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Insurance is a four-letter word: PHEW

Not everything in life is within our control, and having savings in the bank is not enough to cover unexpected events. Insurance lets you continue with life should twists and turns happen, without having to start again from scratch. 

Understanding insurance

The 4 layers of insurance

The more layers you have, the more protected you are.
The closer the layer is to the centre, the more important they are.

What are the 4 most important types of insurace everyone should have?

1st Layer


– Hospitalisation, Surgery

– Personal Accidents



Getting hospitalised locally or overseas is the last on anyone’s list, that’s why so many are unprepared for such an event. Hospital bills could wipe out your savings and disrupt everyday life.

The type of ward and quality of healthcare greatly depends on how much you can afford, so make sure you’re well covered in this area. This helps you recover without worry of expensive treatments and therapy equipment.

2nd layer

life insurance

– Death, Terminal Illness

– Total Permanent Disability



Surprisingly, there are many people who do not even have basic life insurance. A key consideration should be the financial impact on yourself or your dependants, should disability or death occur.

The payouts from life insurance policies can help relieve any financial burden you may unknowingly pass on to your family (e.g. outstanding loans).

3rd layer

critical illness

– Serious illnesses

– Cancer, stroke, etc.

– Medical Treatments



Most life insurance DO NOT cover serious illness and the expensive treatments that follow. This completely disrupts your way of life, including those around you. 

The payouts from these policies can help relieve any financial burden you may unknowingly pass on to your family (e.g. outstanding loans).

4th layer


– Annual or Lump Sum Payouts

– Basic Protection



Endowment insurance plans aim to help grow your wealth, while providing basic insurance coverage. It is not a fixed or savings deposit. 

The returns may not be as high as stocks and shares, but endowment insurance plans are generally considered a good option as they are less risky and give you better returns than saving in a deposit account.

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Think you're covered? Think again.

Your current insurance plan may not be enough. Protect yourself and get rewarded.

Psst, freelancers. You get to enjoy these coverages too!

Start with the first layer

Hospitalisation & personal accident

Premiums above are calculated for a 25-year-old Singaporean female, non-smoker. Your premiums may vary. The premium rates reflected may be adjusted in the future.

Most Popular

Supreme Health:

Covers hospitalisation

Covers your hospitalisation needs, for life. Premiums are payable from your CPF Medisave account. Renewable even when you have made claims against the plan.

  • Policy term: Renew yearly
  • Premiums are payable from your CPF Medisave account
  • Premiums will increase with age



Learn more
Personal accident

Personal accident

Covers death + tpd +Daily Hospital Cash

A Personal Accident plan that rewards you with cashback of 50% of total premiums paid every 5 years, regardless of claims made on Daily Hospital Accident Cash.

  • Sum assured (death or TPD): Up to S$150,000
  • Daily Hospital Accident Cash: Up to S$150 a day for up to 180 days
  • Policy renews automatically on a yearly basis


S$26.88 monthly

Learn more
Personal accident

PA protect

Covers death + TPD

Covers Death, Total Permanent Disablement and medical expenses incurred due to accidents, as well as an additional payout if accidental death or TPD occurs whilst on public conveyance or due to specified natural disasters.

  • Sum Assured (death or TPD): Up to S$250,000
  • Medical expenses: Up to S$3,000
  • Dental expenses: Up to S$750
  • Policy renews automatically on a yearly basis

 From S$15.52 monthly


Learn more
Second, look for plans that cover

Life + critical illness

Life + critical illness
Most Popular



Pay premiums for only 15 years. Get up to 3x the coverage until 65 (age next birthday).

  • Policy term: Whole life
  • Sum assured: S$100,000



Learn more
Life + critical illness



Term insurance provides high protection coverage at an affordable price over the policy duration. The earlier you buy, the cheaper it gets.

  • Policy term: 30 years
  • Sum assured: S$100,000



Learn more
Third, look for endowments to

Build wealth + basic insurance coverage

Most popular

Greatlife Endowment Insurance:

Covers Death + Terminal Illness + TPD

Minimum premium starting from S$206 per month for a 15 years premium term. GREATLife Endowment Insurance is not a fixed or savings deposit. It is an endowment insurance plan. That means you multiply your premiums paid while enjoying the flexibility to withdraw money for your life goals



Learn more

Maxgrowth plus:


Pay premiums for 6 years, policy lasts 12 years. Get this for shorter term coverage and quicker cash benefits. This is NOT a fixed or savings deposit. It is an endowment insurance plan.


Learn more

Travel insurance

Travel Insurance

Explorer Travel Insurance


Worldwide coverage for all kinds of trips, from single traveller to full family coverage.

  • 24hr overseas emergency assistance
  • Travel delays and baggage losses
  • Overseas hospital care, treatment, and emergency evacuations
  • Add on coverage for sports equipment, laptops, rental vehicle accidents and even home fire insurance
Learn more
Things you need to know

What affects insurance cost?

Policy Term:

The length you want to be covered for.

Sum Assured:

The amount you want to covered for.

Hospital type:

Your preferred hospital and ward.

Other factors:

Each type of insurance lets you adjust one or more factors that affect the monthly premiums. Other factors that may affect your monthly premium regardless of what you chose above:

If you have any dependants. e.g Parents or kids
If you have any existing medical conditions.
If you have any existing home loans.
If you smoke, and if you're married.

Still clueless?

Get proper advice!

Talk to a certified financial planner

Many people are quite clueless about how much coverage they actually need. This is where a financial planner can help. They can look at your cash-flow, risk, investments, retirement, etc, then advise the best course of action.

As long as you have money, no matter how little you think you have, a financial plan is a must. Your financial planner can help you understand which insurance plan is suitable and how much coverage you need.

Make an appointment

Once you submit your details, the OCBC Insurance Team will call you back to arrange for a suitable time and place to meet you.