I entered the insurance industry when I was 23, still studying full-time and trying to figure life out. That year, I earned around $30,000 in commissions, and at that point, that was the entirety of my income.
Money was tight, so the only protection I had was a private hospital plan from AIA. I bought it because I knew at the very least, I needed something for medical bills, but I didn’t have the capacity to plan beyond that.
Everything shifted when I took on a full-time salaried role at 24, earning $3,600 a month. By then, I had proper financial planning training and was exposed to Havend’s way of thinking, especially the idea that at my age, my most valuable asset wasn’t my savings or investments. It was my ability to earn an income.
That was the mindset change that shaped the next steps I took.
Why I Prioritised Income Protection
At that stage of life, I was single, had no dependents, and was still building my career. If anything happened to my health or if I got injured and couldn’t work, everything would have collapsed, not because of medical bills, but because I would lose my ability to earn an income.
That realisation made the first two plans I bought very clear.
The First Two Plans That Formed My Foundation
1. Singlife Elite Term + CI Rider
- $500k death/TPD
- $200k critical illness
- Around $500/year
This allowed me to get meaningful coverage at an affordable price without committing to heavy premiums.
2. Great Eastern PayAssure (Disability Income)
- Covered 75% of my income at that time
- Around $300/year
This was important to me because disability, not death, was the real risk. If I couldn’t work, I needed a way to ensure money still came in every month.
Both plans together cost less than 3% of my annual income, which meant I had protection without sacrificing my ability to save and invest.
How the 5 Pillar Framework Guided Me
At Havend, we use a simple structure to make protection easy to understand:
- Life Coverage
- Critical Illness (CI)
- Disability Income (DI)
- Medical Coverage
- Long-Term Care
Not all pillars apply equally at every life stage.
For me:
- Life insurance wasn’t urgent — no one depended on my income.
- Long-term care wasn’t available yet — I wasn’t 30.
- My real concern was losing my income due to sickness or disability.
So I focused on the pillars that mattered:
- Medical
- CI
- Disability
And I used term plans so I could get strong coverage without overcommitting financially.
Why This Approach Worked for Me
I protected myself properly without making big sacrifices. Term insurance kept costs low, and having CI + disability income meant I could still stand financially even if something happened.
Today, as I continue to build my wealth and plan my future, that foundation still holds. It gave me stability when I needed it most, and it allowed me to be covered for what is essential without overpaying.
As I move forward in my career and my life circumstances change, my protection needs will naturally evolve too. When I cross 30, long term care will become a more important part of the conversation, and I’ll start looking at Careshield Life supplements to safeguard future caregiving costs.
And if I eventually have a partner or start a family, my priorities will shift again, because at that stage, people will depend on my income. That’s when I’ll revisit my life insurance and critical illness coverage to make sure my protection keeps pace with my responsibilities.
Protection planning isn’t something you do once and forget. It grows and adapts with you, just like the rest of your financial life.
This is an original article written by David Law, Insurance Specialist at Havend.
