Am a working single adult in my late 20s and reckon I will remain in singlehood. I have bought NTUC Viovolife insurance and am wondering if this provides sufficient coverage for me or do I need to purchase additional insurance? Any recommendation? - Seedly
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Anonymous

Asked on 03 Sep 2018

Am a working single adult in my late 20s and reckon I will remain in singlehood. I have bought NTUC Viovolife insurance and am wondering if this provides sufficient coverage for me or do I need to purchase additional insurance? Any recommendation?

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Eric Chia
Eric Chia, Senior Financial Consultant at Prudential
Level 6. Master
Answered on 04 Sep 2018

Hello, Vivolife is a whole life plan which covers critical illnesses. i hope this isn‘t the only plan you have because itself alone is definitely not complete. In the order of importance, you may want to consider the following:

  1. upgrading your MediShield Life coverage if you haven’t already done so. Since you’re remaining single, go for the highest coverage as you have to learn to take care of yourself.

  2. if your Vivolife doesn’t include early stage critical illnesses, get a plan that covers. You may also like to consider disability insurance as well.

  3. calculate how much coverage you need. You can talk to a financial advisor on this, and you’ll need to consider a few aspects of life and your thoughts. People often thought they have enough but they had wanted more when the unexpected happens.

  4. set money aside for retirement - good thing about being single is you’re free to do what you like. But being able to do what you like sometimes need money, other times it produces money. So think about what you want to do and if it’ll give surplus or require money to do so

  5. work your money smart - if you haven’t already done so, start on investments! work your money smart.

In summary this is it.

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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 04 Sep 2018

Similar thoughts to what Jin Shun raised above.

In terms of priority, it would be good to equip yourself with the following:

1) Hospitalisation Plans - Do take up additional private health insurance with the riders to protect yourself against huge medical bills. THIS IS A MUST HAVE

2) Early Critical illness - You may either opt for a standalone CI plan or a whole life plan which provides coverage for early stage critical illness. Coverage is suggested to be approximately 2x your annual income to tide you through the recovery process should the uneventful occur.

3) Personal Accident Plan - This form of insurance usually cost about $0.26 a day but provides you with medical reimbursement should you get into a minor accident or fall sick due to food poisoning or dengue. If your lifestyle also include high risk activities such as scuba diving, hang gliding, hiking, trekking, perhaps this may be more of a GOOD TO HAVE

4) Disability Income Insurance - Since you are single, it would be good to cover yourself should you be unable to work temporarily or for a longer term. This allows you to maintain your current lifestyle as it provides you with up to 75% of your last drawn income.

Having said so, it is important that you consider your needs and budget before deciding on any particular plans to get, and please do set aside some money for investment to tide you through retirement. Feel free to drop me an email at [email protected] should you require more clarifications.

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Thank You!
Can you clarify
I wonder if
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What about
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