Asked by Anonymous
Asked on 26 Apr 2019
Your university should have provided you with some form of PA plan, do find out from them.
Before you go into buying any form of health or life insurance, check with your parents if they have gotten for you. If they have, you can take over by paying the premiums for your own plan.
This will help help to increase effectiveness in allocation of your money before you start working
If your parents did not get you any, consider getting a hospitalisation plan. You can get a coverage for government restructured hospital, need not be private.
Start looking at income protection when you start working.
Yes, it makes sense to buy insurance at any point of time because insurance is meant to protect you. However the focus is understanding what is important for you at different stages of life. In your shoes, I would take up personal accident + hospitalization plans at the very least.
Make sure you're buying what you can afford and do not listen to agents who tells you that whole life plan/investment plan is good for you at this age without doing your due diligence (just come seedly anytime 😂) they earn more via those plans and those are the ones they'd push to you.
Once you have excess 💰 (after emergency fund and basic insurances mentioned above), think about other health plans such as CI and term insurance especially if you have family history) as well as investment techniques to grow your wealth... At any point of time; make sure you're getting what you can afford and don't over-insure. Know that some policies are more relevant when you're the sole bread winner at home and earns an income and some not so. Also understand that buying multiple insurances doesn't mean you can claim all. (Some are by per basis/receipt.) I know of people who bought multiple plans into to find that they can only claim once and has been paying for nothing at all.
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You should consider getting yourself a hospitalisation plan and a personal accident plan. Illnesses and accidents don't spare you just because you are still studying.
If you have some decent income, be it through doing part-time or internship, you might consider getting a life and critical illness plan as well. By 'decent', I mean you have a stable income of at least roughly $200 per month. Buying life and CI plans during uni makes sense becos the premiums are much cheaper when you are young. It is a good investment for your long term, if you can afford it.
I advise against buying savings plans while you are still studying. Some financial advisors like to approach students with savings plans as the higher return versus saving in the bank sounds attractive. But you should always build your protection first before considering savings/investment, unless your parents have already done comprehensive insurance protection for you.
Most of the local unis already has the Group Personal Accident up to about 5k, Group Hospitalisation and Surgical up to about 30k and some even has GP plan for students to see doctor with co payment or free. So if they are matriculated active students, these insurance plans are for them to use when needed. Note that the cause of accident or hospitalisation need not be due to school activities, it can be personal activities. But of course there's also exclusion such as pre existing conditions and conditions since birth are excluded.
That being said, all local uni students are well insured. The only reason why a uni student should get hospitalisation insurance when he or she is still school is for the possibility of pre-existing condition exclusion or she or he is ready to sign the plan, yet the condition happened during school days. Also, another reason is to cover the excess cost that the school insurance cannot cover - for example school personal accident covers up to 5k and the excess can tap on personal insurancr (subject to sub limit).
Unfortunately, a lot of uni students do not know that they are covered under these insurance plan and did not fully utilise it when needed. The ones who know best about these plans are probably those sportsmen.
Yes, i feel that it is important to have at least some insurance for wealth protection. But also make sure you’re buying what you can afford, even though it is better to get some insurance when you’re younger as the premiums will be more affordable too.
Hospitalisation is important, the sooner you get it the better. I'd say the same for term insurance as well. Reason being it is cheaper when you are younger and it's best to get insured for as much as possible when still healthy
Your parents shld have at least brought and paying for you a hosp plan since young
other than that, you have no income and no way to pay for insurance which you also do not need at the moment.
Hospitalization plan and a personal accident definitely. (you may already have a PA plan given by your school)
After you start earning, then look at income protection policies.
Nah, i dont think it makes sense to buy an insurance now, especially you are not earning any income and if there is already a policy which ur parents bought it for you since young(for my case).