The main types of insurance in Singapore
- Hospitalisation: MediShield Life plus an Integrated Shield Plan (IP) and rider for private or public hospital coverage.
- Life insurance: term or whole life cover that replaces income and clears debts for your dependants.
- Critical illness: a lump sum on diagnosis of conditions such as cancer, heart attack or stroke, including early-stage cover.
- Disability income: replaces a portion of salary if illness or injury stops you working.
- Long-term care: CareShield Life / ElderShield and supplements that pay out for severe disability.
- Personal accident and general insurance: accidents, travel, home and motor.
How much cover do you need?
A common guideline is death cover of around nine to ten times annual income and critical illness cover of about four to five years of income, but guidelines are only a starting point. The right figure depends on your dependants, mortgage and other debts, existing CPF and savings, your spouse's income and how long your children need support.
A protection review looks at what you already have — including group insurance from your employer and Dependants' Protection Scheme — and sizes each type of cover against the actual gap rather than a rule of thumb.
Common insurance mistakes we see
- Relying on employer group cover that ends when you leave the job.
- Buying whole life plans for cover that term insurance could provide more efficiently, or vice versa without understanding the trade-off.
- Skipping early-stage critical illness or disability income, which are claimed far more often than death benefits.
- Letting Integrated Shield riders lapse or choosing a ward class that no longer fits your budget.
- Never reviewing nominations, so proceeds go to the wrong person.
How Affinity plans protection
Affinity advisors represent Infinity Financial Advisory, so they can compare life, critical illness, disability and long-term care products across multiple insurers. We start with your family and liabilities, quantify the gap, and recommend the most cost-effective structure — often a blend of term, whole life and standalone critical illness cover. We also help with claims, so the plan delivers when it matters.
