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I have life and health insurance. Am I well covered?

Are you really well covered if you have life and health insurance plans? Find out how to determine the gaps in your coverage, and alternatives to consider for your protection portfolio. Plus, receive $60 rebates* on your first-year premium with this promotion. *Terms and conditions apply.

iFAST Insurance Team
iFAST Insurance Team 31 Jul 2025 984 Views
I have life and health insurance. Am I well covered?

What is Life insurance, Critical Illness insurance, and Health insurance?

Life insurance refers to insurance plans that provide a payout in the event of the death of the insured. Examples of this include Term Life, Whole Life, and even Endowment and Investment-Linked Policies. However, while the above plans provide a death benefit, not all of such plans are recommended to be used as life coverage as some plans come embedded with cash values or investment elements. Utilising such plans for life insurance may exceed the recommended 15% of annual income guideline.

If you are looking for pure protection plans, consider term life insurance. Such plans have no cash value and cover for a specified period thus offering an affordable option for coverage.

Critical Illness (CI) insurance helps the insured cushion the financial impact of the medical bills incurred and provides lump sum pay-out to manage medical expenses for early to severe stages of specified critical illness. This may offer coverage for more than the 37 standard critical illnesses as defined by the Life Insurance Association Singapore (LIA).

Health insurance helps to pay for healthcare costs in the event of injury, illness or disability.Examples include but are not limited to plans such as MediShield Life, Integrated Shield plan, CareShield Life or ElderShield and its supplements. As explained in our previous articles MediShield Life is not for private hospital bills. Here’s why. and Simplifying Singapore’s hospital insurance – All about MediShield Life and Integrated Shield plans, MediShield Life provides adequate coverage for those looking to seek treatment at B2/C Class Wards in public hospitals.

 If you would like to stay in a single-bedder ward or would like to seek treatment at private hospitals, consider getting Integrated Shield plan and riders to enhance this coverage.


According to the MAS Basic Financial Planning Guide, individuals are recommended to:

  • Have insurance protection for Death, and Total Permanent Disability (TPD) coverage equivalent to 9 times their annual income; and
  • Have insurance protection for Critical Illness coverage equivalent to 4 times their annual income; and
  • Familiarise themselves with national schemes such as MediShield Life and CareShield Life / ElderShield that all Singaporeans and Permanent Residents (PRs) are automatically enrolled on; and
  • To spend a maximum of 15% of income on insurance protection.

Reach out to us here if you have queries about your coverage or would like a complimentary review of your insurance portfolio.


Additional coverage to consider:

1.     iFAST Digital Term + Hospital Cash benefit rider

With the revision to Integrated Shield plans and the withdrawal of daily cash riders in 2019, cash incentives are no longer offered in exchange for choosing a lower ward class. This also means that individuals will not receive additional cash payouts for each day that they are hospitalised.

As we recognised the need for a daily hospital cash income, especially for those who do not have any income if they do not work (e.g. self-employed, free-lancers or a part-timer), the Hospital Cash Rider was created as an optional benefit for iFAST Digital Term to fill this gap. Hospital Cash rider provides a daily cash benefit for each complete day that you are hospitalised and offers benefits of $100, $200, or $300 a day. This benefit pays for up to 180 days of hospitalisation a year and doubles if this hospitalisation takes place in an ICU.

💡Tip: Purchase multiple iFAST Digital Term plans with Hospital Cash rider to receive multiple pay-outs in the event that you are hospitalised.

An illustration,


🌟 [Promotion] Here’s to 60 years and $60 off*

It’s Singapore’s birthday and we have a gift for you. From now till 15 August 2025, receive $60 rebates* on your first-year premiums when you get insured with iFAST Digital Term. You may also enjoy up to 91% off^ your insurance coverage! All you have to do is head to our iFAST Digital Term page to get a free quote, answer 3 health questions, apply promo code “SG60” and pay via your FSMOne Cash Account. Your policy will be issued immediately, no questions asked!

Click here to get started ➜


2.     Personal Accident plans

Personal accident (PA) plans are designed to provide financial protection in the event of accidental injuries and are commonly used to supplement life and/or health insurance plans. PA plans cover for medical and hospitalisation expenses and may be available to purchase even with pre-existing medical condition(s).

Consider Personal Accident plans if you (1) lead an active lifestyle and are prone to injuries, (2) have young children who may be more vulnerable to infectious diseases such as Hand Foot and Mouth Disease (HFMD) or other infectious diseases common among children their age, or (3) simply want to enhance your coverage.

Compare and discover available Personal Accident insurance plans on FSMOne:

  • Access our page here: Go to Insure > Buy Online > Personal Accident Insurance or click here to visit our FSMOne Personal Accident Insurance page
  • Find out what Personal Accident plans we offer and view all the latest promotions with a single glance.

📥 Bookmark our FSMOne Personal Accident Insurance page for easy access when you need it.

Have a question? Click the button below to speak to us:


*Terms and Conditions apply.

Available Products on FSMOne Insurance or click here to discover the plans available on FSMOne

Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment, General Insurance (Personal and Commercial)

from AIG, Allianz, Cigna, Chubb, Etiqa Insurance, FWD Insurance, Great Eastern, Henner, Income, Manulife, MSIG, Raffles Health Insurance, Singlife, Sompo, Tokio Marine, and QBE.

Please check with our team if the product you want is available on FSMOne Insurance

Read also,


Information obtained from:
https://www.mas.gov.sg/-/media/mas-media-library/news/media-releases/2023/basic-financial-planning-guide-2023.pdf
https://www.income.com.sg/withdrawn-integrated-shield-plan-ip-riders#:~:text=Your%20queries%20answered.,type%20you%20are%20insured%20under.
Information retrieved on 23 July 2025.


Disclaimer(s):
^Profile: Age 30, non-smoker female for $300,000 base iFAST Digital Term coverage. This discount of up to 91% is rounded to the nearest whole number and takes into consideration the $60 rebate and 30% commission rebate that eligible clients will receive for their new purchase.
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. More information on iFAST Digital Term can be found here: https://secure.fundsupermart.com/fsmone/insurance/ifast-digital-term.
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.

All materials and contents found in this site are strictly for general circulation and informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the funds or products found/identified in this site. While iFAST Financial Pte Ltd ("IFPL") has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies and typographical errors. Any opinion or estimate contained in this report is made on a general basis and neither IFPL nor any of its servants or agents have given any consideration to nor have they or any of them made any investigation of the investment objective, financial situation or particular need of any user or reader, any specific person or group of persons. You should consider carefully if the products you are going to purchase are suitable for your investment objective, investment experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of the investment product, please seek advice from a financial adviser, before making a decision to purchase the investment product. Past performance is not indicative of future performance. The value of the investment products and the income from them may fall as well as rise. Opinions expressed herein are subject to change without notice. In respect of any matters arising from, or in connection with the said research analyses or research reports, recipients of the report are to contact IFPL at 10 Collyer Quay, #26-01 Ocean Financial Centre Building, Singapore 049315, or by telephone at +65 6557 2853. Where the report contains research analyses or research reports from a foreign research house and if the recipient of such research analyses or research reports is not an accredited investor, expert investor, institutional investor or an ex-accredited investor, IFPL accepts legal responsibility for the contents of such analyses or reports to such persons only to the extent as required by law. Please note that only certain security(ies) herein are available to all investors, while the rest are only available for certain persons to invest in, such as Accredited Investors (as defined in the Securities and Futures Act) or one who invests at least S$200,000 (or its equivalent currency) per transaction. To qualify as an Accredited Investor, one needs to submit a declaration form and certain relevant supporting documents, according to iFAST’s prevailing policies and procedures.

Please read our full disclaimers on the website at ( https://secure.fundsupermart.com/fsmone/policies/328125/investment-account-terms-&-conditions).

iFAST Financial Pte Ltd (IFPL) (registered address: 10 Collyer Quay #26-01 Ocean Financial Centre Singapore 049315, Telephone: 6557 2000) holds the Financial Advisers Licence issued by the Monetary Authority of Singapore ('MAS') to conduct regulated activities of advising on securities, marketing of collective investment schemes and arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance and the Capital Markets Services Licence issued by the MAS to conduct regulated activities of dealing in securities and providing custodial services for securities. While IFPL has made every effort to ensure the independence of the report's contents, IFPL's nature of business is such that IFPL and its connected and associated entities together with their respective directors, officers and staff may be involved in providing dealing or investment-related services in the abovementioned securities, and have taken or may take positions in the securities mentioned in this report, and may also act as the principal for any buy or sell trades.

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