Just purchase PruShield Premier And PruExtra Premier Copay - is this overkill?

Insurance noob here - here is my background:

1- Singapore Expat for 10+ years (EP holder so no Medisave etc.) 35 years old Male (no history illness except a minor hernia repair recent

2- My MNC company has a great insurance plan with AIA/Mercer and overall does great coverage

3- My family insuracne back home covers my needs when I travel etc.

4- Was looking for private HEALTH insurance as a backup in the event I dont have a job etc. and need to move to DP pass

5- Agent suggested PruShield Premier And PruExtra Premier Copay - this seemed like the highest tier insurance.

Paying approx $1450 per year (goes up every year)

QUESTION

1) Is this overkill as a top-up to my current company insurance? should I downgrade and later upgrade only if I need to use this (if a lose a job etc.)

2) Should I consider life insurance/death disability/critical illended etc. as well - my intention is mainly to ensure I dont have crazy hospital bills if I dont have my company to back me up

Prudential PRUPersonal Accident Prudential PRUShield Integrated Shield Plan

4

Discussion (4)

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Tan Siak Lim

22 Mar 2023

CFP. Director, Financial Advisory Group at Financial Alliance

There is a duplicate of your company group insurance and this Prudential policy, if that's what you mean by a overkill. To reduce this duplication, you can consideration an insurance with higher deductible, so that the smaller bills can be paid by your company insurance, and your personal insurance is activated only for larger bills. You can save premium significantly this way. Whether you need the other insurance depends on your needs, a consultation with a financial adviser is needed before a decision can be arrived.

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Tan Siak Lim

22 Mar 2023

CFP. Director, Financial Advisory Group at Financial Alliance

There is a duplicate of your company group insurance and this Prudential policy, if that's what you mean by a overkill. To reduce this duplication, you can consideration an insurance with higher deductible, so that the smaller bills can be paid by your company insurance, and your personal insurance is activated only for larger bills. You can save premium significantly this way. Whether you need the other insurance depends on your needs, a consultation with a financial adviser is needed before a decision can be arrived.

Reply

Save