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Stocktaking my insurance plans - how covered am I?

Reading this Seedly article inspired me to do a stock-take of my insurance plan.

Some background about me:
- I've a few more years to welcome my 30s
- I've worked for 4 years
- I bought my 1st insurance (hospitalisation plan) when I started working
- I'm not married yet

I feel that buying insurance is a responsibility. It is a responsibility towards myself and my loved ones. Nobody wish to deplete their hard-earned savings for a sudden incident. If you're lucky enough, your incident could be a once-off, curable event. Otherwise, your incident could cost you your life and torture you and your loved ones.

Here's a comparison of the plans I have versus what the Seedly guide:

Term/Whole Life 

The recommended coverage is 5x my yearly income i.e estimated at $350,000.

The actual coverage I have? $200,000. The main beneficiaries of this sum would be my parents and it should be enough for them for I've 2 siblings who are working and would be able to provide for my parents should I be gone.

Of course, should I get married with kids, I may have to revise the coverage. We all know how expensive it is to raise a child + pay for our houses.

As a single woman with no liabilities now, I am thankful for this carefree period :P

Health

The recommended coverage is a private hospital plan.

The actual coverage I have? A private hospital plan with rider (I will not have to pay deductible and co-insurance). 

I started off purchasing my hospitalisation plan that allows me to stay at restructured hospital for ward class A and below. During then, the agent who served me mentioned that he finds local hospital as good as private and find that since we are young, there is no need to buy a private plan. I agreed.

It was only when I had a health scare that made me realise that I'd like the flexibility and choice to stay in a private hospital. What if the local wards are full? What if I need emergency attention and I couldn't get it at a restructured hospital? What if I'm nearer to a private hospital instead of a restructured one? 

The private hospital plan costs a lot more, but I can afford it. Furthermore, part of the premiums can be paid via Medisave. I'd say purchasing the private hospital plan gives me a greater peace of mind.

Critical Illness

I only started looking into a CI plan this year. Again, due to a health scare.  Nobody knows when illnesses strike and it jolted me to prepare myself for the unknown. 

My actual coverage is $100k for detection of early CI and another $100k for detection of CI. This article perfectly summarises the 2 different CI which I've adapted here:

There are two main types of CI plans. The early stage critical illness plan and the basic critical illness plan. The main difference between the two plans is that the early stage CI provides for payout as soon as the policyholder is diagnosed with any of the illnesses. The basic CI plan only provides payout when the illnesses are in the intermediate stage.

The main purpose of an early stage CI is to help with two things.

Firstly, it is possible, especially at an early stage, for full recovery to be made. The payout from the CI helps cover the additional medical costs that a person may incur. Secondly, it helps the person deal with living expenses in the event that the person needs to take a break from working.


Disability 

Covered under my life insurance plan. 

Personal Accident

Not intending to purchase as I've an outpatient plan given by my employer to claim from. 

With the above, I think I'm pretty much covered. At the end of the day, we have to decide what plans suit us best. Also, health is most important, as well as having a stable job ;)

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