New to Workforce (18 to 25 years old)

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New to Workforce (18 to 25 years old)

When you start earning an income, purchasing insurance should be a top priority on your to-do list. It’s crucial because you might have dependents who rely on your income or potential financial obligations, like tuition loans, a mortgage, renovation loans, or a car loan.

Insurance offers income protection if you become critically ill and can’t work, helping cover your everyday expenses while you recover. Securing full coverage while you're still in good health is ideal, as it ensures you avoid any unfavorable terms from insurers. Additionally, you might also consider taking over the policy and premium payments for any existing policies that your parents have purchased.

Premiums quoted are based on:

age 25 (next birthday)

non-smoker rates

for male and female

Recommended Insurance Product	Coverage Scope	Sum Assured	Coverage Duration	Annual Premium (Male and Female)	Annual Premium (Male)	Annual Premium (Female)
Enhanced IncomeShield (Basic) / 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.	$50,000	Up till age 70		$508	$567

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		$322	$577

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.

Enhanced IncomeShield (Basic)
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

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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

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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	$50,000
Coverage Duration	Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male)	$508
Annual Premium (Female)	$567
Rating	3.5 / 5.0 View Rating

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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)	$322
Annual Premium (Female)	$577
Rating	3.5 / 5.0 View Rating

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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)
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		$249 (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 $150,000 Late-stage CI	Up till age 70		$505	$469

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.	$50,000	Up till age 70		$508	$567

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		$322	$577

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.

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
Annual Premium (Male and Female)	$249 (excluding MediShield Life premium)
Annual Premium (Male)
Annual Premium (Female)
Rating	/ 5.0 View Rating

FIND OUT MORE

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 $150,000 Late-stage CI
Coverage Duration	Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male)	$505
Annual Premium (Female)	$469
Rating	4.0 / 5.0 View Rating

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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	$50,000
Coverage Duration	Up till age 70
Annual Premium (Male and Female)
Annual Premium (Male)	$508
Annual Premium (Female)	$567
Rating	3.5 / 5.0 View Rating

FIND OUT MORE

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)	$322
Annual Premium (Female)	$577
Rating	3.5 / 5.0 View Rating

FIND OUT MORE

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.

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).
Premiums are indicative and will be different according to your gender and your age.
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.
The sum assured for critical illness and disability income coverage is calculated based on the gross median income of young adults aged 25.

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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New to Workforce (18 to 25 years old)

Premiums quoted are based on:

Affordable Package

Comprehensive Package

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