How much should my insurance cost when I am 30?

Addressing your basic insurance needs:

💡 Tip: If you are unsure about how much coverage you need,

According to the Monetary Authority of Singapore (MAS)’s Basic Financial Planning Guide, individuals are recommended to get:

Other factors to consider when planning your coverage:

Get up to $368 when you trust FSMOne with your protection needs. Simply make an appointment and get covered for any of the four eligible protection categories. Let us help you get your ideal coverage.

For simplicity, this article will not elaborate on these other factors. Click here to reach out to us to find out more, or if you would like to get your personalised insurance portfolio.

Our recommendation to address your basic insurance needs

To better illustrate how much you can expect to pay for your insurance coverage, we created a sample portfolio for the following profile:

Here is our recommended coverage that takes into consideration the profile’s age and current life stage:

Premiums illustration for our recommended coverage (For Male, Non-smoker, age 30)

_{Premiums shown are retrieved on 6 February 2025 for policies issued on standard terms. For illustration purposes only.}

_{^ Premiums shown includes MediShield Life premiums. Premiums can be paid using MediSave up to the additional withdrawal limits (AWL). For age 30 Singaporean (male or female), the AWL for Integrated Shield plans is $300.}

As shown in the table above, getting adequate coverage does not have to be costly. MAS’s basic financial planning guide recommends allocating no more than 15% of your income (after CPF contributions are deducted) on insurance protection. For someone with an annual income of $52,800 after CPF deductions, the total annual premiums for our suggested insurance portfolio amounts to $5,249.99 which is approximately 10% of the annual income and falls comfortably within the recommended 15% guideline.

Reach out to us if you are spending more than 15% of your annual income on your insurance policies, or if you think you are paying too much for your insurance.

Premium illustration for a female of the same profile

^{Premiums shown are retrieved on 6 February 2025 for policies issued on standard terms. For illustration purposes only.}

^{^ Premiums shown includes MediShield Life premiums. Premiums can be paid using MediSave up to the additional withdrawal limits (AWL). For age 30 Singaporean (male or female) the AWL for Integrated Shield plan is $300.}

💰 Take action on your protection needs today and receive up to 45% commission rebates on your policies

Read also,

^{Information obtained from:}

^{https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx}

^{https://www.mas.gov.sg/-/media/mas-media-library/news/media-releases/2023/basic-financial-planning-guide-2023.pdf}

^{Information retrieved on 6 February 2025.}

^Disclaimer:

^{All materials and contents found in this advertisement are strictly for information purposes only and should not be considered as an offer or solicitation to transact in any product. This advertisement is not a contract of insurance.}

^{Insurance products are underwritten by the respective insurance partners and distributed by iFAST Financial Pte Ltd (“iFAST”). You are advised to review the specific terms, conditions and exclusions in the relevant policy contract.}

^{All materials and contents found in this advertisement do not have any regard for the specific financial objectives, financial situation and particular needs of any specific person. You are advised to read the key product documents, including (but not limited to) the product summary, precise terms, conditions and exclusions specified in the relevant policy contract and consider carefully before deciding whether the product is suitable for you. If you are uncertain about the suitability of a product, please seek advice from a financial adviser before making a decision to purchase the product.}

^{While iFAST and its third-party providers strive to provide accurate and timely information, there may be inadvertent omissions, inaccuracies, and typographical errors. Opinions expressed herein are subjected to change without notice.}

^{Purchasing a life insurance policy is a long-term commitment, and early termination may involve significant costs. The surrender value, if any, may be zero or less than the total premiums paid.}

^{This advertisement has not been reviewed by Monetary Authority of Singapore.}