Need Advice on My Current Insurance Plan

I am currently 36 male, finished NS, no dependent, non-smoking, no mortgage or loan or anything.

Pruwealth -> between age of 28 to 33, already paid $15,305 - do see the policy surrender value as of now, the guaranteed, non-guaranteed all the way to 100 y/o, as of now, the non-guaranteed has form part of the guaranteed -> https://imgur.com/a/OlnTZOL, this is a regret purchase.
Prudential Integrated Shield Plan, Private Hospital -> https://imgur.com/a/ndRCOfi, the only component is the yearly deductable of $1750 (100% no copayment of 5%/10% to make calculation easier) -> this product is only applicable to old customer since 2015, no exclusion as all as well. I have already claim on this several times, you name it, Colonoscopy, Gastroscopy, Nasoendoscopy, Nose Turbinate Reduction, Tonsilectomy, Cystoscopy, Hospitalisation due to Migraine attack etc.
Careshield Life From Singlife -> please see the rider details -> https://imgur.com/a/vdjdkt4 , I am under 2ADL for life, monthly payout of 1ADL if I cannot perform activities for up to 12 months, payment is currently by CPF.
MHA GTL insurance -> https://imgur.com/a/LK9EJqK -> GTL -> $230,000, Injury-> S$100,000, Group living Care -> S$100,000.
NTUC Gift Insurance -> https://www.ntuc.org.sg/uportal/programmes/ntuc-gift -> I am currently NTUC member
Dependent protection scheme- currently opt in.

Questions:

Is there anything more that I should buy?
Is there anything I can downgrade or cancel?

Discussion (8)

What are your thoughts?

Learn how to style your text

kirby

01 Feb 2025

Thanks

Save

Melissa Wee

18 Jan 2025

Senior Financial Consultant at Great Eastern Financial Advsiors

Hello!

you can consider a critical illness coverage so you can focus on your recovery even when you're unable to work. Rule of thumb is to cover at least 4 years of your annual income

I would gladly assist if you would like a review of your existing policies or keen to look into exploring other types of coverage :)

Save

05 Jan 2025

Pruwealth - this is an endowment not ILP, so if you do not need the money now can just keep it for another 4 years to breakeven.

integrated shield - keep it. if switch now, the new plan will not be such favourable terms.

consider getting a critical illness plan, especially if you have dependants, but buy from another insurer, subject to state of health.

Save

Damien Choo

04 Jan 2025

Financial Consultant at Prudential Assurance Company Singapore

Hi,

When it comes to insurance—whether for protection or accumulation—it’s important to have a clear end goal in mind.

You might want to reflect on why you purchased the endowment plan previously. Was it tied to a specific goal, such as retirement or saving for a future milestone? My humble advice would be to hold on to your endowment plan and let it accumulate for as long as possible, provided you can afford to.

For your hospital plan, since you’re currently benefiting from the 100% copay, my recommendation is to stick with it and avoid switching insurers or downgrading the plan, as you may lose this benefit.

As for CareShield Life, since you’re already covered, it’s best to continue with it.

From what I see, there might be a need to increase your protection coverage, particularly for death, total permanent disability (TPD), critical illness (CI), and early critical illness (ECI).

Here’s a general rule of thumb for insurance coverage:

• 9x your annual income for death and TPD coverage.

• 4x your annual income for critical illness coverage.

• 2x your annual income for early critical illness coverage.

It’s crucial to prioritize building your base protection before considering savings or investment plans. However, if your budget permits, addressing both concurrently would be ideal.

In terms of how much to allocate:

• 10-15% of your annual income should go toward protection.

• 10-20% of your annual income can be allocated for investments and/or savings.

If you’d like a second opinion on your existing portfolio or want to explore these options further, feel free to reach out. I’d be happy to assist!

Save