If one can only afford to pay premium for one insurance plan, which plan would that be?

Hospitalisation definitely

Personally, I suggest medical insurance first. Because I used it to fully cover for my day surgery a few year back. Really appreciate that I got it then. 🙏🏻

Also, you may choose to pay fully (or most) of it using Medisave. So you wouldn’t have to worry about having to come out with a lot of cash. If situation allows, you should also consider covering for the deductibles and co-insurance. However, this part need to use some cash.

Do let me know if you need any help. I try my best to help. 😊

Benson Ng

Phillip Wealth Advisory

Sincere, Honest & Professional​​​

Hi Anon,

As many of the members of the community here have suggested, the most important coverage you should have is always hospitalisation plan.

Giving the rising medical costs, it is important for you and your family that you are well insured in the unfortunate event that you require hospitalisation. Currently, all Singaporean do enjoy health insurance under the MediShield Life. However, depending on your individual situation, the coverage might or might not be sufficient.

Thus, if you are looking at getting just one insurance plan, I would recommend you to take a look at getting an Integrated Shield Plan. Of course, this might differ based on your individual situation. You can get a financial portfolio review with one of our financial advisors at PolicyPal for a more personalised recommendation.

Hospitalisation. That's important for income earners, non-earners and dependents.

As for stuff like term life and CI, they are important for income earners with dependents and/or liabilities.