What type of additional insurance coverage should I be looking at, on top of hospitalization insurance (Integrated Shield Plan)?

Hi Anon. Good job on getting your basic hospitalization coverage settled!

To not complicate things, you need to understand the only 2 protection products insurance provides.

1) You die, I pay
2) You fall sick, I pay

Would you like a pay out to your dependents (spouse, kids, elderly parents), if any of the 2 unfortunately happens to you?

If yes, follow the rules of thumb. Coverage for:

1) 10-15 years of your annual salary for Death and Total Permanent Disability
2) 3-5 years of your annual salary for a income protection due to critical illness.

After figuring out how much that is, you should then look at finding a trusted advisor that can help you find the relevant products that suit those needs.

I would recommend you find an Independent Financial Advisor as they would be able to also compare across the various insurers to find you the best deals and explain the latest updates of the T&Cs, etc.

Hope this has been helpful. Cheers.

Hey! This is a common question that most of us would face. There are two types of additional insurance coverage that you can look at (apart from ISP).
1. Term or Whole Life Plans (provides your family a payout for your untimely dismiss)

• Term is pretty straight forward, you get to choose how long you would like to be covered. However, there would be no cash value to this.
• Whole Life, as the name goes, provides you with the coverage for life (age 99) with cash value.

When choosing the type of insurance coverage, do check if you really do need it. For example, are your parents dependant on you for income? Is anyone depending on you for your income?

2. Personal Accident Plan

• It reimburses you any medical fees incurred due to an accident.
• Few questions you should ask yourself before committing to one.
• Are you active? Do play sports often?
• Are you self-employed, and is moving around from one place to another required by your job?

This does not apply to everyone, you should also check if your company provides you with coverage as you are allowed to only claim once per receipt.

I hope this helps!