Will be ORD-ing soon, what insurance should I get?

CI accelerator by MINDEF is rather expensive if you want to stay covered up to 65.

If no one is depending on you financially, then it doesn't make sense to have some of the coverages. If you are concerned about your tuition fee loan, then MINDEF's life cover of $100,000 for $4/month seems sufficient.

And while it is true that getting insured early for private life insurance can lower the total premiums, you will need to cough up some cash early to future-proof your coverage. Getting 2 x $200,000 coverage (2 policies) is likely to be more expensive than getting 1 x $400,000 coverage. You will need to do your own math.

As for MINDEF insurance, it's by age so you just need to enter whatever you need to enter before 40 (check the brochure for the eligible entry age range).

Insurance that you'd want to consider regardless of whether you have dependents:

1. Hospitalisation plan

2. Personal accident (I didn't have it until I started working. This may not too essential if you have a desk job. Can focus on the other coverages first.)

Insurance that you'd want to consider if you have liabilities or dependents:

1. Life

2. CI accelerator or standalone

3. ECI accelerator or standalone (This is rather costly. I don't have it and I won't opt for it.)

4. Personal accident

Insurance that you'd want to consider when you have a salary upon graduation:

1. Disability income insurance

Insurance that you may want to consider when you hit 30:

1. CareShield supplement

Term life by MINDEF is cheaper. What I did was I got my life + CI accelerator elsewhere and plan to boost my term life coverage with MINDEF once I have kids. I started getting all my insurance coverages when I started work and "have more things to lose".

From your question I can infer that you will be entering university yeah. Glad to hear you asking this question of insurance.

I personally feel that MINDEF-AVIVA Insurance are add ons to your personal plan. so settle what you can on a personal basis, then top it up with those group plans. It is not as simple as it seems.

IMO, Insurance is required if you have dependents (people who rely on you financially) or liabilities (Housing mortgage etc.).

For people who have no dependents or liabilites and want to leave something behind for your loved ones (Parents) or to charities etc, it would be considered above and beyond. Good to have but not essential.

My only recommendation is to get the highest hospitalization cover & personal accident plans. As you are young and might lead an active lifestyle, PA plans will be handy to make outpatient medical claims in the event of an accident.

Hospitalization is to lock in your current good health, so that at minimum you have access to the best doctors all the time through out your life as long as your keep the policy in force. no matter whatever illness behalfs on you, you know you have access to the best doctors and at least 95% of your medical bills are covered.

If you feel you can stretch abit more in budget. go on to maybe a 30 year term plan.. affordable and most term plans now are convertible to other life insurance plans in the future without proof of health.

health is a gift, and having no medical issues etc is such a blessing..