New To Workforce
Getting your first pay cheque is exciting, but it's also the perfect moment to begin planning your future with intention. By laying a strong foundation of protection and financial planning now, you can build a secure future with greater ease.
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Lay The Groundwork For Your Best Years
Plan for a brighter tomorrow by prioritising the things that matter most to you.
Protection
MEDIUM PRIORITY
In the event of unexpected circumstances such as critical illnesses, accidents or disability, your needs and livelihood might be affected.
Your priority for protection:
- Health insurance for hospitalisation.
- Protection against accidents and major illnesses so that your needs during recovery continue to be met.
- Financial payout for death, terminal illness, and total and permanent disability.
Wealth
MEDIUM PRIORITY
Saving for and investing in your upcoming milestones are easier the earlier you start.
Your priority for wealth:
- Savings for future expenses such as home purchase and marriage.
- Retirement planning.
Protection
The younger you get insured, the better. Now that you've started earning, saving for the things that matter will be much easier without worrying about medical bills.
What you already have1
If you are a Singaporean or PR, you’re automatically covered by three national schemes:
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MediSave
A national savings scheme which helps CPF members save for future medical expenses, especially during retirement. -
MediShield Life
A health insurance for large hospital bills and selected outpatient treatment costs. -
CareShield Life
Long-term care insurance scheme for financial support and monthly cash payouts in event of severe disability.
What you may consider2
Beyond the basic coverage from national schemes, you’ll still need to ensure that you are sufficiently covered to avoid dipping into any hard-earned savings.
National schemes do not fully cover:
-
Hospitalisation
An Integrated Shield Plan (IP) provides additional coverage for private hospitals or higher ward classes in public hospitals. -
Critical Illness
You’ll need coverage of 4x annual income. (Recommended)3 -
Death & Total and Permanent Disability
You’ll need coverage of 9 – 10x annual income. (Recommended)3
Make sure your insurance premiums fit comfortably within your budget. It’s recommended to spend at most 15% of take-home pay on insurance protection.
Why Act Now
Premiums increase as you get older2.
Less likely of pre-existing conditions that could exclude you from coverage2.
Misconceptions? Let’s correct them.
Check out some common misunderstandings about financial planning and their truths.
Misconception: Having health insurance means all treatments are fully covered.
Truth:
Not always. Policies can have limits, gaps, and exclusions. It's a good idea to review your coverage, spot any gaps, and consider extra insurance or add-ons based on your health and family history to avoid unexpected medical bills.
Yes, I want an expert’s help
Not always. Policies can have limits, gaps, and exclusions. It's a good idea to review your coverage, spot any gaps, and consider extra insurance or add-ons based on your health and family history to avoid unexpected medical bills.
Source: Health insurance terms: Know what you’re paying for, Moneysense
Misconception: Health insurance is only for old people.
Truth:
Health issues and accidents can happen to anyone at any age. While older people might be more prone to certain illnesses, it's important for everyone to have health insurance. If you wait until you're older, insurers might exclude pre-existing conditions. Protect yourself by getting coverage early on.
Yes, I want an expert’s help
Health issues and accidents can happen to anyone at any age. While older people might be more prone to certain illnesses, it's important for everyone to have health insurance. If you wait until you're older, insurers might exclude pre-existing conditions. Protect yourself by getting coverage early on.
Source: Understanding Health Insurance, Moneysense
Misconception: I am young and healthy, I don’t need insurance.
Truth:
While this is true, it is also true that health issues can arise at any time, regardless of age. It’s also wise to lock in a lower premium at a younger age.*
Yes, I want an expert’s help
While this is true, it is also true that health issues can arise at any time, regardless of age. It’s also wise to lock in a lower premium at a younger age.*
Find The Right Plan
Be protected against unforeseen medical expenses, rising healthcare costs or unexpected injuries with our suite of tailored products and supplementary plans.
Get ultimate peace of mind for you and your family by protecting against potential financial impacts during unfortunate diagnoses of critical illnesses such as cancer.
Get comprehensive essential coverage no matter the life stage you’re at.
