Types of Insurance Products that I Personally Bought as Working Adult

Mention the word “insurance” to people on the street and most of them will probably be thinking in their heads about those pesky insurance agents at shopping malls or MRT stations whom if you are caught looking at them, they will literally start walking towards you like a guided missile. 

source: Giphy

Instead of scolding or shunning them, do politely reject them if you do not need their products. After all, they are also working to make a living as well. Similar to property agents, insurance agents are also mostly self-employed where their source of income is by “selling” insurance or investment products. If they do not reach out to people, how will they be able to have sales and make a living?

When I was probably around 10 years old, my parents bought for me insurance. At that age, I probably didn’t know what was insurance for and since it was paid by my parents, I wasn’t too bothered by it. 

Gradually as I got older and learned more about insurance, I was able to understand the importance of it. My dad shared with me this statement a long time ago regarding insurance is that “insurance is to help you and your loved ones” and it has become a way of thinking for me towards insurance.

source: Unsplash

Now that I have been working for a few years, I have made my own decisions in purchasing insurance products which I personally feel is necessary to have and will be sharing my rationale for getting it below.

AIA GUARANTEED PROTECT PLUS (II) ACCUM (LIFE PROTECTION)

This is whole life insurance that basically payout to your family members in the event that you pass away. Imagine if you are the sole breadwinner of the family and everyone in the family is dependent on you for money. If you pass away, your family will be in a difficult situation in figuring out how to cope without any income coming in. With this whole life insurance, a lump sum amount will be paid out to your family to enable them to have a sizeable amount of money to cope during the interim period while they try to figure out the next step.

Link: https://www.aia.com.sg/en/our-products/life-protection/aia-guaranteed-protect-plus-ii.html

AIA PREMIER DISABILITY COVER (DISABILITY INCOME PROTECTION)

For this disability income protection plan, it helps me in the event that I am unable to work due to disability. With this plan, I will be paid a monthly income from the insurance company, giving me the peace of mind knowing that I will still have income coming in while recovering from a disability. Rehabilitation fees are also covered by this insurance plan as well up to 6 times the monthly payout for each disability.

Link: https://www.aia.com.sg/en/our-products/disability-income-protection/aia-premier-disability-cover.html

AIA SOLITAIRE PERSONAL ACC (ACCIDENT PROTECTION)

Sometimes accidents happen when we least expected it and the impact that it may bring about may be severe and expensive. It could be an injury, disability or death. With this plan, if you suffer severe injuries like loss of limbs or usage of limbs and even death, you will get a lump sum payout. If it is less severe accidents, you can be reimbursed for outpatient accidental medical expenses.

Link: https://www.aia.com.sg/en/our-products/accident-protection/aia-solitaire-personal-accident.html

AIA HSG MAX A (MEDICAL PROTECTION)

In the event that we have to be hospitalized or undergo surgery in private or public hospitals, this insurance plan will help to pay for the cost of hospital stays and surgical bills. And depending on the plan you get, you will be able to stay in private hospitals that allows you to have better conditions and privacy. And even after you get discharged, you will also be entitled to post-hospitalization care such as follow-ups with specialists. 

Link: https://www.aia.com.sg/en/our-products/medical-protection/aia-healthshield-gold-max.html

The insurance plans mentioned above can be categorized into the following

- Accidents

- Disability

- Hospitalization

- Life

These are the coverage that I have gotten for myself as it makes sense to me on the protection that I need to account for the various scenarios. It provides 360-degree coverage and prevents my family members from having me as a liability if anything happens.

Now that you know what are the insurance products that I have, let me know which insurance products you have that are the same as mine or do you have something different? Stay tuned for our next blog post as I share the Financial Freedom Calculator that I have created to let you know how much more do you need for “retirement” or the investment amount needed to be financially free. Go ahead to comment on it here and don't forget to subscribe via email or like our Facebook page for the latest updates! Also, let us know what you would like us to blog about next!