facebookI 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? - Seedly
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Anonymous

Posted on 26 Sep 2018

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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6 answers

Discussion (6)

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

Alan Kor

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. " this is a mis-leading statement

Luke Ho

Luke Ho

06 Oct 2018

It's true, Leong. If you can't replace income, at least prevent a scenario where you're paying a ton of bills.

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Hi Anon,

Just happened to see this question; just wondering if things have been better for you? Also before looking at CI coverage, have you gotten a personal accident policy as well? Cause I think once your have your hospitalisation covered, a personal accident plan would be good to look into.

Also, in regards to term or whole life, it really depends on what you are looking at, if you are looking to only have a short term coverage, then yes, definitely a term plan make better value as compared to a whole life policy. Of course the most ideal situation is to meet up with an agent and through the meeting do a proper needs analysis before advising you on something that suits your needs.

Also in regards to claims, I think sometimes it's not really just the insurer, the agent actually plays a vital part and you might want to go with someone you are comfortable with and you can trust. Do reach out if you have further questions

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Have you gotten your insurance policies?

Talk to Financial Consultants whenever possible would be m...

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