Should a new NS enlistee buy more insurance plans besides the MINDEF Aviva Group Insurance?

If you are not currently covered by any Integrated Shield Plan, then that is the immediate priority. While it is true that most of your medical expenses during NS will be covered by the government, having your own Integrated Shield Plan ensures portability of coverage, i.e. if you suffer an injury or illness during NS, this might be excluded from any future insurance policy should you still be insurable.

This is a mistake made by many adults when they depend on their company's group insurance, only to find out that they are not able to port their coverage once they leave the company.

In general, the SAF Group Insurance by Aviva provides good Life/CI coverage for a young person, but hospitalization is not one of the areas of coverage.

To begin with, it will be good to understand the scope of coverage that the group insurance policy provides. This is together with its shortfall. After a detailed comparison, most people will prefer to have more personal insurance coverage as compared to the group insurance. This is despite that the latter is cheaper as a start.

In order to determine how long to be insured for, I will suggest for you to do a comprehensive financial portfolio review. Thereafter, it will give us a better idea on how to plan for your future. From there, it becomes easier to assess how long to be insured for, as well as how to use the right type of insurance policies for that purpose.

And yes, I will always suggest all my clients to have their own healthcare insurance, i.e. integrated shield plan. This is because of the higher and more comprehensive level of coverage that a private integrated shield plan can offer.

More Details:

• Integrated Shield Plan Singapore: A Starter's Guide

• Integrated Shield Plan Rider Singapore: A Starter’s Guide

Generally, it is recommended to protect yourself and your income first before investing. After all, we are the biggest asset that we own. If we don't protect our health first, then we risk using all our wealth to seek better health.

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