We have all heard of this saying " save for a rainy day"...

Updated: Mar 4

I am sure we all had this one friend who fractured his/her arm during our school days. Just imagine what would have happen if you fractured your hand and you had to incur a huge medical bill for that accident. That is why it is important to learn to save up for rainy days. Saving up does not necessarily mean putting money in your piggy bank or bank account, we must learn to insure ourselves against possible unforeseen incidents that might happen in the near future.

What is an Insurance?

It is an arrangement in which a consumer pays a premium to transfer the risk of loss, damage, illness, or death to another party (the insurer).

To put it simply, it is a shield you buy to protect yourself from financial losses.

3 must-have types insurance as a student

  • Personal accident insurance

This is very important if you are active and always on the move. However, even if you’re not, the risk of getting injured is still always present. Personal Accident insurance helps you cover medical expenses that are not covered under health insurance. It fills in the gap of your insurance portfolio at an affordable premium.

  • Critical illness (CI) insurance

Critical illness insurance is one of the most important insurance as a student. In the unfortunate event where you are diagnosed with a critical illness, you or your family would have to bear the full costs of treatment unless you are covered by CI insurance.

  • Health insurance

Health insurance covers the bulk of your medical expenses if you happen to be hospitalized, which can be very costly. Medishield life is available for all Singaporeans and Permanent Residents (PRs), however, it only covers a small proportion of your bill. Consider getting an Integrated Shield Plan to increase your coverage!

Honorable mention: Life insurance

Personally, I feel that life insurance is not as important for students, as the risk of death is slightly lower at that young age. Furthermore, students have lower levels of income and less responsibility to cover the financial burdens of any dependents. However, life insurance premiums do cost lower at a younger age, and Life insurance policies accumulate cash, which could be useful should there be a need for cash in future.

Note: The statements mentioned above are my plain opinions and not financial advice. You should always seek advice from a financial advisor to best cater to your financial and insurance needs.

Find out what you have without asking an insurance agent!

If you’re a student, chances are your academic institutions already have some form of insurance coverage for you. Just look up what you’re covered for!

If you’d like to check if you have any integrated plans, simply click here and follow the instructions!

If you are considering getting insurance, just remember the acronym SPACE.


As a student, you may think that insurance is not important now. Nonetheless, it is wise to know a little more about the different types of insurance as it helps you avoid purchasing an insurance product that doesn’t suit your needs.

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