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.

Share this
Answer this question
Write your answer

Answers (5)

Sort by:
Most Upvote
  • Most Recent
  • Most Upvote
    • Yong Kah Hwee
      Yong Kah Hwee

      Top Contributor (Feb)

      526 Answers, 707 Upvotes
      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?

      Comments (3)
      Share this
    • Lim Wei Siang
      Lim Wei Siang, Financial Consultant at Advisors Alliance Group - Aia Fa
      12 Answers, 12 Upvotes
      Answered 2w ago

      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” 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.

      Comments (0)
      Share this
    Yong Zheng
    Yong Zheng
    6 Answers, 9 Upvotes
    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.

    Sign Up or Log In here
    Sign in now to unlock 3 more answers to this question!
    Sign In with Facebook

Download Seedly’s free

Expense Tracking App
Download on the App StoreGet it on Google Play
  • Sync all your banks in one place
    Sync all your banks in one place
  • Quickly add transactions and view reports
    Quickly add transactions and view reports
  • Community Q&A and blog integration
    Community Q&A and blog integration