Insurance policy recommendations


When you’re young, it’s easy to take on a happy-go-lucky attitude towards life, especially when adult responsibilities like medical bills and disabilities are things we can trust our parents to take care of.

But once you’re of age, there’s a sinking realisation that you now have to be the responsible one for your own life. If you’ve just turned 21 and your head is already spinning from the countless insurance plans out there, we got the adultier adults to do the work for us. Here are seven insurance policies working adults recommend:


1. MINDEF Group Insurance – Up to $100,00 in coverage for those who’ve served NS


If there’s one thing that every Singaporean son can relate to, it’s having to serve the nation for two years. But thanks to that, they’re also eligible for the MINDEF Group Insurance that’s extremely affordable and even gives up to 45% discounts on policies like car and home insurance.

For 25-year-old Joseph, the writer continues to pay $9.27/month long after he’s already ORD-ed. This amount gets him coverage for personal accidents of up to $100,000. And in the unfortunate event of death, his family gets a sizable payout of $200,000, which gives him peace of mind knowing that his loved ones will receive some compensation.

“Regardless of whether or not I ever make a claim, the affordability is what I always return to, even if I have other insurance providers,” he shared. 

The good thing about this policy is that even if you aren’t a MINDEF personnel, the coverage includes the dependents of the insurance holder too. 


2. Hospital insurance – Coverage for private wards and hospitals


hospital insurance

As true-blue Singaporeans, kiasi is something we can identify with, which is probably why the first policy any insurance agent will ask you to buy is hospital insurance. Touch wood that anything might happen to you, but medical bills can rack up quickly once that includes a stay in the hospital. 

With hospital insurance, you’re at least ensured that these expensive “staycations” will be covered. And if you’re willing to pay a higher premium, like Jiahui, a personal assistant aged 25, you can choose to be admitted into private hospitals for maximum privacy and greater comfort.

“In case of an emergency, being able to check into a private hospital usually means a shorter waiting time to see a doctor and to be treated,” she explained. “And I would rather have my own space to recover than to have to share a room with someone else.”

Though such an option can be considerably pricey for anyone who’s just started work, you can offset it using your CPF monies. Jiahui pays $483/month for her insurance plan through her CPF under the Integrated Shield plan.


3. Critical illness coverage – Policies for the top diseases in Singapore


critical illness coverage

Just like hospital insurance, a policy that covers critical illnesses is another must-have. In Singapore, conditions like heart disease and strokes rank as some of the top critical illnesses in the country, so it only stands to reason to get insurance that covers this.

A critical illness plan that covered a wide range of diseases was Gina’s main criteria in choosing her policy, as her family’s medical history is quite complex.

The 31-year-old internal communications specialist, however, was mostly concerned that her elderly parents would not have enough to live on if they paid for her medical treatments. A critical illness plan would be able to cushion that financial impact and provide a source of living income, should she become bedridden and unable to work.


4. Endowment plan – Long-term investments for growing wealth


endowment plan

There’s some debate on how important an endowment plan really is, but for John, he saw it as an alternative to a savings plan. To him, this was a chance to grow his money, while also getting an assurance that his loved ones will have some payout in the worst case scenario.

Now at 58, John, a business manager, is still paying for endowment plans for his children at an affordable rate of $438/year. The plans are for a way for him to be able to pay for his children’s higher education and to secure some money in their name.

“They can start claiming the payouts when the plans reach maturity when they turn 21, or they can choose to get the payout or continue the endowment plan if they wish,” John told us. 


5. Disability insurance – Collect income even after workplace injuries


disability insurance

Disability insurance may not be a priority for coverage, but for those in physically-demanding professions, this policy has got your back if you’re unable to work.

“Being able to claim an income if I can’t go to work is important to me,” said Thaddeus, 24, who is a personal trainer. Considering his line of work, workplace injuries are common, and something like a torn ligament could put him out of work and prevent him from earning money.

For those in similar positions, being able to make claims on disabilities ensures that you and your loved ones are taken care of in the case of any sudden mishaps.


6. Personal accident plans – Make medical claims for minor injuries


personal accident plans

A policy that some may overlook is a personal accident plan. Hospitalisation only covers you in a situation where you need to be warded, which graphic designer Xavier aged 26, didn’t realise.

Xavier learnt this the hard way when he sprained his ankle and had to go for an X-ray. Though he had hospital insurance, it did not cover the cost of the X-ray.

Procedures like X-rays and CT scans may not add up to much, but such plans are encouraged, as the likelihood of a minor accident is higher. These can range from spraining your ankle while doing sports to breaking a tooth while eating. Mishaps like these require medical attention that don’t need a hospital stay.

Some of the working adults we spoke to shared that their workplace actually provides group coverage for personal accidents. So you might want to check in with HR to see what you’re covered for before adding this plan to your list, or supplementing it with other personal protection plans.


7. Cancer insurance – Policies for the top critical illness in Singapore


cancer insurance

Research by MOH shows that cancer is the top critical illness faced by Singaporeans. Not only is it a possibly deadly illness, cancer involves long-term treatments and hospitalisations – all of which are expensive to pay out of pocket for.

As someone with a family history of breast cancer, Charlene, 28, a HR manager, thought it best to get insurance that covered cancer, should the same disease befall her. While many critical illness plans include cancer in their coverage, a standalone cancer protection plan is often much more affordable.

“I saw the financial toll the disease had on my family when my mom was battling breast cancer,” she shared. Charlene was just 15 when her mother was diagnosed. Her father became the sole breadwinner to support their family of four, and faced difficulties providing while also paying off his wife’s hefty medical bills.


Get coverage for cancer treatments with MSIG


Considering that one in four Singaporeans may develop cancer in their lifetime, it’s essential to get a policy that covers both early and major stages of cancer. This would help alleviate cost concerns from cancer treatments that will put you and your dependents at ease.

As a healthy 21-year-old, it seems too early to think about setting aside a large portion of my income for cancer insurance, although I realise the importance of getting coverage early, as cancer can hit any time.

If you’re like me and not ready for such a large financial commitment, there are minimal insurance plans like CancerCare Plus from MSIG that start from less than 15 cents a day. In the event of a cancer diagnosis, you’ll receive a $50,000 payout for early stage cancer and a full payment of $100,000 if diagnosed with major cancer.

MSIG’s CancerCare Plus is an auto renewal product, which means you won’t have to go through a medical examination to renew the policy. There are no hoops to jump through when making a claim too. Its online application process is straightforward and only needs three health declarations when submitting a claim.

With yearly premiums starting from $53.50, CancerCare Plus is an affordable option for coverage against the top critical illness in Singapore. 

In the spirit of 11.11 sales, MSIG is offering CancerCare Plus at 20% off, with $20 gift vouchers to various merchants like FairPrice and Grab thrown in for new sign-ups. There are also offers on their other plans like ProtectionPlus and Freelancer CashPlus too.

So while you’re grabbing bargains this 11th November, be sure to add this to your cart to equip yourself with financial protection against cancer for a lifetime.

Find out more about CancerCare Plus coverage here


This post was brought to you by MSIG.

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