Which Insurance Plan Should You Pick First as a Young Adult?

young adult insurance

As a young adult entering your early career years, you’re at the right moment to secure your health and lifelong protection through insurance. With so many types of insurance plans available, it can become a confusing affair.

This article will guide you through the different types of insurance and the benefits of each. Pick the ones that suit you best and gain enhanced protection while enjoying affordable premiums at a younger age.

Related Story: How Do You Get the Most Value Out of Your Insurance Plan?


Health Insurance

MediShield Life is Singapore’s compulsory health insurance scheme covering a range of expensive outpatient treatments like chemotherapy and dialysis and large public hospital bills. An Integrated Shield Plan (IP), however, enhances your MediShield Life coverage as it gives you access to a wider health insurance coverage net. 

If you’d like a Class A or B1 ward at a public hospital or access to private hospitals, you can opt for one of the seven MediSave-approved private IPs: Income, Great Eastern, AIA, Singlife, Prudential, HSBC, and Raffles Health.


How do MediShield Life and Integrated Shield Plans work?

The infographic below illustrates how both plans complement each other with no overlapping coverage.


Source: Ministry of Health, Singapore


Types of Integrated Shield Plans

There are currently seven active insurers offering IPs: AIA, Singlife, Great Eastern, Income, Prudential, Raffles, and HSBC. The table below illustrates the Plan types (according to its respective ward type).



Ward Coverage Type & Plan


Basic Plan B2/C Ward

Income IncomeShield Plan C*

Income Enhanced IncomeShield C*

Public Hospital Class B1

Income IncomeShield Standard Plan

Class B1

Income IncomeShield Plan B*

Income Enhanced IncomeShield Basic

Class A

Income IncomeShield Plan A*

Income Enhanced IncomeShield Advantage


Income IncomeShield Plan P

Income Enhanced IncomeShield Preferred

Great Eastern

Public Hospital Class B1

Great Eastern GREAT SupremeHealth Standard

Class B1

Great Eastern GREAT SupremeHealth B*

Great Eastern GREAT SupremeHealth B Plus

Class A

Great Eastern GREAT SupremeHealth A Plus


Great Eastern GREAT SupremeHealth A*

Great Eastern GREAT SupremeHealth P Plus


Public Hospital Class B1

AIA HealthShield Gold Max Standard Plan

Class B1

AIA HealthShield Gold Max C*

AIA HealthShield Gold Max B Lite

Class A

AIA HealthShield Gold Max B


AIA HealthShield Gold Max A


Public Hospital Class B1

Singlife Shield Standard Plan

Class B1

Singlife Shield Plan 3

Class A

Singlife Shield Plan 2


Singlife Shield Plan 1


Public Hospital Class B1

Prudential PRUShield Standard Plan

Class B1

Prudential PRUShield B*

Class A

Prudential PRUShield A*

Prudential PRUShield Plus


Prudential PRUShield Premier


Public Hospital Class B1

HSBC Life Shield Standard Plan

Class A

HSBC Life Shield Plan B


HSBC Life Shield Plan A


Public Hospital Class B1

Raffles Shield Standard Plan

Class B1

Raffles Shield B

Class A

Raffles Shield A


Raffles Shield Private

*These plans are no longer offered to new members, but existing members can continue to renew their policies

Source: Ministry of Health, Singapore


Who can purchase IPs?

The eligibility requirements may vary by plan, but in order to qualify for an IP, one must be a Singapore citizen, permanent resident of Singapore, or foreigner (conditions apply).

These two Integrated Shield Plans can pair well with your existing MediShield Life coverage.


Great Eastern GREAT SupremeHealth Standard

Income Enhanced IncomeShield Advantage

Best For

Simple and budget-friendly Standard plan

Affordable family coverage in Type-A wards


  • S$1,700 daily normal ward coverage
  • S$590 to S$16,720 surgery coverage
  • S$9,800 surgical implant coverage
  • Coverage for accidental dental, examination, and lab tests
  • No option to add a rider to the plan
  • Full hospitalisation, surgery, cancer, and post-mastectomy coverage
  • S$10,000 prosthesis benefit




Hospital Type

Public B1 Ward and below

Public B1 Ward (Basic), A Wards (Advantage), Private Hospitals (Preferred)

Eligibility Requirement

Singapore Citizens

Permanent Residents

Singapore Citizens

Permanent Residents


Last Entry Age

75 (next birthday age)


Life Insurance

Life insurance consists of two types — whole life insurance and term life insurance. The purpose of life insurance is unique; it aims to alleviate the financial burden your family may have in the event of your death. Payouts happen when the policyholder passes on.

While preparing for your death may seem like a distant worry as a young adult, many adults regret not purchasing a life insurance plan, simply because its importance and premium prices escalate in tandem, and it becomes a costlier yet crucial investment later on.

Acquiring life insurance while you’re young helps you secure affordable premiums, as your health and age are important factors towards the premiums payable for your life insurance plan. Unless you choose to change the coverage amount, your premiums will most probably remain the same for your policy duration.

Here are two term life insurance plans you can consider.


Direct Purchase Insurance (DPI)

FWD Term Life Plus Insurance

Etiqa Direct Purchase Term Life/ Whole Life Insurance

Best For

Ability to buy online without requiring financial advice

One of the most affordable term life DPI options for young consumers (20s and 30s) and females


Life insurance coverage from S$100,000 to S$1,500,000

Adjust your coverage based on your milestones and enjoy the flexibility to increase your coverage upon your life’s big events without providing any evidence of good health.

Protection for your loved one:

Your spouse is eligible for a complimentary insurance policy of up to S$250,000 without any underwriting for one year in the event of your death or terminal illness.

Get additional protection with the Total and Permanent Disability rider, Critical Illness rider, and Premium Waiver rider.

DIRECT – Etiqa term life

Life insurance coverage from S$50,000 to S$2,000,000

DIRECT – Etiqa whole life

Life insurance coverage up to S$200,000


Between 18 to 65 years 

(both years inclusive) 

A resident of Singapore with a valid NRIC or FIN

Meet health conditions per criteria

A Singapore tax resident with a valid NRIC or FIN

Between the age of 19 and 65 years (next birthday

Resided in Singapore for more than 182 days before the date of purchase

Not an undischarged bankrupt

Proficient in spoken or written English

Not purchasing plan to replace any existing policy with Etiqa or other insurer(s)


1 November to 11 November 2023 Use promo code “VLIFE” to get 50% + 5% discount

Term Life: Up to S$300 cashback*!

Whole Life: Get an Apple AirPods (worth S$300)

Bonus: Plus Sterra Moon™ True HEPA-13 Air Purifier or S$400 eCapitaVouchers.

Please refer to the T&Cs upon click-out to purchase.


Related Story: Best Personal Accident Insurance Plans in Singapore (2023)

Critical Illness Insurance

So you’ve got MediShield Life for basic health insurance and an Integrated Shield Plan to supplement coverage beyond MediShield Life. Where does Critical Illness (CI) insurance fit into the picture? Why consider it to begin with?

While the first two MediShield insurances aim to cover your medical expenses and hospitalisation costs, a critical illness insurance plan gives you a lump-sum payment if you’re diagnosed with any of the 37 critical illnesses defined by the Life Insurance Association, including heart attack, stroke, and cancer.

Assessing your need for critical illness insurance

As with life insurance, CI policies are more budget-friendly when you’re younger and in better health. Take note that CIs exclude coverage for pre-existing medical conditions. If you opt to wait for later and eventually get diagnosed with certain medical conditions, chances are you may not be able to secure insurance coverage against the illnesses, affecting your CI policy value.

Here are two CI insurance plans that can safeguard you financially from critical illnesses.

Insurance Plan

FWD Big 3 Critical Illness Insurance

MSIG CancerCare Plus

Best For

Coverage for most common critical illnesses — cancer, heart attack, and stroke

Most comprehensive cancer coverage


Provides cover for all cancer stages, late-stage heart attack, and late-stage stroke

100% lump-sum cash payout with flexibility to use for treatment or other commitments

Renewable up to the age of 85 years

Optional Heart & Neurological Disorder Benefit 

Cancer-only plan

Major Cancer Benefit

Full payment of S$100,000 upon major cancer diagnosis

Accelerated Benefit

50% of the sum assured upon early-stage cancer diagnosis

Continues with automatic renewal even after even after Accelerated Benefit payout


Between 18 to 65 years old (both inclusive)

A Singapore resident holding an NRIC or FIN

Completed online health declaration

Aged between 20 to below 65 years of age

Residing in Singapore


1 – 11 November 2023 

Use promo code “VBIG” to get 60% + 5% discount

1 – 11 November 2023 Get 20% discount + S$30 e-vouchers (from MSIG) when you buy now



Home and Car Insurance

Car Insurance

As fresh graduates start off on their career path, the prospect of owning a home or car might not be in their short- to mid-term plan. The soaring Certificate of Entitlement (COE) prices make car ownership seem like a financial challenge. Understanding the dynamics of owning a car in Singapore—including car insurance—is essential, even if you’re not considering ownership now. 

Car insurance is compulsory for owning a car in Singapore and is a means to protect yourself from unforeseen medical bills and legal fees. Car accidents are more common than people think, and with benefits like car repair coverage, towing costs, and alternative transport thrown in, car insurance saves you from a lot of hassle. 

Related Story: Best Car Insurance Plans in Singapore (2023)


Home Insurance

Home insurance plans are another serious coverage to consider when you get your own comfy place to live in. It can cover you in various aspects, including home renovations, personal belongings, medical expenses, and burglaries.

Related Story: Your Guide to The Best Home Insurance in Singapore (2023)


Travel Insurance

Whether it’s jetting off to exotic destinations or exploring the sights of a different city with fresh eyes, young adults today find it thrilling to pack and go off on an adventure. More than ticking off places on a map, travelling is a quest for personal growth, unforgettable experiences, and a break from the everyday grind.

Travel insurance and travelling go hand-in-hand if you want a stress-free trip without compromising your medical coverage and other trip-related factors. It covers many things, including trip cancellations and delays, medical bills while you’re abroad, accidental injuries, and the loss of your personal belongings.

Travel insurance in Singapore

There are a number of travel insurances available in Singapore, which you can pick based on your lifestyle and travelling frequency. You can opt for single-trip travel insurance if it’s just a one-off trip, or go for an annual plan if you’re travelling several times in a year.

Here are two of the best travel insurance plans you can check out, based on a one-week trip to ASEAN for this table’s benefits coverage.


Insurance Plan

MSIG TravelEasy (Standard, Individual Plan)

FWD Travel Insurance Premium

Allianz Travel Insurance – Bronze

Best For

Travel coverage comprising over 50 benefits

One of the most budget-friendly plans

A great mix of cost-friendly and value


Overseas Medical 


(Adult below 70 years)

Accidental Death & Permanent Total Disability


(Adult below 70 years)

Trip Cancellation


Baggage Loss/Damage


For personal baggage and personal effects

Limit S$500 per article, pair or set of items and S$1,000 for one unit laptop computer

Emergency Medical Evacuation & Repatriation


Overseas Medical


Personal Accident & Death


(21 years to 70 years)

Trip Cancellation


Baggage Loss/Damage


Emergency Medical/Evacuation/Repatriation


Overseas Medical Expenses


Accidental Death 


Trip Cancellation/Postponement


Baggage Loss/Damage


Emergency Medical Evacuation



1  – 11 November 2023

Single Trip Plan

Get up to S$30 Rewards via PayNow and a 45% discount when you buy now.

Annual Plan

Get up to S$30 Rewards via PayNow and a 25% discount when you buy now.

T&Cs apply

1 – 5 November 2023

Use promo code POLICYPAL to get up to S$10 rewards via PayNow and a 25% discount on Single Trip and Annual travel insurance plans

T&Cs apply

1 – 30 November 2023

Use promo code TRAVEL40 to get a 40% discount + up to S$40 rewards via PayNow when you buy now.

T&Cs apply


Related Story: The Best Travel Insurance in Singapore For COVID-19 Coverage

Securing Tomorrow with Confidence 

Insurance gives you the wings you need to live your life confidently as it covers many aspects — health, finances, personal accidents, critical illnesses, and even ensuring your family is secure when you are no longer around.

As your income bracket grows, ensure that you scale your insurance coverage to stay protected—and if need be, assess your coverage from time to time.


Disclaimer: Protected up to specified limits by SDIC. This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future financial needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.


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