Hi, I am 22y/o Male. No dependent. Foreigner. I have company insurance 100k for death and accident. 50k for ci, 4 bed hospitalization plan and 1k limit on outpatient per annum. Is the coverage enough?

Hi there,

There are a few factors which you did not disclose, which will affect your decision making. If currently you are just residing here to work and paying rent, however you will return back to your home country (im assuming Vietnam or Thailand) in the near future. If you are not coming back to work following which, then taking up an insurance plan in Singapore might not be feasible for yourself.

If you still want to take up insurance for yourself, you could opt for temporary solution of taking up term policies to cover for Critical illness for yourself and hospitalisation if needed. If you are no longer in the country due to your NS, you can either do a giro deduction while you are not around, or do prepayment for your policies for the time you are not around.

The good thing you have going for yourself, is that you are currently young and the cost of insurance will not be high for yourself.

I hope i was able to shed some insight on your situation! If you do require assistance in your planning, do drop me a request so that we can figure out the best option for yourself.

Hey there!

A good coverage typically will be 10x of your annual income for death benefit and 5x your annual income for CI. If you are unable to fund your plan when you go back to your home country, you may want to consider getting coverage when you go back instead.
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