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Tuesday, August 9, 2022
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22 Y.O STUDENT PUSHED TO BUY 3 INSURANCE PLANS BUT SHE HAS NO INCOME

Hey 22F here planning to purchase insurance from a friend/FA (AIA) I’d just like to know if what I’m purchasing is the norm and necessary as well as if there’s anything I should look out for? Idk if here is the correct place to ask, if there is a better r/ pls lead me.

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Currently being promoted 3 plans, a life one with x3 multiplier till 65, a Hospital plan, and PA. The total would be about 300++ /month – not sure if it is considered steep or okay? I’m just considering also because I’m in uni now and will be forking out from savings (that’s why it could seem a bit tough) until next year when I grad and get a job. I did suggest to not buy the hospital plan first but the FA was adamant that it was very important and I shouldn’t risk being unprotected for the 1 year or so LOL.

My mother thought 3 plans were a lot but then again she’s not very well versed in these things…and i was also scared of being scammed into buying w/o knowing much, so I thought I’d ask for advice here.

Here are what netizens think:

  • your mum’s right. don’t buy until you grad lah. FA adamant it’s very important because her commission is very important. you lived 22 years without right? and after you grad, buy hospital plan only. consider term insurance if you get married and have dependents. all else no need. save the money scrupulously instead, and invest your money and self insure.
  • A hospital one should be enough for now. You don’t have any liabilities to pay or dependents to feed, so death benefit is useless. Critical Illness and TPD is good to have, but not a must. I suggest postponing that until you have started working for 1yr+ can manage your financial flow, allocate money for saving / investing / buying insurance. If you decide to have that, it’s also better to just buy the term plan. Life plan is not good (in terms of opportunity cost if you do investing yourself). PA is just like hospital (pay per year and can stop anytime), so doesn’t rly hurt and usually cheap. But given SG level of safety, I wouldn’t rush to buy one. Disclaimer: Not a financial advisor / insurance agent, but have met few insurance agents and did own research.
  • Hospital plan is the most important, it covers hospitalisation in the event of worse possible scenario. You can choose 3 plans (private, public A and the standard b2 plan). Imo, private is just paying extra for the luxury. Its cheap now but it’s gonna cost a fcking bomb when you are in your 60s, most ppl will downgrade at a later age.
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