISP is very important, as any blips in your health status, would cause problems in application.

Point 2 will address any personal health issues, which might affect your ability to function or earn a stable income. CI coverage will help to replace your income during such an unfortune time, so that you can concentrate on getting better instead of worrying about your finances.

Point 3 would require further clarification on your end, as i read it as "married(a boy)". In any case, if you and your partner decides to take on future obligations such as housing or long-term care, having death, TPD and TI coverage, would ensure in your absence, the standard of living does not drop and your financial liabilities are fully covered for.

Your options are fully valid, however you would need to figure out accurately what is the amount you would need to cover for. For critical illnesses, your coverage should be around 250k, to cover for 5 years of income loss. Based on the choices you have given, and the prices attached, in most realistic scenarios it would be grossly insufficient.

You would need to speak to a proper financial consultant to better understand how to cover for your personal risks, and work towards a better solution. Hope i was able to address your queries!

Hey there. I believe you got it right with where you are intending to go in terms of your coverage. Considering you have a boy, you do need a term/life plan. Your CI coverage is also low at the moment and topping it up will be a wise choice.

However there are many other financial factors like your expenses, financial obligations, current bank savings amount, etc, to be calculated to determine the additional coverage you need for various policies.

I do suggest you meetup f2f with a financial adviser to go through a thorough financial planning processs so you have the detailed answers to your questions, and get regular reviews after.

You can reach me here to find out more. I cover 9 major insurers including Aviva, NTUC, Manulife etc.