As a fresh grad, how much should I be paying for insurance? My FA from Great Eastern suggested 20 years life/critical illness policy costing $200 a month.

There are certain rule of thumbs for the amount of coverage that you require. You may take your case on from there. But do note that these are general guidelines and not 100% applicable or apply to your case.

Death coverage: 7-10 times your annual salary

Critical illness coverage: 4- 5 times your annual salary.

Hospital coverage: 100% coverage up till government hospital minimally.

Look at what it cost to get the above and it should be roughly what u are looking to pay for your insurance.

I don't think that there is an amount that you SHOULD be paying. Rather, you should ask what is the coverage you are comfortable with having :)

There are definitely better plans out there, but the most important thing is the advice provided by your FA.

$200 per month is deemed reasonable but I doubt that you had submitted your application yet. Given your condition, there is a chance that it may be excluded or loaded with extra premiums.

As for your hospitalisation plan, it is likely that you are covered for Class A ward or below. You may want to considering upgrading it. Aviva is the only insurer offering moratorium underwriting but it also depends on the extent of your condition at the moment.

Having said the above, no matter which insurer u decide to go with, do declare truthfully. And try to get your coverage soon.

You may always drop me a PM at www.facebook.com/brandan.chen should u like to find out more

Hello, I would suggest taking a holistic approach to this. Here's a quick checklist to size up your needs:

1) does your hospitalisation coverage covers everything? is it 100% coverage rider and does it cover hospitalisation condition due to your autoimmune disease?

2) is the policy meant to cover critical illnesses (i.e. to help in your expenses during times of illnesses) or to leave money behind for your family in times of need? This would help you size up how much is enough.

3) what's your current monthly income-expense pattern? $200/month is reasonable and for a payment only 20years you're covered for whole life, i.e. you don't need to worry about the premiums after your mid 40s. For some of my clients even when they take home more than $4k they also can't afford $200/month premiums (due to family commitment and bills); other clients can afford $300/month even though they earn less than $2.5k monthly - so know your budget and what you can afford

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Hope this helps!