Asked by Anonymous

I am in my mid twenties and hope to get an insurance plan soon. Should I select one mainly based on the price? Are there any other insurance plans that I should consider? Is early CI necessary?

So far I have gotten Prudential's hospitalisation plan. I am thinking of getting a term plan with CI for coverage at a lower cost (as compared to life plans). Cost is a major factor for me as my family's finances are in bad shape, but I do not want to skimp on necessary protection, or sign with a company that tends to reject claims.

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  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    Answered on 26 Sep 2018

    I think it is better to buy from an agent that you trust. This will ensure that you have a higher probablity of claiming when you need it. You can consider term life/whole life plans, disability income plan, death, and CI/early CI. Regarding whether early CI is necessary, I think you'll have to answer that yourself. Would you have enough money to pay for medical bills should you get a CI in the early stages?

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    • Alan Kor
      "I think it is better to buy from an agent that you trust. This will ensure that you have a higher probablity of claiming when you need it. " this is a mis-leading statement
      26 Sep 2018
    • Luke Ho
      It's true, Leong. If you can't replace income, at least prevent a scenario where you're paying a ton of bills.
      06 Oct 2018
  • Lim Wei Siang
    Lim Wei Siang, Financial Consultant at Advisors Alliance Group - Aia Fa
    Level 2. Rookie
    Answered on 07 Mar 2019

    Have you gotten your insurance policies?

    Talk to Financial Consultants whenever possible would be my advice to you.

    This is what I believe:

    • Coverage vs Affordability - you will have to be truthful to your consultant on the cash flow portion and do a full Financial Review that covers Wealth Protection, Accumulation & Distribution. Based on your discussion, you will list your priorities and budget. It will be the consultant’s job to cater as much as possible with your budget.
    • There are ”Set Meal” & “Ala-carte”. So be clear on your priorities so that various combination can be proposed to suit both your needs and budget.
    • I’m Pro Early CI - people are getting more health conscious with regular check ups done. Insurance is all about “What ifs”...so what if you are diagnosed with early stage CI? If your policy does not cover, the whole cost of treatment to possible loss of income will be affecting your wallet and bank balance. (Because people around me got diagnosed with CI at an early stage and had it treated.)

    Actions comes with reactions/consequences.

    Knowledge gives birth to more choices.

    With more choices, you will be able to better make a decision with a consequence that you can bear.

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  • Yong Zheng
    Yong Zheng
    Level 2. Rookie
    Answered on 21 Oct 2018

    If price is a big concern for you. Then term is the best solution for you. in the market, there are some company that provide convertible term, meaning you have the option to convert the term to a whole life plan without medical underwriting. This type of plan is very suitable for young adult like you. Next, Income is your main important component, you can consider cover that portion with disability income protection, this will provide you monthly income in the event you cannot continue working due to illness or injury.

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Level 6. Master
    Answered on 26 Sep 2018

    Since cost is a major factor use this website to buy direct purchase insurance, no commission and cheaper than buying from an agent. Just make sure after you chose the plan you want read their T&Cs and stuff.

    http://www.comparefirst.sg

    Comments (1)
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    • Ade Tan
      Hi Nicholas, have you buy insurance from the comparefirst website before? If yes, how do u claim insurance?
      3w ago
  • Loh Tat Tian
    Loh Tat Tian
    Level 6. Master
    Answered on 26 Sep 2018

    I wanted to post the same advice that I give normally, but I think maybe I should try something different.

    1) if you can, spend a bit on DNA testing overseas at about $100. No guarantee to know but at least it shows you higher risk you might likely possess due to genes

    2) The cheapest CI plans (standard 37 CIs) that I know of is myprotector and Aviva Mindef insurance. But to beat a whole life of the same coverage, you need a ROI of 4%. Consider it. The agent that can understand this statement would be the one you should look for.

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