Hi, I am 22 y/o this year. I don't have any CI insurance so I would like to get one before the definition starts changing, any recommendations on which plan with a budget of $100 - $150 per month?

I am a female and I do not smoke. I work during the holidays and will have a 6 months internship soon. However, I still have 2 years until I graduate from university. Is getting term/whole life more suitable if I know that my family would heavily rely on my income in the future? What are some considerations that I should look out for? Thank you!

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Jonathan Soh

07 Aug 2020

Wealth Manager at Aviva Financial Advisers

Hi there. With a limited budget like yours I don't suggest you get term/life. Critical illness will be a bigger need to address for your age than death coverage. $100-150/mth is just enough for basic critical illness coverage. I recommend you add on term/life plans later on in life after you start a full time job.

You can refer to these independent comparisons for the best critical illness plans in the market. My pick of the bunch will be Manulife, Tokio Marine & Aviva.

https://treeofwealth.sg/early-stage-critical-il...

https://www.interestguru.sg/best-early-critical...

Do reach out to me here if you like to find out more. I cover 9 major insurers including Aviva, NTUC, Manulife, Tokio Marine etc.

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Hariz Arthur Maloy

07 Aug 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon, since you haven't started earning a regular wage, committing to a long term plan may not be ideal.

I may suggest getting a 5-yr renewable and convertable term policy first. Don't care too much about the change in CI definitions as the new framework is fine. It isn't stricter, just more defined and less ambigious.

Don't rush to buy just because it's changing. Buy because you need the coverage.

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