Term or whole life insurance?

If you need CI/ECI, get a limited whole life. If you need death and disability. get a term.

You can use the calculator here for a good guideline: https://www.aaronleow.com/insurance-requirement...

Basics of life insurance explained here.

Use your income and budget accordingly.

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Hi anon,

I have to ask first, what are you intending to cover?

At the moment, if you have no dependents or liabilities, then it's not strictly necessary to cover death/TPD. If you do need one, typically you can just go with the cheapest plan as they are quite straightforward.

If you're going to start work soon, then it may be good to pre-emptively look at CI coverage, through a limited payment whole life plan. However, it is not so straightforward in terms of the comparison as the plans have different features. For example, they may cover different number of conditions, have added special benefits, etc, that vary from plan to plan.

You should also ensure you have an integrated shield plan to cover hospitalization costs, with a rider to limit your out of pocket payments.

These 3 types of coverage are generally quite typical for working Singaporeans.

As for the Prudential plans that you were introduced to, I'd recommend that you look at the options from other insurers as well. For example, most other insurers offer term plans, a number offer hospitalization plans, and plenty of insurers offer CI whole life plans as well. For example, for Whole Life CI, I have plenty of clients looking at Aviva and China Taiping at the moment as they are value for money and very competitive on features. There are plenty of other comparisons that can be made but I won't include them here to keep this answer concise. An independent financial advisor can provide you more details on the various companies and plans that can be used to cover you.

I'd like to give you a more detailed answer but to do that would really require additional information on what you are looking at covering, as I mentioned. However I hope you have some idea of what to look for now.