As an undergraduate, what insurance should I be getting, and how much should I be covered for?

Ensure the basic such as hospitalisation and critical illness plans that would cover you from the hefty medical fees in the unfortunate event that you encounter a medial emergency.

Some good health insurances you can consider are AXA Shield by AXA (only insurer with outpatient and PA benefits embedded into the cash rider) or the Great SupremeHealth by Great Eastern. You might also want to adding on or purchasing a Critical Illness plan to ensure you are well covered.

You can consider uploading your policies on the free PolicyPal's platform. From there you can easily manage your policies online and understand your coverage. We also help identify any potential lapse in coverage.

Hi Anon, I am a current undergraduate myself and I have been speaking to a few financial advisors regarding insurance.

One thing that you should first consider, is what insurance does your university provide for you? Does it cover accidents that happen only in your university, or does it cover any kinds of accidents as well?

The most important type that you can seriously consider is hospitalisation insurance. This is the expense that will be the most hefty should you require any procedures in the hospital so having an Integrated Shield Plan may be something you want to prioritise.

If you are happy with MediShield Life, you are able to continue with that as well.

The rest of the other plans are good to have at this point of time. What I learnt from a talk from MoneyOwl (What Type of Insurance Do You Really Need?) is that all the other insurance are for income protection. You'll also need to ask yourself this question: "If I die today, would anyone be financially affected?"

Since my parents are still working, I have decided not to get any other plans besides my hospitalisation plan. Even if I die now, I don't have many dependents and so having an insurance plan is not really necessary.

You'll also need to consider the opportunity cost of paying your insurance premiums at a young age. Could this money be placed elsewhere like saving for your house etc.?

Each person's situation is different, so you'll need to consider what you really need to be covered for and go for that type of insurance, while the rest can be put on hold at the moment.