I'm 25F with 3.3k income (after cpf). I have claimed prushield +extra twice (over $50k) as underwent major surgery under private clinic. I'd like to know if I am spending too much on insurance.?

Hi there. From the fact that you have gone through major surgery it is advisable to keep your existing portfolio, as you might not be able to apply for other insurance in the future. Other thing to note is you might be focusing all your eggs in one basket, under Prudential. You might want to diversify your portfolio a little so you get more value for money and spread out your risk.

You can reach me here to find out more. I covered Prudential products for almost 4 years, and now I deal with 9 insurers including Aviva, NTUC, Manulife etc.

Prupersonal accident (14.88/month)

MoneyOwl identified personal accident plans as not essential for me because I work at a desk job. However, I get myself covered at <$10/month with Aviva. I may plan to replace/lower this in favour of disability income insurance. What about you? What's the nature of your job?

Prushield (365/year via medisave)

Keep. Feel free to downgrade (from private to non-private) if the premiums get too harsh. Never upgrade from a downgraded plan, you will lose coverage for stuff related to your past surgery.

Pruextra (187.17/month, premium increased 1.5 times due to surgery)

Keep. Same argument as Prushield.

If this is still too expensive, consider downgrading your main plan so that this rider gets downgraded and becomes cheaper too. Before downgrading, think about the hospital/clinic. Are you okay sharing a room with other patients, etc?

For myself, I want to focus on surviving and not have to go there in the first place, so I got myself something which covers me at B ward and I have been living a healthier lifestyle. The nearest hospital in my area is a public hospital too.

Prulink Protection Plus (bought by my dad, 200/month, covers 150k early crisis, 80k death etc)

Is this ILP (the "link" word raised alarm bells)? ILP tends to be more expensive in terms of coverage per dollar. You may wish to do something about it so that you stop paying such high premiums. E.g. get a term life plan + CI rider and invest the rest.

However, be aware that when you sign up for the CI rider, the insurance company may exclude some coverage due to your surgery if it's related to CI in some way.

As for whether you need ECI, it depends on you... risk level, whether you want to rest immediately when you get diagnosed (should be possible to still work even with ECI), etc. ECI is very expensive.

Pruactive life (160.11/month, 100k for death, CI etc)

Is this a whole life insurance? Again, it's relatively expensive for similar coverage compared to term insurance. Do you need the coverage until old age, beyond retirement, when there are 0 dependents, and when you should have retirement savings?

And, do note that both ILP and whole life insurance have cash value while term insurance does not. But, personally, I rather do the investments by myself through robo-advisors.

Prulady (39.10/month, relevant for my related condition)

Can't evaluate this...

Lastly, I'm 24F with zero claims. I'm covered by Aviva term life + CI rider via MoneyOwl. My premiums are slightly less than $1,000 a year for $1mil life and $500,000 CI accelerator (if I get CI, I claim $500,000 but death benefit shrinks to $500,000). I may plan to boost my life cover via Aviva MINDEF group insurance (I'm married).

MINDEF group insurance premiums are cheaper for life cover up to 65 and disability income cover when younger and up to 45 or so. Disability income insurance gets less important as you age because by then, you'd already saved up more of what you earned in your working years. It remains critical if your cashflow is ultra-tight. For CI cover, the premiums escalate so quickly upon age 40-ish. For ECI cover, it doesn't seem as comprehensive as the average plan in the market.

Also, need to be aware of group plans. There's some restriction in terms of lumpsum payout amount despite coverage amount (e.g. can only pay up $400,000 immediately and the rest trickles in later and if many people claim, the payout is decreased? Or slowed down? Something along those lines.)​​​