Looking for the best life and CI insurance in town. Any recommendations?

Hi M.L,

I believe every insurer has policies that covers what you are looking for, and in regards to budget, it depends on what you are looking for, whether a whole life or a term insurance policy. Just riding on top of the recommendation on the Aviva Mindef Group Insurance, that is honestly the cheapest form of life and CI insurance, however it's a term insurance, and it only covers you will 70years, which I personally would rather it cover till 85-86 years old which is the average mortality age in Singapore. But ideally I think it would be better to cover for the whole of life.

Just wanted to ask for the 200k coverage, is this after or before the multiplier effect? Cause for insurance policies that covers CI and Life, usually there is a multiplier effect that can go up to 5x the sum assured, so just wanting to find out more information before being able to advise better

Have you served NS? If yes, pls look at the MINDEF & MHA Group Insurance and get it while you are eligible.

If not, look for other group insurance plans. If you are working with the government, you probably are eligible for POGIS. If not, check with your employer.

Edit: For CI, it is worth asking why you would like to buy CI.

If it is for treatment, that should mostly be covered by your H&S plan?

If it is for income replacement, you may wish to consider a Disability Income Insurance Plan which is more wide-ranging.

Insurance is one area that many of us are not very familiar with, and we end up spending lots of money just on the authority of 'friends' or strangers on the internet. It is worthwhile, while you are young, to try to get as good an understanding as you can, so that you do not spend unnecessary dollars on something you may not need.

Insurance should not be a lottery ticket to wealth.