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Anonymous
Just graduated working in the engineering field in SG now, still paying down my University student CPF debt
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Christopher Tan
23 Jan 2019
CEO at Providend Ltd
Hi Anonymous, thanks for asking the question., And well done for paying down your student debt. I have high respect for people who pay for their own education fees.
With regard to your question, many of the participants here have jumped in to give you their answers. I will say that I generally agree with them. So just to summarize it for you and to share my thoughts on this:
The above 3 plans should suffice for now. Treat insurance as an expense. Buy as much as you need but pay as little as you can,.
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http://singaporeanstocksinvestor.blogspot.com/2...
have a good read, cheers!
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Cheng You Yi
23 Jan 2019
Financial Advisor/Remisier at Phillip Securities Pte Ltd
Since you are still paying down debt, you should first and foremost get a hospitalisation plan. If you are concerned that your income might be affected due to disability, get a disability income insurance.
For term life, whole life, you can wait till you have paid off your debt unless you have dependents (your parents, wife or child) that are highly reliant on your income.
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$1k is sufficient.
Hospitalisation insurance is a must. Most probably your parents could hv gotte...
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Hi!
While what plan is the most suitable for you would depend on a more specific profile and needs, i would say getting a saving plans first may be the first step to go! Assuming you are a local singaporean, you would already have medisave to help cover basic medical bills, and it would seem that paying off your debts fully is currently of a higher priority! FYI, savings plans from insurance companies usually provide a better savings returns in comparison to banks, so i would recommend comparing around with various companies before coming to a decision. Also, i've yet to hear of any company which would actually ask you to pay for advice on policies, so why not reach out to some agents? Of course, all this is based on the assumption that you are a local singaporean fresh grad where you are not the only source of income in your family. Like i said, depending on the specific situation, the advice would change.