Hi, I'm 28. I have Great Eastern Total Health and AVIVA Mindef Group insurance. Am I well covered or should I consider to get other insurance?

Hi anon,

You first need to understand that different plans cover different things.

Total Health is a hospitalization plan and with a rider you are decently covered for hospital bills.

Aviva Group Term Life and PA cover death/TPD and personal accident, but these are group policies and thus you will be at the mercy of the policy own which is MINDEF, should they decide not to renew this benefit or work with another insurer with higher premiums.

You don't have to do anything regarding these 3 plans. However, you don't have any critical illness coverage. This is a gap that you will want to plug. Typically for covering CI, especially for life, you will want to consider a whole life limited payment plan with a multiplier, to provide you with some basic cover for life, and also boost your coverage during your working years. Such plans usually come with a limited payment term, which means you don't have to pay premiums after you stop work, yet you retain coverage.

After that, you may want to consider multi pay plans if you are concerned about recurrent CI, however such plans will be pricey as they require you to pay for the entire duration of the plan.

You'll want to have enough coverage to at least meet 5 years of expenses as well as out of pocket costs. So the amount of coverage you need largely depends on your expenses (which is largely a derivative of your income).

Many insurers offer whole life plans and multi pay plans, so speak with an independent financial advisor in order to understand the options available to you. Whole life plans are largely similar in structure but have minor differences, such as the number of covered conditions, etc. Multipay plans are more complex as their payout structures are vastly different depending on the insurer. You'll want to understand them fully before you get something for youself.