Dear Mr. Tan,
1. You advised me to have medical insurance for my daughter and to save in an investment linked plan with low charges. Do I need to buy other insurance for her, such as a critical illness policy?
Reply: There is no need to buy the critical illness plan. She can buy it later, when she starts to work.
2. When is the appropriate time to buy living insurance? If I buy living insurance, does it mean that I have to terminate the Medishield?
Reply: If you buy critical illness insurance, you do not need to terminate Medishield. They cover different types of expenses.
3. I only have living insurance coverage of 30K. Is this adequate? Do I need to buy a life insurance so that my family's financial needs are covered if something happens to me?
Reply: You should have adequate insurance on your life. Buy a decreasing Term insurance to cover up to 5 years of your income. Your priority is to have adequate insurance on your life. Do not worry about life insurance for your child at this time.
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