HI anon,
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You are your own most valuable asset.
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You've cleared off your debts and that was only possible because you've earned an income and put a part of that towards the repayments.
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The point I'm trying to make is that your income earning ability is the single most important thing to you right now as your dreams and future aspirations are only possible with the income you earn from the skills you put in place at your job.
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So protect your income earning ability first. Income protection from severe illnesses (I'm not referring to minor conditions like a cough or cold, these will not have a major impact) is top on the list of what you need to get covered for.
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The typical amount of critical illness coverage recommended by MAS is around 4x of your annual income. A part of that can be for early stage coverage.
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Generally there are a few ways you can get a CI plan
- Whole of Life CI: Payable only during your working years, such plans have a multiplier to boost your coverage during those years. They will give you a one time payout, but coverage is for life.
- Term plans: They can be stand alone death/TPD term plans with a CI rider, a one time payout CI plan, or a multipay plan. Coverage is only for as long as the plan's duration, and premiums are payable throughout.
I would say that both are viable options, and your coverage needs could be met with either one or a combination of both. This really depends on your needs.
What you will want to look out for are which type of plan (or plans) would meet your needs first. Then, within the plans of that type, consider the following (provided certain parameters are equal, e.g payment duration, multiplier amount, base sum assured, etc)
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Whole Life
- Premiums - Lower is better, generally. But the cheapest may not always be the best plan once you consider the rest of the factors:
- Scope of coverage - Where possible, you'll want to be covered for more conditions
- Fringe benefits - Some policies have extra coverage such as a payout if you are admitted to ICU, or payouts that stack over and above the multiplier amount
Multipay
- In addition to what's listed above: Payout structure - a plan that pays out 100% regardless of the severity of the CI, is very different from one that pays out 100% on early/intermediate but 300% if it is a late stage CI.
Ultimately, you'll want to have a conversation with an independent advisor so that you can get more tailored advice as well as a comparison across the board for the various plans from the insurers. Due to the constrains of an online platform, I can only say so much, and I'm not able to specifically recommend any plan.
ā
Once you've settled that, your second priority would be to consider protection against death/TPD in anticipation that you might one day start a family and have dependents and liabilities (a house mortgage). That'll usually take the form of a term plan since dependents and liabilities do not last forever.
ā
Beyond that, things like personal accident are good to have in my view.
ā
As I don't know too much about your current situation, I can only offer general advice in line with whatever information you've provided. If you have further questions, feel free to reply to this post.
HI anon,
ā
You are your own most valuable asset.
ā
You've cleared off your debts and that was only possible because you've earned an income and put a part of that towards the repayments.
ā
The point I'm trying to make is that your income earning ability is the single most important thing to you right now as your dreams and future aspirations are only possible with the income you earn from the skills you put in place at your job.
ā
So protect your income earning ability first. Income protection from severe illnesses (I'm not referring to minor conditions like a cough or cold, these will not have a major impact) is top on the list of what you need to get covered for.
ā
The typical amount of critical illness coverage recommended by MAS is around 4x of your annual income. A part of that can be for early stage coverage.
ā
Generally there are a few ways you can get a CI plan
I would say that both are viable options, and your coverage needs could be met with either one or a combination of both. This really depends on your needs.
What you will want to look out for are which type of plan (or plans) would meet your needs first. Then, within the plans of that type, consider the following (provided certain parameters are equal, e.g payment duration, multiplier amount, base sum assured, etc)
ā
Whole Life
Multipay
Ultimately, you'll want to have a conversation with an independent advisor so that you can get more tailored advice as well as a comparison across the board for the various plans from the insurers. Due to the constrains of an online platform, I can only say so much, and I'm not able to specifically recommend any plan.
ā
Once you've settled that, your second priority would be to consider protection against death/TPD in anticipation that you might one day start a family and have dependents and liabilities (a house mortgage). That'll usually take the form of a term plan since dependents and liabilities do not last forever.
ā
Beyond that, things like personal accident are good to have in my view.
ā
As I don't know too much about your current situation, I can only offer general advice in line with whatever information you've provided. If you have further questions, feel free to reply to this post.