Which Insurance To Get In Singapore 2024

[@KelvinLearnsInvesting]

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[@1MW9]

Kelvin unfortunately you are wrong on this one. There is not a single situation where one should go for ILPs. It is better to give cash to the insurance agent and buy insurance and investment separately than buying ILP

[@Don96497]

All SG men who did NS and still below 40yo should just apply to join the Mindef & MHA Group insurance for self, spouse and children. Aside from IP and rider, nothing else beats its value proposition in the private market. Don’t waste your privilege.

[@DD-qe6uk]

🙏 thanks

[@xfall86]

Mindef group term. How about ci/eci?

[@Don96497]

@@xfall86they have Living Care and Care Plus. If after reading the T&C, you still feel that the 10 ECI covered is not broad enough, add other ECI plan from other private insurance. But ask yourself if you really “need” the extra? And can you keep paying for it? Or is it more better to spend the costs on a healthier lifestyle? Nothing is guaranteed, except death and taxes. Calculate the opportunity costs and spend your money on the best chances

[@angsf6785]

It's good that certain topics, like this about medical insurance, explained properly in details. A 13 min video that touch a little here and there will only confuse people, and may be misleading too Medical / life insurance policy is very confusing topic, with many exclusion criteria and fine prints, that you have to explain too (such as cancer drug list)

[@vincent91120]

What if you already have an insurance provided by your company? Does it make financially sense to buy a personal coverage? I get that it wont be linked to your company, but why would i pay an annual premium for something that is already covered by my company’s insurance?

[@yenlinkoh]

What if you resign from that company?

[@dante300]

Or the company close down. As you get older the insurance price will also be more expensive.

[@csamson5252]

From my understanding, hospitalisation premium would depend on age provided you are healthy. You may not consider to buy since it is covered under your company's insurance. The tricky part comes when comes to the life insurance and critical illness. From what I know these 2 would fluctuate based market adjustment instead of age.

[@dl4300]

Even if we stay loyal to one company, we will surely retire someday. If we wait till we retire to buy, i.e age 50-65, likely we will have some medical condition, (common things like fatty liver, high cholesterol, blood pressure etc) even if we are very healthy, age wear and tear may occur (i.e. eyes floaters, back injury etc) By then, insurers may exclude coverage for your pre existing conditions. Idea here is to lock in your health (provided you are healthy) as health insurance have quite strict underwriting and the more important insurance to have for life. Then again, important to look at the premiums at age 60,70,80 to see that it is sustainable, not just at your current age. Premium tables are available at most insurers websites. Comparison is key, do your comparison and choose one that has sustainable premium and lock in your coverage while we are healthy!

[@angpi2843]

Hi Kelvin , could you do a youtube video to explain about whole life insurance?

[@liweiquek7382]

Can u talk about travel insurance

[@elysium888]

Thank you Kelvin for this video. This is very informative!

[@livedtea4363]

this is timely good Kelvin. but insurance is costly and confusing.

[@dante300]

Talk to an agent and discuss your insurance and budget with them. The 6 insurance he mentioned is the basic we should have but we can start with 2 or 3 and slowly get the rest as our salary gets higher

[@geraldinecheng4015]

Kelvin, what about Investment Linked Policies (ILP) insurance?

[@kelvinkelvin8026]

Instead of if 'You' died,you may want to say 'policyholder' or 'the insured'😂

[@songkeegna9493]

👍