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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 insurance 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

Great Supremehealth

  • Wide medical coverage including pregnancy and childbirth complications, congenital abnormalities, stem cell and organ transplants.
  • Lifetime guaranteed renewability
  • Policy term: Guaranteed yearly renewable
  • Part of premiums are payable from your CPF Medisave account
  • Premiums will increase with age




Learn more
Personal accident
Most Popular

PA Cashback Plus


  • Covers Death or Total Permanent Disability due to accident
  • Provides Daily Hospital Accident Cash from $100 (Maximum of 180 days)
  • Guaranteed cashback of up to 50% of total premium paid every 5 years, regardless of claims made on Daily Hospital Accident Cash


From S$26.88 monthly

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Personal accident

PA Protect


  • Covers Death or Total Permanent Disability due to accident
  • Reimburses medical expenses incurred on dental and common injuries due to accident
  • Optional protection for child


From S$15.52 monthly

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Second, look for plans that cover

Life + critical illness

Life + Critical Illness

group term life flexi

  • A term plan which covers Death, Total and Permanent Disability, Terminal Illness
  • Hassle-free application with no medical underwriting
  • Coverage can be extended to your loved ones
  • Has additional riders to suit each of your needs:Group Critical Illness, Group Personal Accident, Group Disability Income and Group Medical

From S$50 per annum (Sum assured of S$50K)

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Life + Critical Illness


  • A protection plan which covers Death, Total Permanent Disability, Terminal Illness and Critical Illness
  • Term insurance provides high protection coverage at an affordable price over the policy duration - the earlier you buy, the cheaper it gets


  From S$16.60 monthly (Policy term of 6 years for sum assured of S$100K)

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Third, look for endowments to

Build wealth + basic insurance coverage

Most popular

Greatlife Endowment Insurance

  • An endowment plan which covers Death, Total and Permanent Disability and Terminal Illness
  • Multiply your returns and enjoy flexibility to meet your changing life goals
  • Pay premiums over 5 years, 10 years or 15 years


  From S$206 monthly



Learn more

GreatAssure Endowment Insurance

  • Covers Death, Total and Permanent Disability and Terminal Illness
  • 100% Capital guaranteed upon maturity, regardless of market conditions
  • Pay yearly premiums only for the first 5 years of the 10-year policy term
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.