In Singapore, a lot of people are concerned whether they are adequately covered by insurances which are handy in times of illness. People buy insurance such Integrated Shield Plan, Riders, Critical Illness, Eldershield, Pregnancy Insurance etc. The premium can add to at least $1,000 up to $20,000 per month.
I am of view that there is no need for one to be insured by so many insurances. It is sufficient for one to be insured with Medishield Life Shield and Term insurance with the monthly premium less than $50. The saved money can be channelled into investment portfolio which will generate the dividends on a continuous basis for a lifetime. I can also use the dividends to pay the premium for the two above-mentioned plans.