Just done with university? here are 4 insurance policies you might want to get ASAP!

1. Just done with university? here are 4 insurance policies you might want to get ASAP! Stepping out from university and into the real world marks a huge milestone in your life. You now need to find a job and become financially independent. Most importantly, you need to make important decisions for your life on your own. These would include making decisions on your finances too. In this regard, you need to think about getting insurance coverage. These days, there are so many insurance products carefully crafted to suit various needs for coverage. As someone buying an insurance plan for the first time, you might be confused where to begin. To make sure you get the coverage you need, we have listed down 4 insurance policies that you should look into buying as you start off on your own.

2. Life insurance Life insurance is one of the most important forms of coverage you will ever take. There are two main forms of life insurance – these are called term life insurance and whole life insurance. Whole life insurance further separates into participating and non-participating plans. Make sure you understand the benefits and affordability of each of these plans before you buy one. It is a misconception that you only need to buy life insurance once you settle down and have a family of your own. In fact, buying insurance at the start of your independence can prove to be a great idea. You can get coverage to protect your goals and dreams much before you move on to other stages of your life, such as tying the knot and becoming a parent. Also, when you are younger, you most likely don’t suffer from any pre-existing diseases. This will make it much easier for you to get holistic coverage – if you do develop any illnesses later on, they won’t be excluded from an ongoing plan.

3. Health insurance As a Singaporean citizen, you would enjoy a basic level of hospitalisation coverage from MediShield Life. However, it is advisable that you top up this coverage with an Integrated Shield Plan. MediShield Life is only pegged towards class C/B2 wards in public hospitals; if you prefer a different ward or a private hospital, your out-of-pocket expenses can be immense. Having an Integrated Shield Plan here will help protect your finances at the start of your career. Look for an Integrated Shield Plan that covers you for pre-and post-hospitalisation costs for around 180 and 365 days respectively. These days, insurers offer coverage limits that go as high as S$1 million or more. That kind of coverage will ensure that you don’t need to compromise when it comes to getting the best in medical treatment from one of Singapore’s top hospitals.

4. Personal accident insurance Accidents can happen anywhere and often leave you with injuries that weigh heavy on your savings. An accident insurance plan offers you coverage against accidental death and injuries. And, that’s not all – leading insurers in Singapore also generally cover you against food poisoning, high risk activities, infectious diseases such as Hand Foot and Mouth Disease (HFMD), and insect and animal bites in their personal accident insurance plans. Even if you work at a desk job, having personal accident insurance can prove to be extremely useful. Remember that a slip on the stairs can lead to a fracture or even a spilt cup of hot tea can lead to painful burns that may see you incur medical bills. As these kinds of mishaps are quite commonplace, do secure yourself with the coverage of a personal accident insurance plan to prevent such expenses from eating into your finances, least when you expect it.

5. Critical illness insurance No one likes to think of illnesses in their youth. Yet, that is the best time to think about getting coverage in place for when serious illnesses crop up later in life. Remember that when you are young, you are bound to have a smoother application process as you most probably won’t have any pre-existing illnesses. Also, premiums for critical illness insurance tend to rise with age. So, make a good decision by looking into critical illness insurance in your younger years.

6. But what separates critical illness insurance from health insurance? Critical illness insurance pays you a lump sum if you are diagnosed with the diseases covered in the plan. This lump sum can be used for any financial obligations you need to meet. You can use the money to pay for any medical expenses that exceed your health insurance coverage limit or to cover your household costs (groceries, rent, etc.). A critical illness might leave you unable to work as you recuperate; having this coverage will ensure that you can stay financially secure.

7. You can also find more interesting details on the site below: Website: https://www.prudential.com.sg Facebook: https://www.facebook.com/PrudentialSingapore/ Instagram: https://www.instagram.com/prudentialsingapore/?hl=en LinkedIn: https://www.linkedin.com/company/prudential-assurance-company-singapore/ You Tube: https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ