What should I look out for a critical illness insurance plan? What do you recommend?

Hello, just providing some suggestions here in addition to what the rest have written.

For your critical illnesses,
1) do you want to stay covered even after one claim?
2) would you prefer to pay as you cover or pay premiums during your working years and stay covered after retirement?

For your savings needs,
1) are you a disciplined saver?
2) how much of a risk taker are you in savings and investments. Are you comfortable with having short term losses in your capital to exchange long term gains?
3) targets! How much you want to accumulate by when? Having no target is also ok, but you need to be aware that you have no target.

We can discuss more if you feel that these questions help!

Hey Anon, awesome stuff looking to get yourself covered so soon after working. :)

The first 2 things to consider are, how much coverage should you have and for how long.

The rule of thumb is to get 5 X your annual income as income protection in the event of Critical Illness. So if you're making 50k a year, you should get covered for 250k in the event of CI.

Next is for how long. My recommendation would be to have CI cover for life.

There's a big chance that we'll get sick before we die. During this time we'll need income for treatment and recovery.

We'll either get money from insurance or draw from our assets, which may or may not be enough at that time.

Now, there are a few more things to consider. Here's where it gets a little more in depth.

There are early stage, late stage, and multiple claims policies.

Today, medical technology allows us to detect illnesses early, treat us early, and allows us to recover from illnesses that used to kill us almost always.

We'll survive more often but that means that these illnesses may haunt us again later in life.

So a comprehensive plan will have elements of all of the above benefits.

Now, all insurers will have their versions of CI plans. If you'd like a comparison of the best policies available, you may want to speak to an Independent Financial Advisor rep like myself.

I distribute for 7+ insurers and can give you a good look at all of them. But before that you may want to also read this https://www.businesstimes.com.sg/opinion/naviga....

Drop me a message if you'd like to get a closer look. :) all the best.