Should I still buy insurance if my companies has pretty good health coverage (group hospitalisation, group term life, group dental, group personal accident, group outpatient etc.)?

Your coverage ends once your employment terminates. Insurance is meant to protect you from any rainy day. As such, it's advisable to get the essential coverage e.g. hospitalisation, life + CI if you have dependents/liabilities, disability income insurance.

Hi Hao Yuan,

I highly recommend that you get your own personal policies to cover yourself.

Company benefits only last as long as you are employed with the company.

You might change your job, get retrenched, take a career break, etc, during which either your benefits might become worse, or you would have no coverage at all.

And ultimately, you will retire some day, and at that point you will have no coverage. Even if you retire earlier, say at 55, your health has to be good to get the coverage you want. Even if you have money, but you don't have health, you won't be offered coverage.

You are really buying coverage with your health, and paying with money.

Thus it is always prudent to ensure your own policies are in place so that you are adequately covered, and there is no time better to do this than when you are young and healthy. I have seen too many people in their late 20s and 30s with minor issues and getting exclusions or loading for their plans, and a recurring theme among them is that they wish that they settled their coverage earlier when they were healthy.