facebookFresh graduate here with not much savings in my bank account and will be starting work next week. I want to get started on insurance and making sure that I stash away savings too! Any advice? - Seedly

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Anonymous

29 Jul 2020

Saving Hacks

Fresh graduate here with not much savings in my bank account and will be starting work next week. I want to get started on insurance and making sure that I stash away savings too! Any advice?

How can I get started? Apart from reviewing the insurance plans that my parents have bought for me + health insurance plans covered by my organization, what other things should I consider? And is it wise for me to talk to financial advisors/planners?

Discussion (3)

What are your thoughts?

1) Do your homework! - Definitely speak with your parents & company about the plans that you currently and will have, and still need. Understand what are the most important insurance types you need and can afford now, and what each of them actually is for, eg. CI plan is for replacing your income when you can’t work ‘cause of your critical illness. I made a table to list each current and proposed plan, their premiums & payment schedule, years of coverage, their coverage for death, tpd, eci, ci and disability income, hospitalisation if applicable. I also included recommended coverage by LIA and those by different FAs (eg. 5-8x your annual income) to compare with what I already have and want to get.

2) Check out sav.finance for resources! You can ask questions anonymously and free on their chat if you want to; other than they they have free mini readings/crash courses, all without obligations. (I love their design and bite-sized content on IG too!)

3) Definitions for medical conditions will be changing after/in Aug, do consider if you need to get a CI plan/rider to complement your current plans.

Disclaimer: Not affiliated with any insurance company, not even sav.finance (People behind the company are AIA agents)

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