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  • Writer's pictureAaron Lin

Top 4 Must-Have Singapore Insurance Plans

First off, I’m not an insurance agent! I’m not here to sell you anything. I only wish to share what I bought and 4 insurances that I believe has really helped me. Disclaimer: this is from my understanding from my insurance agent wife, please feel free to correct me if anything is wrong.

1. The Shield Plan by Prudential.

Buy this early. It’s a hospitalization plan. My father, for example, is pretty healthy at 60 except for his gout. When he was younger and did not have gout, he bought this shield plan from NTUC. This insurance covered his gout. But later, if he wants to change his plan like to Prudential, it won’t cover his problem. You have to buy early before you get problems, and only then will your insurance cover you. It’s not easy to change plans, so make sure you buy the right one early on.

Pay by CPF!!

2. Mortgage

Get mortgage insurance. If you buy a $1 million property with a loan of $700k, your mortgage insurance will cover this $700k+. Should anything happen, your family will be spared paying off this high instalment on your behalf.

In my opinion, this mortgage insurance can replace life insurance. Properties increase in value, but your mortgage insurance amount doesn’t change value. So for the $700k+ insurance, you’re getting more value. Should anything happen, and your family sells the property, you get more value in the rising property price!

3. Early-stage Critical Illness Plan

If you’re an unfortunate victim of early-stage critical illness, you’re going to be suffering and definitely worrying about money. Early-stage critical illness means you can claim money when you first discover it at its early age. Critical illness, you can’t claim so early.

Most worth-it point: if I pay $200k per month for $600k coverage, and nothing happens to me, I still get back my $200k! Deflate or inflate, it’s still about $200k. For a peace of mind, it’s worth it, as compared to some plans where you don’t get your money back.

4. Accident Plans

There are quite a few of these out there. The one I buy does not cover food poisoning and Dengue. I paid about $200 for the whole year. In that year, while playing basketball, I actually suffered two injuries. I sprained my leg, and claimed all the medical fees from CDC. I got a cut right below my eyebrow that needed stitches and managed to claim $3k.

If you play sports, definitely get an accident plan. It depends on what ails you. If you want something that covers things like food poisoning, there are such plans out there, just maybe the coverage is lower like $2k.

For a small amount of money, you get to claim money for something that is common. I play sports almost every week so I get injured quite a bit, and of course it’s great to fully utilise the plan! It’s a cheap yearly plan that covers TCM, operations, surgery, and so on. It’s so worth it, definitely more than the $200 you pay per year.

Well, these are my personal recommendations that per my calculations, are worth the money I spent. I hope you liked this change in topic from property to insurance!

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