What type of insurance would you recommend a 22 year old student to get and why?

Hi anon,

If there is only one type of insurance that you should get as a student, that would no doubt be hospitalization.

Unless you have the financial means to start getting coverage for critical illness (presumbly, you would be starting working after graduating, and will need that), if not, stick with hospitalization first.

This is largely because hospital bills can really wipe one's savings out, although the chance of you getting admitted to hospital is very low when you are young (accidents aside).

Furthermore, hospitalization plans have the strictest underwriting requirements, and if you have even the smallest pre-existing condition, there can be difficulty in getting coverage for yourself.

Yes, insurance does get more expensive as you age. It's just statistics, as we age, the chance of falling sick/getting a critical illness increase correspondingly and thus the cost of covering you increase accordingly. Insurance premiums paid into the common pool have to keep up with the payouts (after costs such as administration, backend, commissions, etc) and the older you buy, the lesser time you have to pay into the pool before you make an expected claim.

Hospitalisation first, plus premium can use medi to pay. Only if you buy rider to reduce copayment then need to pay by cash