What insurance should I get or add on as an undergraduate?

Healthcare

As a start, the first priority should always be healthcare. The reason is simple - medical inflation hits 10% in 2019. Consequently, a single medical treatment could potentially wipe out all your savings. Therefore, it is always good to know the healthcare insurance policies available in the market and to evaluate whether you should enhance your coverage.

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Next, it depends on your priorities and affordability in the short-term. This is because any new insurance policy will be an additional commitment that you need to pay throughout your school term. For this purpose, I will suggest for you to conduct comprehensive cash flow planning in order to determine your affordability.

As for whether you should get Critical Illness coverage, it will depend on your cash flow, and needs. Meanwhile, I have highlighted the changes in this post: Critical Illness Definition Changes Singapore: Clarity comes with a Cost

Despite the changes, you should not make an impulse decision. Therefore, I will strongly encourage you to spend quality time to determine how you wish to plan for your future. When the need arise, speak with your agent or an experienced consultant whom you feel may be able to give you responsible advice. At the end of the day, change is inevitable. Thus, we should not make a rash decision to that end.

As for Aviva Group Term Life, I will suggest for you to fully understand the pros and cons of this policy, before you decide whether it is wise to commit your budget there.

I share quality content on estate planning and financial planning here.

Hi Anon, it's great that you are thinking so far ahead already at a young age of 20.

1) While it would be great to take up ECI and CI as early as you could as an investment in your own health with lower premiums, you'll need to think also about how you will continue to sustain the policy going forward while you are still in school.

Part time work? Internship? Personal savings/ investments?

One alternative would be to discuss with your parents if they would be willing to help you out until you have graduated, after which transferring the policies to you to continue. You'll probably need to do a little projection of your budget (such as estimated gross income from your job in the future, monthly expenses, parent allowance etc.) You could also start something small which you would be comfortable at the beginning and increase it once you're working full time.

2) Thats possible. It is also a way for you to diversify your coverage if you are considering another company. Having your own policy would also give you greater ownership and control.

Eg. Aviva TPD pays out a cap of $200k and the remaining balance unclaimed in installments. Your own policy would pay out all at once. ​​​