Asking for shifu and advise...

Motorcycle insurance is separate btw. group term are always cheapest so the aviva plan may not be a bad thing. but you need to do your own homework on personal insurance policies.

Hi anon,

Are you going to further your studies? If not, I presume you have commenced full time work. If you intend to work and study, it's the same also. However, if you intend to work for a while and then resume full time studies, you may only wish to consider (1) first, unless you have savings to meet the premium commitments.

In order of importance, here is what you should be looking at:

1. Hospitalization plan. This covers any hospital bills and associated pre/post hospitalization costs. This would be from an integrated shield plan, with a rider to take care of the deductible/co-insurance. Depending on your budget, you can take a private hospital plan and downgrade later, or just go for Goverment A ward.

2. Critical Illness coverage. This provides a sum of money for you to cover your expenses and other out of pocket costs should you fall critically ill and are not able to work. Usually recommended to cover at least 5 years of expenses and an additional sum to cover out of pocket. This is usually via a limited payment life plan, or a term plan, depending on your budget/needs. Premiums are lower when you are younger and thus this is one of the few insurances that you should get as early as you can.

3. Death coverage. This provides a lump sum of money should something happen to you. Not mandatory if you have no dependents or liabilities. Usually takes the form of a term plan. For the coverage amount, you could use a multiple such as 10 x of your current income, or calculate based on your current liabilities.

4. Personal Accident. For the minor stuff like TCM claims, etc. Since you intend to purchase a bike, you can consider this.

Generally, you should not have to spend more than 10% of your income on coverage.

You can work with an independent financial advisor who can provide multiple options and explain in detail what you will need to know about the types of insurance as well as the options from various insurers before you come to a decision, especially with respect to cost effectiveness as well as the minor differences between the plans.

You will want to be comfortable to share your fiinancial details with your advisor as that will be important for the advisor to consider your current situation before suggesting suitable solutions.

Regarding the SAF AVIVA plans, these are group plans, which are pretty cheap for death/TPD coverage. However, they do have restrictions which Kenneth from Seedly has documented here: https://seedly.sg/opinions/8-reasons-why-i-swit...

The SAF AVIVA living care riders are cheap for your age, and may be an interim stop-gap measure if you intend to study full time but would like to have cheaper CI coverage for now.