What insurance do you have and which type of insurance do you think every person must have?

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Whether we like it or not, insurance is important when it comes to managing financial risks due to unexpected events in our lives and the health issues we face especially when we get older.

What insurance do you personally have? Which insurance do you think is critical for everyone to get and which are the ones you think is optional?

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Answers From The Community

  • N

    Nim ruk

    I have both life and health insurance, however, the neccessary one should be the health insurance as this can be a good safeguard once you get older and face uncertainty in the future. From national statistics, cancer is top illness with high cost that one might be able to cover, so this insurance will definitely imsure yoyr life and no meed to worry on making big saving.

    2 Votes
  • D

    David Lim

    I have a Medishield Life/ Integrated Shield Plan from ntuc and a Whole Life insurance plan from GE. Integrated Shield Plan is a must as it's a basic hospitalization insurance plan that is important when we need to pay any medical bill. To me, Whole Life insurance is more like a savings plan and I recommend Term Life insurance for people who are interested in getting a life insurance plan.

    1 Vote
  • Y


    Critical illness plan. For early detection of such critical illness.

    1 Vote
  • T


    Insurance is an essential part of my financial portfolio. It is an important safety net to protect/safeguard my wealth, to give me peace of mind, in case of unforeseen events. I chose to be insured early in my career, with Whole Life Insurance Policies covering Death/TPD/CI, to secure a basic level of coverage first. What I like about the policies: forced monthly savings plan, lower premiums, the basic sum assured will grow overtime with bonus, options to convert it into fully paid or into an annuity for retirement, premium till age 85 and covered for life, or surrender anytime if I need the monies.
    With the government's initiatives, I also have hospitalisation/health insurance (Medishield Life with ISP B), long-term care insurance (Eldershield, not converting to Careshield Life) and longevity insurance in future (CPF Life). These are the Basic/Mandatory 3 Lifes!
    Depending on your life stage and dependents you have, it is good to have Life Insurance (death/TDP/CI). Others are considered optional.

    1 Vote
  • B


    Accidental plan is a must

    0 Vote
  • F

    Fu ruk

    No insurance yet but look for om which is cover health as it is so expensive here to get treatment

    0 Vote
  • J


    Hospitalisation plan is most important and useful to all as medical fees are getting higher. Private insurance plan is recommended to be purchased on top of MediShield

    0 Vote
  • K


    I have medishield life. I feel that hospitalisation plan is the most important given the rising healthcare costs.

    0 Vote
  • p


    Hospitalisaion, Critical Illness.

    Hospitalisation is definitely a must. Critical Illness which gets more expensive as one aged, really depends on how much you have or need

    0 Vote
  • J

    Jackson Kang

    Aiaaia, life insurance

    0 Vote
  • Z


    Life, health and hospital is mandatory. Critical illness if have the means.

    0 Vote
  • D

    Daryl Ang

    Personal accident and investment

    0 Vote
  • C

    Chen weiliang

    I currently have life insurance, accident insurance and endowment retirement plan.
    I feel that the important thing about insurance is that it need to cover you when you are older, so use the time when you are still active and strong to buy more insurance and plan for your retirement.
    Tips: it is never early to start planning for retirement.

    0 Vote
  • O


    Health , investment

    0 Vote
  • Q

    Quek TK

    I have Life insurance and hospital insurance.

    I think everybody should have abovementioned insurance

    0 Vote
  • L

    Lim wee ee

    Hospitalisation plan is compulsory and definitely required.
    In addition critical illness and term insurance of u can afford.

    0 Vote
  • E

    Eric Teo

    I have protection insurances first before moving on to getting wealth building insurances. And we should always use 15% of our income to get insurances.

    0 Vote