Apart from a whole life plan, what else should I need to be well-covered - health, critical illness or personal accident? Or all 3? - Seedly
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Asked 3w ago

Apart from a whole life plan, what else should I need to be well-covered - health, critical illness or personal accident? Or all 3?


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Aside from Life Insurance, you should ensure the basics such as hospitalisation and critical illness plans are in place. These would cover you from the hefty medical fees in the unfortunate event that you encounter a medical emergency.

Some good health insurances you can consider are AXA Shield by AXA (only insurer with outpatient and PA benefits embedded into the cash rider) or the Great SupremeHealth by Great Eastern. To ensure you are well covered, you can add on riders for Critical Illnesses.

After ensuring you are well covered for Life, Health and Criticla Illnesses, you should then consider Personal Accident Insurance.

Do check out Life Stage , where you can examine your coverage and check for coverage shortfall in just 5 mins.​​​


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Hey there!

In general, a person has to be insured for the following:

1) Hospitalization expenses

2) Death / TPD

3) Critical Illness

4) Personal Accident

The first form of insurance that you will want to look at will be hospitalization plans since they cover for the hefty hospitalization/surgical bills.

The next thing you'll want to look at is to cover for death, TPD and CI. It's relatively easy to cover for death and TPD; a term plan here will work well since it's often affordable. The reason is because if you're looking at getting married, you might want to use the term plan as a way of leaving something behind for your loved ones or to hedge against a liability eg. mortgage loan so your partner do not have to tank the liability him/herself.

CI plans in general ensure that you are able to tide through a period in the event CI strikes as people are often unable to work then. This ensures they are given a payout to survive and pay for medication, bills etc.

Personal accident often reimburses for accidental injuries, accidental death etc. Some even cover chiropracter/TCM visits, food poisoning etc.

My recommendation to you is to secure a hospitalization plan and ensure your CI is covered if you've already got a whole life plan. Do take note that if you've a CI rider attached, it is probably Accelerating by default, ie. it reduces your death benefit. If its an 100% acceleration, its highly likely your plan will be terminated when the payout is given to you due to CI.

Take care and all the best!

Financial planning is an integral part of life. You can reach me here to find out more.


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Hi anon,

I think what is more important is the type of coverage you need, and not what type of plan (term vs WL, for example). I do not know your profile, but if you are working or about to start work, you will have to look at these (and this is generally in order of priority):

  1. Hospitalization plan. This covers any hospital bills and associated pre/post hospitalization costs. This would be from an integrated shield plan, with a rider to take care of the deductible/co-insurance. Depending on your budget, you can take a private hospital plan and downgrade later, or just go for Goverment A ward.

  2. Critical Illness coverage. This provides a sum of money for you to cover your expenses and other out of pocket costs should you fall critically ill and are not able to work. Usually recommended to cover at least 5 years of expenses and an additional sum to cover out of pocket. This is usually via a limited payment life plan, or a term plan, depending on your budget/needs. There are also multi pay plans available, but those are term plans.

  3. Death coverage. This provides a lump sum of money should something happen to you. Not mandatory if you have no dependents or liabilities. Usually takes the form of a term plan. For the coverage amount, you could use a multiple such as 10 x of your current income, or calculate based on your current liabilities.

  4. Personal Accident. For the minor stuff like TCM claims, etc.

Generally, you should not have to spend more than 10% of your income on coverage. I would say the first two are a must if you are working. The third is not strictly necessary unless you have liabilities or depedents.

You can work with an independent financial advisor who can provide multiple options and explain in detail what you will need to know about the types of insurance as well as the options from various insurers before you come to a decision, especially with respect to cost effectiveness as well as the minor differences between the plans.

You will want to be comfortable to share your fiinancial details with your advisor as that will be important for the advisor to consider your current situation before suggesting suitable solutions.


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As a start, the first priority should always be healthcare. The reason is simple - medical inflation hits 10% in 2019. Consequently, a single medical treatment could potentially wipe out all your savings. Therefore, it is always good to know the healthcare insurance policies available in the market and to evaluate whether you should enhance your coverage.

More Details:

Is MediShield Life enough in Singapore?

Integrated Shield Plan Singapore: A Starter's Guide

The rest of the insurance policies will depend on your needs and priorities in life.

I share quality content on estate planning and financial planning here.


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