Should I keep Malaysia insurance and get basic cover from CareShield Life and MediShield Life?

There is a typo "medical insurance in Malaysia costs 340 MYR per month (4080 MYR =~ 1360 SGD in a year)."

Hi anon,

Do you know if you will be retiring in Malaysia, or do you wish to keep your options open?

If you wish to keep your options open, then keeping your Malaysia hospitalization insurance is probably best as you won't have to re-apply (with the potential risks of underlying health conditions by the time you do so) later on when you return to MY. You should cover yourself in Singapore of course, and that would be with your long term care coverage (Careshield) and hospitalization (Medishield Life). Upgrade both accordingly, with a Careshield Life supplement and an Integrated Shield Plan respectively.

In Singapore, Shield Plan premiums increase by age band. Careshield supplement premiums are level (although not guaranteed).

For CI/Death/TPD, the amount of coverage you have with your Malaysia plans seems a little low in a Singapore setting, especially with respect to CI cover. I'd suggest that you look at your current situation and evaluate how much CI cover you need. If you don't have dependents or a mortgage, then death/TPD coverage isn't strictly needed.

Death/TPD plans typically have a level and guaranteed premium if you had bought a term plan, and CI plans would have a level but non-guaranteed premium if you got a multi pay or a whole life plan.