Hi, male turning 24 this sep. need help in evaluating my insurance coverage. Just started working and Earning $3200 before cpf, after cpf will be 2560 per month.

Hi anon,

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Let me give you my view as best as I can, but this will not be very complete since there is only so much can say over the internet.

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GE hosp plan and rider - Keep it. Is this the private hospital plan? If it is, then you're set. If not, consider if you want private hospital level coverage. Application is based on your health which is, presumbly, good right now (since you're young)

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Accident plan - Sounds like you are getting the general insurance version of Aviva acccident plan. That's a very no frills plan. Used to be cheaper though. Most of the time, accident plans are more for covering accidental outpatient expenses, etc, if you were worried about death from an accident, you should get a term plan, since you might not necessarily die in an accident.

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Aviva Multipay (MP) - I presume you are referring to MPCI IV, this is one of the plans that most of my clients pick. It's a good plan overall, but there is no perfect plan, please remember that. And I am confused by your statement, have you already bought it and are planning to lower the SA? Or you are deciding between two different SAs?

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If you are looking to get Aviva's WL plan, then you'll have a combination of WL and MP. Personally if I was to do it this way, I will put more weight on the MP plan and claim on it first prior to touching my WL, ideally, I should not have to touch my WL plan till a lot later in life, if any claims occur during my working years, I'd rather utilize my MP plan. So I'd take 75K SA MP till maybe age 70, and 100K x 2 WL plan. Based on your income, your approximate CI coverage needs are around $192K, so we'll take $200K as a benchmark, but this figure is approximate and has not factored in your personal circumstances which may skew the analysis. As I mentioned, there's only so much that I can say based on the information you provide.

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Please speak with an indepedent financial advisor before you commit to anything; know your options so that you are able to make the best decision for yourself. 10% of income being used for insurance is also a guideline, if you have loading or are a smoker, it will be higher, for example. Do note that my analysis of your situation may change as a result of knowing your individual circumstances.

Can try out the https://www.moneyowl.com.sg/insurance/ tool it helps with finding out what you need with recommended insurance. Or find Financial advisors which are everywhere.