What are the basic kinds of insurance that I should get?

Your first consideration should be hospitalization! It's the cheapest to get, but covers the most hefty bills.

on a side note, remember that your insurance premium shouldnt be more than 20% of your month salary! :)

Hi Anonymous

Thanks for your question. As you just started working, I will assume that you are still single and without dependants. That being the case, if you lose your income in the event of your death, you may not affect anyone financially. As such, your death coverage needs is either unnecessary or low. However, if you suffer disability or a critical illness, not only losing your income may be a problem for you, to make matter worse, you have to incur huge medical expenses. As such I would suggest that your priority of insurance coverage to be:

1. Buying a suitable Integrated Shield Plan so that it can pay for your hospitalisation expenses

2. Buying a suitable disability income plan to replace part of your income loss in case of a disability

3. Buying a critical illness plan to replace loss of income in the event you have to be warded in the hospital for a prolonged period of time to recuperate.

However, if in the event of your death, there are dependants that you need to take of, then you may consider buying a plan pays upon death.

Our belief in MoneyOwl is that insurance is meant for protection and not savings. It is an expense and so you should buy as much as you need but pay as little as you can. You can also use our insurance robo to help you know what type of insurance you need, how much you need and what type of insurance you can buy by going to www.moneyowl.com.sg/app/guideme/profile

We also do have a Young Working Adults Bundle with some of the above plans, you can check this out at https://www.moneyowl.com.sg/promotions/young-wo...We can customise this to add in the Disability Income for you.

Just for your information, when you buy from MoneyOwl, we rebate you 50% of the basic commissions so that you can lower your cost of buying insurance.