Does anyone have any insurance advice for a 23 year-old self-employed woman with just Medishield Integrated Shield Plan? Is my insurance cover enough?

Think about insurance from a Needs perspective. Do you have any dependents who are counting on your income to make ends meet? If yes, what is the minimum/comfortable level they need to get by? Use this as the basis to calculate your needed coverage, and don't buy just because insurance agents tell you to.

Hey, depending on which country you're planning to move to, it will affect the coverage as well. However SIngapore is well known for its good insurance coverage and hence there are many foreigners who came to singapore to shop for insurance.

To determine whether your coverage is enough, I will definitely need more information about you. However here is a rough guideline that you can follow:

Interms of death coverage:

In your 20s, the coverage should be based on filial piety. If you are planning to support your parents and give them $500/ month for the next 20 years or so, if you were to be gone the enxt day, is that amount already prepared for them?

Interms of Critical illness coverage:

At your age right now, touch wood if you get diagnosed with cancer for example, the medical bills ontop of your AXA intergrated shield plan will be subatantial, and that will definitely eat into your parent's retirement funds.

Also do you know that the definition for Critical illness across insurers in singapore is about to be changed form AUG 2020?
PROS:

1. Those suffering from Thalassaemia Major or Haemophilia can now get covered under the HIV CI condition.

2. Viral Encephalitis: Previously, viral infection has to be the cause for it. Now, the scope is expanded to include all causes, not just a viral infection.

CONS:

1. Stricter, more exclusions for Benign Brain Tumor, Coma, Stroke, Aplastic Anaemia, Heart Attack, and Major Cancers among other things.

2. More requirements set up for claims to be made. E.g, Other serious coronary artery diseases now need invasive procedures to confirm it. Viral Encephalitis, Poliomyelitis all need to confirm diagnostic tests.

3. The addition of 'irreversible' to deafness, blindness, aplastic anaemia.

• This means such diseases are harder to claim now, as you have to prove that it is both chronic and irreversible.

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Cheers and have a great day!​​​

Insurance coverage in Singapore is competitive in the Asean space. Not so much when you compare it with Europe. This is with regards to protection and hospitalization type insurance.

If you’re considering making career moves abroad, than it’s important for your consultant to be well versed with the different social security laws abroad.

Singapore insurance covers on a global scale - however claims need to be assessed locally with local medical practitioners. Unless it’s death.

Investments will depend on your income tax treatments and where you will be taxed. Japan and American income sources will have limitations investing monies here in Singapore.

As there are many factors on this, it’s likely you would need one Singapore based consultant as well as a consultant which you will commute too frequently. The best would be to sit down and map out your life plans, and gel it together with your financial goals.

Truthfully much of the advice needs to be assessed from a legal mind. This is how I usually work with clients who are expats or clients who have international careers. Domicile laws will affect your plans.

One day, I was having a conversation with my CFO over lunch.

I mentioned about a friend who is working in Japan. When his existing co. decides to deploy him back to SG after 8 years in Japan, he quit & found a job at another Japanese co. to continue living in Japan.

Her first response was that if one intends to retire in that country, then it makes sense to work overseas. Her rationale is you're paying taxes of that country. If you don't retire there, then you don't get to enjoy whatever the govt. has to offer for seniors when you're old.

I'm like woah, practical thinking. I didn't think of it this way before. Or maybe because she sees money every day.

Anyway, hope this little anecdote gives some food for thought.

Also, you may want to consider International Health Insurance: https://blog.moneysmart.sg/health-insurance/int...