Financial planning for the young

Dear Mr Tan,

I am a 19 years old girl who is currently earning to do my further education.

I am earning about $1.5k a month which is not fixed. I have a younger sister who is just 8 years old and an elder brother who is handicapped since birth. My father is doing some odd-jobs earning <$1200 a month. My mother is a housewife. Even the home which we are staying is a rented one and not owned.

I just discovered that my entire family are not covered on any plan. Not even Incomeshield.

In this situation, what kind of plan should I take so that my family is covered? Can I take any plan insuring my elder brother? Is there any plan with low premium where I can actually recommend to my parents for my sister's tertiary education?

I did browse through Income's website looking at Life Insurance Protection. There were a few choices but I am unable to decide which one is suitable for my family.

Hope you can advise me on what I can do and which plan is suitable for my family.

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MY REPLY:

It is good for you to be thinking early about your financial plan.

I recommend that you read the FAQs in my website under "Ask Mr Tan". You can get some information there. If not, I suggest that you visit NTUC Income's business center and talk to a salaried consultant.

www.tankinlian.com