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Starting a Family (26 to 35 years old)

At this stage, you might feel financially stretched, with a modest income and significant financial commitments like a mortgage, car loan, and insurance payments. Opting for term plans can provide adequate coverage without overstretching your budget.  

The recommended insurance solutions primarily focus on two key areas: income replacement and covering medical treatment and related expenses. Beyond insurance, it's essential to allocate funds toward long-term investment goals such as retirement. Taking advantage of your longer time horizon allows you to weather the volatility of higher-risk asset classes, like global equities, which have the potential to deliver higher returns. 

Premiums quoted are based on:

age 30 (Next Birthday)
non-smoker rates
male and female

Affordable Package

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Comprehensive Package

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Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Enhanced IncomeShield (‘Basic’ plan)
/ 5.0
View Rating
Ward entitlement: Public hospital for ward class B1 and below, benefits include ‘as-charged’ claim limits for treatments and pre- and post-hospitalisation coverage. Policy year limit: $250,000 Lifetime $37 (excluding MediShield Life premium)
Note: Premium for IP increases with age and may change due to medical inflation and claims experience.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
MINDEF/MHA Group Term Life
4.5 / 5.0
View Rating
Death, Terminal Illness (TI) and Total and Permanent Disability (TPD) $500,000 Up till age 65 $150 $150
Note: Riders to cover early, late-stage CI, disability income, and outpatient medical expenses, can be added to the group term life plan. Premiums increase with age and may be subject to change during the coverage period. 
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife Multipay Critical Illness
3.5 / 5.0
View Rating
Covers 132 early, intermediate and late-stage CIs, including 6 rediagnosed/recurrent CI conditions such as cancer, heart attack and stroke etc. $70,000 Up till age 70 $823 $944
Note: Early/intermediate stage CI diagnosis pays 100%, late-stage pays 300%, and rediagnosed/recurrent CI pays 150% of the sum assured. Total benefits are payable up to 900% of the sum assured.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife Disability Income
3.5 / 5.0
View Rating
Provides coverage of up to 75% of your monthly gross income upon a disability caused by illness or accident, preventing you from performing the material duties of your own and/or any occupation. $3,000/month Up till age 65 $373 $678
Note: A minimum period of 90-day deferment period is required after the onset of disability, during which the disability must be continuous, and no benefits will be payable, before benefits can commence.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife CareShield Standard
4.5 / 5.0
View Rating
Severe disability - unable to perform at least three out of six Activities of Daily Living (ADLs). $1400/month (Level and non-escalating benefit) Lifetime $465 (Premium payment till age 99) $576 (Premium payment till age 99)
Note: The six ADLs are washing, dressing, feeding, toileting, mobility, and transferring. You have the option to increase your benefits/premium by 2% or 3% each year to account for inflation. The sum assured is in addition to CareShield Life’s payout. This amount is assumed to be sufficient to cover basic needs for home-based care, which costs approximately SGD 2,000 - 2,500 per month.
Enhanced IncomeShield (‘Basic’ plan)
Coverage Scope Ward entitlement: Public hospital for ward class B1 and below, benefits include ‘as-charged’ claim limits for treatments and pre- and post-hospitalisation coverage.
Sum Assured Policy year limit: $250,000
Coverage Duration Lifetime
Annual Premium (Male and Female) $37 (excluding MediShield Life premium)
Annual Premium (Male)
Annual Premium (Female)
Rating
/ 5.0
View Rating
Note: Premium for IP increases with age and may change due to medical inflation and claims experience.
MINDEF/MHA Group Term Life
Coverage Scope Death, Terminal Illness (TI) and Total and Permanent Disability (TPD)
Sum Assured $500,000
Coverage Duration Up till age 65
Annual Premium (Male and Female)
Annual Premium (Male) $150
Annual Premium (Female) $150
Rating
4.5 / 5.0
View Rating
Note: Riders to cover early, late-stage CI, disability income, and outpatient medical expenses, can be added to the group term life plan. Premiums increase with age and may be subject to change during the coverage period. 
Singlife Multipay Critical Illness
Coverage Scope Covers 132 early, intermediate and late-stage CIs, including 6 rediagnosed/recurrent CI conditions such as cancer, heart attack and stroke etc.
Sum Assured $70,000
Coverage Duration Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male) $823
Annual Premium (Female) $944
Rating
3.5 / 5.0
View Rating
Note: Early/intermediate stage CI diagnosis pays 100%, late-stage pays 300%, and rediagnosed/recurrent CI pays 150% of the sum assured. Total benefits are payable up to 900% of the sum assured.
Singlife Disability Income
Coverage Scope Provides coverage of up to 75% of your monthly gross income upon a disability caused by illness or accident, preventing you from performing the material duties of your own and/or any occupation.
Sum Assured $3,000/month
Coverage Duration Up till age 65
Annual Premium (Male and Female)
Annual Premium (Male) $373
Annual Premium (Female) $678
Rating
3.5 / 5.0
View Rating
Note: A minimum period of 90-day deferment period is required after the onset of disability, during which the disability must be continuous, and no benefits will be payable, before benefits can commence.
Singlife CareShield Standard
Coverage Scope Severe disability - unable to perform at least three out of six Activities of Daily Living (ADLs).
Sum Assured $1400/month (Level and non-escalating benefit)
Coverage Duration Lifetime
Annual Premium (Male and Female)
Annual Premium (Male) $465 (Premium payment till age 99)
Annual Premium (Female) $576 (Premium payment till age 99)
Rating
4.5 / 5.0
View Rating
Note: The six ADLs are washing, dressing, feeding, toileting, mobility, and transferring. You have the option to increase your benefits/premium by 2% or 3% each year to account for inflation. The sum assured is in addition to CareShield Life’s payout. This amount is assumed to be sufficient to cover basic needs for home-based care, which costs approximately SGD 2,000 - 2,500 per month.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Enhanced IncomeShield (‘Preferred’ plan)
/ 5.0
View Rating
Ward entitlement: Private hospital ward and below, benefits include ‘as-charged’ claim limits for treatments and pre- and post-hospitalisation coverage. Policy year limit: $1,500,000 Lifetime $267 (excluding MediShield Life premium)
Note: Premium for IP increases with age and may change due to medical inflation and claims experience.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife Elite Term II
4.0 / 5.0
View Rating
Death, Terminal Illness (TI), Total and Permanent Disability (TPD) and late-stage Critical Illness (CI) $500,000 Death, TI, TPD and $200,000 late-stage CI Up till age 70 $720 $631
Note: Any claim for Terminal Illness, Total and Permanent Disability, or late-stage critical illness will result in a reduction of the death sum assured by an equivalent amount under the plan.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife Multipay Critical Illness
3.5 / 5.0
View Rating
Covers 132 early, intermediate and late-stage CIs, including 6 rediagnosed/recurrent CI conditions such as cancer, heart attack and stroke etc. $70,000 Up till age 70 $823 $944
Note: Early/intermediate stage CI diagnosis pays 100%, late-stage pays 300%, and rediagnosed/recurrent CI pays 150% of the sum assured. Total benefits are payable up to 900% of the sum assured.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife Disability Income
3.5 / 5.0
View Rating
Provides coverage of up to 75% of your monthly gross income upon a disability caused by illness or accident, preventing you from performing the material duties of your own and/or any occupation. $3,000/month Up till age 65 $373 $678
Note: A minimum period of 90-day deferment period is required after the onset of disability, during which the disability must be continuous, and no benefits will be payable, before benefits can commence.
Recommended Insurance Product Coverage Scope Sum Assured Coverage Duration Annual Premium (Male and Female) Annual Premium (Male) Annual Premium (Female)
Singlife CareShield Standard
4.5 / 5.0
View Rating
Severe disability - unable to perform at least three out of six Activities of Daily Living (ADLs). 1400/month (Level and non-escalating benefit) Lifetime $465 (Premium payment till age 99) $576 (Premium payment till age 99).
Note: The six ADLs are washing, dressing, feeding, toileting, mobility, and transferring. You have the option to increase your benefits/premium by 2% or 3% each year to account for inflation. The sum assured is in addition to CareShield Life’s payout. This amount is assumed to be sufficient to cover basic needs for home-based care, which costs approximately SGD 2,000 - 2,500 per month.
Enhanced IncomeShield (‘Preferred’ plan)
Coverage Scope Ward entitlement: Private hospital ward and below, benefits include ‘as-charged’ claim limits for treatments and pre- and post-hospitalisation coverage.
Sum Assured Policy year limit: $1,500,000
Coverage Duration Lifetime
Annual Premium (Male and Female) $267 (excluding MediShield Life premium)
Annual Premium (Male)
Annual Premium (Female)
Rating
/ 5.0
View Rating
Note: Premium for IP increases with age and may change due to medical inflation and claims experience.
Singlife Elite Term II
Coverage Scope Death, Terminal Illness (TI), Total and Permanent Disability (TPD) and late-stage Critical Illness (CI)
Sum Assured $500,000 Death, TI, TPD and $200,000 late-stage CI
Coverage Duration Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male) $720
Annual Premium (Female) $631
Rating
4.0 / 5.0
View Rating
Note: Any claim for Terminal Illness, Total and Permanent Disability, or late-stage critical illness will result in a reduction of the death sum assured by an equivalent amount under the plan.
Singlife Multipay Critical Illness
Coverage Scope Covers 132 early, intermediate and late-stage CIs, including 6 rediagnosed/recurrent CI conditions such as cancer, heart attack and stroke etc.
Sum Assured $70,000
Coverage Duration Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male) $823
Annual Premium (Female) $944
Rating
3.5 / 5.0
View Rating
Note: Early/intermediate stage CI diagnosis pays 100%, late-stage pays 300%, and rediagnosed/recurrent CI pays 150% of the sum assured. Total benefits are payable up to 900% of the sum assured.
Singlife Disability Income
Coverage Scope Provides coverage of up to 75% of your monthly gross income upon a disability caused by illness or accident, preventing you from performing the material duties of your own and/or any occupation.
Sum Assured $3,000/month
Coverage Duration Up till age 65
Annual Premium (Male and Female)
Annual Premium (Male) $373
Annual Premium (Female) $678
Rating
3.5 / 5.0
View Rating
Note: A minimum period of 90-day deferment period is required after the onset of disability, during which the disability must be continuous, and no benefits will be payable, before benefits can commence.
Singlife CareShield Standard
Coverage Scope Severe disability - unable to perform at least three out of six Activities of Daily Living (ADLs).
Sum Assured 1400/month (Level and non-escalating benefit)
Coverage Duration Lifetime
Annual Premium (Male and Female)
Annual Premium (Male) $465 (Premium payment till age 99)
Annual Premium (Female) $576 (Premium payment till age 99).
Rating
4.5 / 5.0
View Rating
Note: The six ADLs are washing, dressing, feeding, toileting, mobility, and transferring. You have the option to increase your benefits/premium by 2% or 3% each year to account for inflation. The sum assured is in addition to CareShield Life’s payout. This amount is assumed to be sufficient to cover basic needs for home-based care, which costs approximately SGD 2,000 - 2,500 per month.
  1. Sums assured presented are based on the MAS Basic Financial Planning Guide’s rules of thumb of 9x annual income (for life cover) and 4x annual income (for late-stage critical illness cover).  
  2. Premiums are indicative and will be different according to your gender and your age. 
  3. On a case-by-case basis, insurers may impose higher premiums (“loading”) for pre-existing health conditions (e.g. high Body Mass Index, chronic illnesses) and/or exclude certain conditions from coverage.  
  4. The sum assured for critical illness and disability income coverage is calculated based on the gross median income of young adults aged 30. 

Disclaimers: 

  • The information presented here does not take into consideration your specific objectives, financial situations, or individual needs, and should not be regarded as constituting personal financial advice. Buying insurance is a long-term commitment and products purchased should be suitable for your unique requirements. 
  • You may thus wish to seek advice from a licensed representative to understand product features, details, and current quotes, and their suitability for your requirements, before making decisions to purchase policies or surrender existing policies, and not rely on the information contained herein alone. MoneyOwl does not accept responsibility for such decisions made by you based on the information we have provided here, or on the advice of other financial advisers, including those referred by MoneyOwl. 
  • In the case of group insurance, for direct purchase insurance and other insurance you purchase without advice and/or online, we advise thoroughly examining the details of insurance policies to ensure that they are the best fit and assess your circumstances to determine the necessary coverage. MoneyOwl does not accept responsibility for such decisions made by you to forego personal financial advice and in purchasing or surrendering policies based on the terms and conditions of such products.
  • Insurance premium numbers are approximations and may not accurately reflect actual premiums. The information, sourced from third-party sources like CompareFIRST or insurers, is provided with reasonable care, but no responsibility is accepted for any loss or inconvenience resulting from errors or omissions. 
  • The information herein has not been reviewed by the Monetary Authority of Singapore. 

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