I’m 24, What’s the best policy for health insurance (1 mil coverage annually, global access, lifetime) and term life insurance (traditional term with guaranteed renewal, lifetime, global access)?

Hi anon,

For health insurance, if you are locally based, a shield plan is enough. However if you are frequently overseas, you may want to consider global medical plans (those are a lot more expensive however, but will truly cover you globally for hospitalization). If you only travel overseas occasionally, just get travel insurance to cover yourself for unforseen hospitalizations while overseas. There is no blanket 'best' policy as the 'best' one is the one best suited to your needs.

Term coverage is actually global. However, for CI/Early CI, a more cost effective way of getting coverage may be via a limited payment whole life plan instead. For 1 million death/TPD coverage, a term plan usually sufficies during your working years when you have dependents or liabilities. If not, there isn't strictly a need for death/TPD coverage.

Hi Anon, can I inquire if you're an expat?

If you're Singaporean/PR, getting a local Integrated Shield Plan would be good enough. It doesn't cover overseas treatment (unless stated see Aviva MyShield Plan 1), but locally for 1-2m annualy.

For your term cover, if you are considering a lifetime policy, I would instead look at a Whole Of Life plan, if not get a policy from AXA or Singlife as they have good Term to 99 rates.

I'd suggest speaking to an Independent Financial Advisor for a more in depth discussion.