facebookAre we overpaying for basic insurance coverage in Singapore? - Seedly

Are we overpaying for basic insurance coverage in Singapore?

Is it really possible to get $1 million of coverage for only $312 a year?

Discussion (8)

What are your thoughts?

Learn how to style your text

Brandan Chen

10 Sep 2019

Financial Planner at Manulife Singapore

Firstly, what is your definition of overpaying?

Secondly, premiums depend on quite a couple of factors: Age, Gender, Smoking Status, Health Status, and the type of plans you think best caters to your needs.

In a nutshell, personal financial planning revolves around 4 key pillars:

1) Health Insurance - cover hospitalisation bills, pre and post hospitalisation treatment and consultation

2) Life Insurance - Provides income protection in the event of Death, Disability, and Critical Illness

3) Retirement Planning - Consists of investments and savings

4) Personal Accident Coverage

At the end of the day, the advisor should be able to explain to you the various types of options available to you to meet both your objective and BUDGET so that you do not think that you are over-paying!

If you would like to find out more, I would suggest you speak to a financial advisor or myself. You may always contact me at https://brandanchen.manulife.sg/

View 2 replies

Loh Tat Tian

07 Sep 2019

Founder at PolicyWoke (We Buy Insurance Policies)

The best is if you are able to secure premiums lower than Mindef Aviva Insurance. The first advice is always to get private insurance (be it term/whole life etc) and opt for Mindef Aviva later, when comparing private insurance, since death coverage is more expensive for private cover as you age.

However, if your age is more than 30, the most cost-effective insurance is Mindef Aviva. For CI, most cost-effective may become private.

As always, do shop around to get what you need, DYODD. Most of what I type is a guideline, and to be confirmed with Hard numbers.

Elijah Lee

04 Sep 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Yes, you can get it for that amount, however, take note that it is group insurance, so you do not ow...

Write your thoughts