What medical/health insurance coverage should 1 get to cover most medical situations? Hospitalization, critical illness coverage e.t.c? Not interested in endowment/ILPs.. only pure health related insurance. Am in early 30s, Married, no kids (yet)?

Hospitalizaion - integrated shield plans. Whether you want to stay in a public or pte hospital, is up to you. Read up on riders too. Weigh the premiums costs. It will get more expensive as you get older.

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Critical illness - AK71 said...

From my FB wall:

Brendan Yong Weng Chun:
"I recommend 3-5 years total annual expenses (income is u can afford) for CI. Reason: if CI strikes, major costs for hospital will be borne by your integrated shield plan plus riders. The CI payout buys time for 3-5 year "break" from work so you can be stress free, hopefully get well enough to go back to work. Maybe pay for some incidentals: supplements, medical devices, experimental drugs .. Early CI in my view generally not necessary, just a good to have."

9 Feb 15

February 9, 2015 at 9:45 PM

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CI always come bundled with life insurance. Term life provides maximal coverage with minimal costs. Whole life provides minimal coverage with expensive costs, and also mixed investment with insurance.

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Agents will always want you to get the more expensive plans leading you to become under-insured as they get more commissions, cue the WL and ECI recommendation.

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Do you have dependents ie your spouse/parents/siblings?

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You should get medical insurance - Integrated Shield Plan. If you're not local, you can purchase one using cash from NTUC. It covers the majority of medical situations.

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Subsequently, you should purchase an Early Critical Illness Plan that serves as income replacement in the event that you are diagnosed with one. The lump sum will buy you early treatments as well as continue to serve you and your partner's needs while you are unable to work, amongst other creative purposes for large sums of money. Rule of thumb is about 5X your current salary. Be sure to update this regularly when you have a change of population (increase or decrease in dependents, such as children) or when you have a significant change in income that warrants a lifestyle change. This is not as uncommon as people think, and often people are underinsured due to this complacency.

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I would recommend you purchase a plan that lasts you your whole life rather than Term, as Criticial Illness Term plans are quite disproportionately expensive in the market (WL at your age would typically have more value for money unless you're an extremely confident and experienced investor, and even then based on the volatility required to meet that ROI you might not have the necessary amount when the time comes) and there are many uses for lump sum payments aside from income replacement post-retirement.

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As an FA, this is my specialty and I compare across the board to get you the best deal for your money. Contrary to popular belief, there is always a best deal at any given point of time best suited for your needs.
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