I have covered the insurance coverage for my child in an earlier post and thought to do the same for myself. Technically, I recognise that I have a young dependent and housing as a big ticket item. In the case of my early dismiss, I need to ensure that at least the housing loan is settled and some monies to go towards the care of her. It is more than sufficient to bring her up on one parent’s income with the big ticket item taken well care of.
Insurance Type
| Type | Name | Premium | Remarks |
| Hospitalisation | Aviva MyShield Plan 1 + MyHealth Plus Option A | $209.00* | Annual for lifetime Private Hospital Standard room, cover co-insurance only |
| Critical Illness | Aviva My MultiPay Critical Illness Plan III | $780.50 | Annual till 75 Sum Assured $50,000 |
| Accident Plan | Sompo PA Star Standard | $101.65* | Annual till 85 |
| Disability Income | Aviva IdealIncome | $539.24 | Annual till 65 $4,000/month income |
| Term Life | SAF Group Term Life Insurance | $123.00 | Annual till 65 (optional till 70) Sum Assured $250,000 |
| Term Life | Direct – Etiqa Term Life | $412.00 | Annual till 65 Sum Assured $400,000 |
| Term Life | Dependants’ Protection Scheme | $36.00* | Annual till 60 Sum Assured $46,000 |
| Term Life | Group Term Assurance Scheme | $0 | Covered during hire tenure Sum Assured $150,000 |
*Premiums are subjected to annual revisions
One insurance type which I do not see being discussed often or even recommended is Disability Income. DI kicks in when you are temporarily unable to work at your trade due to an illness or accident. It pays you a fixed amount each month to replace the income you lose. It has a different meaning to losing an arm or leg or permanently incapable of working due to a physical disability. Having worked through how much I need minimally each month to live comfortably, this is the amount that I am willing to pay to insure myself.
Is this insurance coverage sufficient for myself? It is good to set a basis to work against for the coverage for oneself. While it has not reached the optimal level, I daresay this is the level I am comfortable to risk versus what I am currently insured for. As life goals change, it is an area which I will come back to look at annually.
Theory of Constraints 