My Current Insurance Coverage - What you should be getting

I recently got an early critical illness plan. I have actually reviewed my insurance after I started working for a year.

Insurance hasn't always been my thing because there is just so many types and I am lazy to ever read up on them. I came across Seedly's article that mentions 5 basic types to get. I think it really forms a basis for you to plan and if you are not able to get all at once, at least you are able to prioritise and layer on as your income increases.

Considering COVID-19 situation currently, it will be around for some time so it is really good to make sure that you are well-protected just in case anything happens. 

Taken from Seedly: https://blog.seedly.sg/working-adults-key-insurance-policies-singapore/

I currently have 2 life insurance (1 whole and 1 term) which my mum got for me when I was young, a hospitalisation plan with rider (integrated shield plan) also my mum got it early on, a personal accident plan and recently just got an early critical illness plan. I have been switching the payments from my mum to me as she is now retired and I do find that the premiums can really add up.

I am really lucky in that my mum do buy insurance and started early for me and my brother. I do think that for now, I am sufficiently insured and protected but of course, as we grow old, more protection might be needed as our dependents will increase and health will deteriorate.


Insurance is important when you start working because you start to earn which means that in the event where there will be any accidents a that can cause you income to be stopped, you will have something to fall back on. Insurance and savings definitely form the base before you really embark on your investing journey.

After I started work, I wanted to make sure I have adequate insurance but definitely not to over-insure myself and end up paying lots of premiums.

I was chatting with my colleagues one day and she is married with a child. She mentioned that she actually feels that her daughter is over-insured and every time when she meets her insurance agent, she ends up buying something due to what the insurance agent mentions.

She has a life insurance for her daughter, hospitalisation and a savings plan. She is paying quite a huge sum of premium particularly for the savings plan as it is a plan that is for her daughter's education.

She told me that she has some plans that she regretted embarking on and feels that it is a little too late to cancel them now as she has mortgage for her properties and every month its kinda like paycheck to paycheck as not much is left. 

I do feel and understand her as I am someone who is easily persuaded at times especially when it comes to protection and can understand her anxiety about her cash savings.


I have actually tried getting a critical illness plan a few years back with multiple insurance companies but were all rejected due to a pre-existing condition which I was eventually discharged from.

I was disappointed as I thought I was already discharged and should have a chance to be insured as well. Fortunately, my mum actually bought an AIA life insurance for me when I was really really young and I think this record helped me to get the early critical illness plan from AIA with no exclusions.

My mum also advised me to not cancel my plans recklessly as my hospitalisation insurance currently covers me for everything as it was purchased when I had no pre-existing conditions with no exclusions. 

As one of the life insurance was in place for quite long, and they mentioned that it was nothing too serious as I have been discharged, they were willing to insure my critical illness plan with no exclusions, I was thrilled because I had faced many rejections in the past. So I now have an AIA Power Critical Cover that I just got last November.

I believe you need to insure yourself adequately and have a portion of savings on hand before you start your investing journey. It is very important to have insurance because you do not want to liquidate your investments to pay for your medical unless really required.

I will review my insurance again end of this year as my life insurance payout is not very sufficient as it was bought when I was really young. Other than that, I think I am ok with the premiums I am paying currently.

References: https://blog.seedly.sg/working-adults-key-insurance-policies-singapore/