Which insurance package should I get as a 23 years old fresh grad? - Seedly

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Asked by Anonymous

Asked on 07 Nov 2018

Which insurance package should I get as a 23 years old fresh grad?


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Loh Tat Tian
Loh Tat Tian
Level 6. Master
Updated on 21 Nov 2018

As a fresh grad, focus on the most important insurance first

(1) Hospitalisation insurance. Its cheap, and most likely the possible wealth killer if you ever got into accident or fall very sick.

(2) A Whole Life insurance with Critical illness cover (Early CI) (please check the conditions covered). possible

(3) Term insurance for the rest for the coverage gap needed. You still have time to think through until you reach 30, but please do some scenario planning. (out of job, going to married, housing, baby?). these milestone will change the coverage you need. I opted for max coverage first.

(4) Disability insurance. Something which is good to have imo unless you are earning at least $6,000.00 per month (which may make sense to insure since no job can pay you $6k easily, if you got involved in accident etc).

(5) Accident policy. Good to have to top it up in case your TPD is a result from the accident.

You need hospitalisation insurance the most. The rest needs further anaylsis before it is a want or a need.


Jim Ng
Jim Ng
Level 5. Genius
Answered on 11 Nov 2018

1. Hospitalisation plan , Integrated Shield Plan for your self coverage

Protect your own income first before you think of your dependents. If you can't even protect your own wealth, how are you going to protect your loved ones?

Compare between all the hospitalisation plans here:


2. For life insurance coverage if you have dependents:

MINDEF/MHA Group Term Life if you're a guy.


Term Life Insurance from SingLife if you're a girl.


Arguably the cheapest Term Life Insurance availalble in the market right now.

3. Critical Illness Insurance to protect your income in the event of critical illness

Stand alone plans are better because it is not being tied to your term life insurance in the form of a rider. In the event that you cancel away your term life insurance, these plans are still actively protecting your income.

Compare between the best critical illness insurance here:


Lastly, congratulations on your graduation and wishing you the best in your career.

Cheers :)


Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Updated on 07 Jun 2019

I am not a big believer of buying life insurance or ILPs. I believe in Term Insurance with adequate coverage, one should focus on investments. Do not mix protection with growing wealth. Once I have become comfortable financially, I will kill all my insurance plans (which I have already done at this point of time).



07 Nov 2018

Hi just to clarify, you have cancelled your term insurance but are you still under a hospitalisation and/or critical illness policy? Thanks!
Jim Ng
Jim Ng

11 Nov 2018

When you say you'll kill all your insurance plans when you're comfortable financially, does that include your Integrated Shield Plan?

Once you're employed you should look at:

  • Ugrading your Medishield Life to an Integrated Shield Plan for Private Hospital Stay

  • 10 Years of your annual income as Life Insurance for death cover

  • 3 to 5 Years of your annual income as Income Protection in the event of Critical Illness.

I would tag the CI Cover on a whole life and the rest as Term till Retirement Age.