Insurance as a fresh grad

Hi Anon!

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It's great that you're seeking guidance on financial matters as a fresh graduate. Insurance is indeed an important aspect of personal finance, providing protection against various risks. Here are some steps to help you get started:

1. Assess Your Insurance Needs: Begin by evaluating your insurance needs. Consider factors such as your dependents, outstanding debts, future financial goals, and any specific risks you may face. Common types of insurance include life insurance, health insurance, and disability insurance.
2. Understand Different Insurance Policies: Research and understand the various types of insurance policies available. For life insurance, you'll typically come across term insurance (provides coverage for a specific term) and permanent insurance (covers you for your entire life). For health insurance, consider the coverage and benefits offered, including hospitalization, outpatient services, and pre-existing conditions. Take the time to compare policies and choose the ones that align with your needs.
3. Seek Professional Advice: Consider consulting with a licensed insurance agent or financial advisor who can provide personalized advice based on your specific circumstances. They can help assess your insurance needs, explain policy details, and recommend suitable coverage options.
4. Budget for Insurance Premiums: Determine how much you can allocate from your budget to insurance premiums. It's important to strike a balance between your insurance coverage and other financial goals, such as savings and investments. Plan your budget accordingly to ensure you can afford the premiums while still meeting your other financial obligations.
5. Review and Update Regularly: Regularly review your insurance coverage to ensure it aligns with your changing circumstances. Life events such as getting married, having children, or purchasing a home may require adjustments to your coverage. It's important to keep your insurance policies up to date to adequately protect yourself and your loved ones.

Remember, while insurance is essential, it's also important to consider other aspects of financial planning, such as budgeting, saving, and investing for the future.

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Building an emergency fund and investing for long-term goals should also be part of your overall financial strategy.

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Lastly, continue to educate yourself about personal finance by reading reputable sources, attending workshops or seminars, and staying informed about financial news and developments. This will help you make informed decisions and achieve your financial goals effectively.

Insurance is BS, especially medical. Life, accident & travel still ok.

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For example, integrated shield plan, pay high premium already every mth and when want to claim, still hv to pay deductible and co-insurance. Isnt this pay and pay to pay even more? If this comes from individual, cfm treated as scam.

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Secondly, does medical insurance stop medical cost from hiking? If in the first place medical cost is low, do you think you need insurance? So is the problem lies on insurance or medical cost itself?

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Thirdly, insurance itself, just like medical cost, needs to be sustainable. Thus, need to hike too. Now you have 2 shits. Using a shit to solve another shit? Think about it.

As an advisor, I would say the folks here have pretty much explained all. However, personally I would like to understand and go through your own situation first in order to determine the order.

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Well, hospitalisation is still undoubtedly the first one. But it will be good if u can speak with a professional too.

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Feel free to contact me to know more.

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Good thing is at u alr getting started. :) All the best!

Hospitalisation to cover medical expenses.

Critical illness and early critical illness is also good for lump sum money that you can use to seek treatment

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Agree that when you are able to generate stable returns through investments, the other insurance are not as crucial especially the disability insurance. To be able to claim for disability insurance, you need to be unable to perform 3 out of 6 essential life activities. By then your life is just about eat sleep maybe some reading or netflix and nothing much else.