Asked on 08 Jan 2021
Just started working and realised my company has the following coverage (not too sure if it is good or bad since this is my first job too), and me wanting to save as much as possible, I am not too sure if I should spend money on other insurance policies too or look into those covered by CPF?
It would seem that the company already covered the essentials through a review here: https://blog.seedly.sg/working-adults-key-insurance-policies-singapore/
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.
I agree with the answers from the others here. However, if you are young and really feel like you don't need so much insurance yet, you can just get one for hospitalization first. This is usually the one that may differ the most from your needs when compared with the group insurance.
You can always get a CI, life, etc insurance later when you have saved abit more and are still healthy but it will largely be the same as what your company offers. I would still recommend you get these sinner rather than later.
For hospitalization, you can buy one for class A and private first. This will follow you for life and you can choose to downgrade later on of you feel like you don't need the ckass A or private.
Yes, you should.
Regardless of how well the company coverage is, it ends when you leave the company...
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