facebookHi, I am 22 y/o this year. I don't have any CI insurance so I would like to get one before the definition starts changing, any recommendations on which plan with a budget of $100 - $150 per month? - Seedly
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Anonymous

07 Aug 2020

Hi, I am 22 y/o this year. I don't have any CI insurance so I would like to get one before the definition starts changing, any recommendations on which plan with a budget of $100 - $150 per month?

I am a female and I do not smoke. I work during the holidays and will have a 6 months internship soon. However, I still have 2 years until I graduate from university. Is getting term/whole life more suitable if I know that my family would heavily rely on my income in the future? What are some considerations that I should look out for? Thank you!

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    What are your thoughts?

    Hey there!

    In general, there will definitely be a plan that will meet your budget depending on how much coverage you are looking at. Usually, we look at 5x your (future, expected) annual income to get a gauge but if the quotation will exceed your budget, you can dial it down to get some coverage at least.

    In general, Whole Life insurance may be quite pricey if you are adding a CI rider to it. If budget is tight, you might want to consider getting a standalone multi-pay CI plan as a foundation at least. Also, note that many standalone CI plans do come with premium waiver riders. Some even cover for pre-early conditions eg. AIA Power Critical Cover.

    The good thing is that because you are getting it while you're young, the premiums will be locked in at that price then and you won't run the risk of getting a pre-existing condition that normally comes with old age.

    Do reach out if you'll like to explore your options :) Take care!

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

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      Jonathan Soh

      Jonathan Soh

      07 Aug 2020

      Level 6Β·Wealth Manager at Aviva Financial Advisers

      Hi there. With a limited budget like yours I don't suggest you get term/life. Critical illness will be a bigger need to address for your age than death coverage. $100-150/mth is just enough for basic critical illness coverage. I recommend you add on term/life plans later on in life after you start a full time job.

      You can refer to these independent comparisons for the best critical illness plans in the market. My pick of the bunch will be Manulife, Tokio Marine & Aviva.

      https://treeofwealth.sg/early-stage-critical-illness/

      https://www.interestguru.sg/best-early-critical-illness-plans-singapore/

      Do reach out to me here if you like to find out more. I cover 9 major insurers including Aviva, NTUC, Manulife, Tokio Marine etc.​​​

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        Hariz Arthur Maloy

        Hariz Arthur Maloy

        07 Aug 2020

        Level 15Β·Independent Financial Advisor at Promiseland Independent

        Hi Anon, since you haven't started earning a regular wage, committing to a long term plan may not be...

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