Hi Anonymous, thank you for serving the nation. It is great to see that you are proactive in managing your personal finance at your relatively young age. Do allow me to share some guidance of how you can consider planning for your insurance needs. Firstly, it would be important that your insurance expense is kept within your budget. The financial responsibilities on a young working adult are high as marriage, housing and baby plans could come soon for you. Health: Yes, medical insurance is important as it helps to defray huge hospital and surgical bill significantly. As Singaporeans, we are automatically covered by Medishield Life, which caters to hospital treatments in B2/C wards. If your expectation is higher, eg in B1/A wards or even in private hospitals, then you should consider upgrading to an Integrated Shield Plan (ISP).
Death: Is there anyone who is financially dependent on you? If so, you may consider having sufficient death coverage. Critical Illness: This area could help replace income loss in the event of a critical illness. This might not be essential at this moment as you are not working.
Personal accident: You could consider getting some coverage as it is low-cost. If your vocation as a NSF requires physical activity, you could be at higher risk of injuries.
As a NSF, you can buy a very affordable Group insurance from Mindef and MHA as a base plan to cover the above needs. For $500,000 death benefit, it could cost as low as $20.50 a month. Once you begin working, you should review your insurance needs again. At MoneyOwl, we have also carefully designed a Young Working Adult Protection Bundle to cater to the typical needs of a young working adult, when you start working. It is something you could start with and customise to fit your needs and budget. Do refer to the following link for more information: https://www.moneyowl.com.sg/#/promotions/16
Hopefully this is useful for you to plan for your insurance needs.
1st - Life. To cover all uncertainity temporily for your loved ones in event of mishaps.
2nd - Endowment (Insurance & investment) to grow your capital first with minimum amount. Best to start early to gain more capital. Get more endowment as time passes and when budget permits. Useful for planning for wedding, building capital for small business and even plan ahead for early retirement.
3rd - Medical. It would be good to have a all rounder type if it covers all stages of cancer and includes personal accident coverage. If not, get them separately.
4th - Travel. Get it an annual type if you travel a lot. All the above are just my opinions. I got most of them already. A few policies were purchased before i was enlisted (before the age of 20). Purchase the policies according to your needs and budget too.