Hi, good question... i think for me i will settle my basic coverage first then build wealth... just for prevention purposes. you can read up more on this topic of finance and insurance for more information.

I would do both.

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In the last two years, I have been reviewing my coverage and also investing very heavily. My life stage is different from you. I am at the last stage before I retire and my plan will likely last me for the next 50years.

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What I would do.

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1. Emergency fund $100.
2. insurance $70
3. $30 bullets for investment.

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i don't buy unit trust at all because I lost money on it. Never grow for years and lost because of management fee.

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As your income goes up, try not to lifestyle inflate. That will help you to grow.

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Even with kids, I am saving about 60 to 70% income. So I did not inflate much. Once your investment start paying you then you can decide if you want to live better.

This is a question I love getting from young professionals! At 24, you're already thinking about the right things - but here's the thing: looking at this as just "wealth OR coverage" might be missing the bigger picture.

First, let's get real about your situation at 24:

• You probably have minimal debts
• No dependents (yet!)
• You're healthy (hello, lower premiums!)
• Time is on your side
• Your income has room to grow

This actually makes it the PERFECT time to build your financial foundation properly.

Let's bust some myths I hear all the time:

1. "I'm young and healthy - skip the insurance!"

• A single hospital stay in Singapore can hit $20,000+
• Trust me on this - I watched my family struggle with a $70,000 hospital bill because of inadequate coverage

2. "Insurance costs too much"

• Basic hospitalization coverage + rider: Under $30/month
• $500,000 term insurance at your age: About $25/month
  (Yes, really!)

3. "Just invest everything for maximum returns"

• One medical emergency can wipe out years of investment gains
• Think of coverage as protecting your future earning power, not as an expense

Here's how I'd break down that $200 monthly budget:

1. First $50-80: Hospital plan + rider

• This is your non-negotiable safety net
• Covers your biggest immediate risk

2. Next $30-40: Basic term insurance

• Locks in low rates while you're young
• Can increase coverage as your income grows

3. Remaining $80-120: Start investing

• Regular Savings Plan (RSP)
• Low-cost index funds
• Dollar-cost averaging

Why this works:

• You're protected against major setbacks
• Your money is still growing through investments
• You're building good financial habits
• Your premiums stay low (future you will thank you)
• Easy to scale up as you earn more

The best part? As your income grows, you can boost both your coverage and investments. I've seen this work time and again with clients who started early.

Remember: at 24, time is your superpower. The coverage you get now will cost way less than if you wait 5 years. Same goes for investments - more time means more compound interest working for you.

Want to see how other young professionals are building wealth while staying protected? Follow me on Instagram @ngooooied for regular financial tips and insights. I also run monthly workshops specifically for young professionals starting their financial journey - would love to have you join!

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You may want to have emergency fund in your bank account before anything else. Age is not an excuse to have lack of savings. When the time comes and you don't have the money, the adults aren't going to entertain you. Yes adulting can be really harsh and cruel.

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Rather than assuming your parents can cover your debt, you may want to make sure you have emergency fund to deal with the unexpected.

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Only after you have emergency fund, then you can look at basic insurance policies, namely hospital integrated shield and critical illness policies. Yes, even young adults can succumb to early stage illnesses.

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Only invest SPARE cash.