I’ve always recognised the importance of having protection in place. But in my early 20s, when I had just started working, I also realised that protection planning is not about trying to cover everything all at once.
Of course, no two people will have the exact same insurance philosophy or priorities. The way we think about protection is often shaped by our own experiences, what we’ve seen among family and friends, our financial situation, and even our parents’ views and experiences with insurance growing up. Some of us may have heard things like “insurance is useless” or “they’re just trying to scam you”, while others may have grown up seeing their parents put aside money into ILPs or savings plans as part of their approach to protection and financial planning.
At that point in life, I was still learning how to manage my finances, grow in my career, and work towards future goals like marriage and housing, so I wanted my protection planning to focus first on the areas that felt most important and relevant to me.
While I may not yet have children or dependants relying fully on my income, I know that my responsibilities and priorities will continue evolving over time as I prepare for marriage and think about eventually starting a family.
At Havend, we look at protection planning through 5 core pillars:
- Income Loss due to Death
- Income Loss due to Critical Illness
- Income Loss due to Disability Income
- Increased Expenses due to Hospitalisation
- Increased Expenses due to Severe Disability (Long-Term Care)
While all 5 pillars are important, I’ve realised that the priority for each pillar can look very different depending on your life stage. These are the areas I currently focus on most.
1. Increased Expenses Due To Hospitalisation
Hospitalisation coverage remains my top protection priority today, especially private hospital coverage.
Through personal experiences among family and friends, I’ve seen how important fast access to medical treatment can be. During periods of illness or discomfort, shorter waiting times for consultations, scans, or procedures can make a huge difference. Sometimes, you simply want relief and to recover as soon as possible.
To me, private hospital coverage is never about “luxury”. It’s about having flexibility and peace of mind, while protecting my savings from potentially large medical bills.
I also see hospitalisation as one of the most universal risks, regardless of age. Sports injuries, unexpected medical conditions, or sudden illnesses can happen even in our younger years. Over the years, I’ve also noticed more young adults around me being diagnosed with serious conditions earlier than expected, which has reinforced the importance of having proper hospitalisation coverage in place.
2. Income Loss Due To Critical Illness
The next pillar I prioritised was critical illness coverage.
At my current life stage, I realised that the bigger concern for me is not just death, but the possibility of surviving a major illness during my working years.
A critical illness can affect much more than just medical bills. There may be time away from work, loss of income, lifestyle adjustments, and emotional stress for both yourself and your loved ones.
As I prepare for marriage and eventually for starting a family, I’ve started thinking more about protecting my ability to continue building the future I hope for.
For this reason, I chose to build my critical illness coverage using a whole life plan with whole life critical illness coverage. Personally, I liked having a layer of permanent foundational coverage that stays with me regardless of future health changes.
3. Income Loss Due To Death
Death coverage is not currently my biggest priority as I’m in a privileged position where I do not yet have any dependants relying fully on my income. However, the need for it will naturally increase in importance alongside future responsibilities such as marriage, housing commitments, and eventually children.
When that time comes, I would add a Term Policy as a cost-effective way to provide higher coverage during important periods of life where I may have increased liabilities and people depending more heavily on my income. This gives me peace of mind knowing that, in the unfortunate event of a premature death, the people I care about would still have financial support during an already difficult time.
4. Income Loss Due To Disability Income
Disability income is currently a lower priority for me compared to hospitalisation and critical illness coverage.
Personally, I work in a desk-based role, and with how diverse work opportunities are today, including remote and flexible work arrangements, I do believe there may still be opportunities for me to continue earning an income even if I’m unable to continue in my current role. I recognise this may be different for individuals in more physically demanding or specialised professions.
Of course, this doesn’t mean the risk is negligible or non-existent. It’s simply a pillar I currently prioritise slightly lower based on my present life stage and career situation.
5. Increased Expenses Due To Severe Disability (Long-Term Care)
Long-term care is something I’ve always been aware of, especially having previously worked in long-term care settings like nursing homes and community hospitals.
Through work, I’ve seen how common long-term care needs can actually be. I think many of us know someone who has required long-term care at some point, whether it’s an elderly grandparent, a family member who suffered a stroke, or someone who gradually needed more support with daily living over time.
These experiences made me realise that long-term care is not as distant a topic as we sometimes think.
That said, since I am not yet enrolled in CareShield Life, this is not my immediate focus right now. However, once I turn 30, I would supplement my long-term care coverage while I’m still young and healthy for greater peace of mind moving forward, especially since premiums are lower at a younger age.
Final Thoughts
One thing I’ve come to appreciate over the years is that protection planning should evolve together with our life stages.
The priorities I had when I first started working are naturally different from the priorities I have today as I prepare for marriage and think about the future. For me, this season of life is about building a strong foundation, protecting my health, preserving future insurability, and creating flexibility for the future I hope to build.
Rather than trying to optimise every area immediately, I’ve found it more meaningful to focus on what matters most today while recognising that my protection needs will continue evolving over time.
Ultimately, I’ve come to realise that protection planning is deeply personal, and there’s rarely a one-size-fits-all approach. What feels most important today may change as our responsibilities, finances, and life goals evolve over time. Having the right conversations early and reviewing your coverage regularly can go a long way in helping you build protection that grows alongside your life stage and priorities. If you’d like to understand your own situation better, do reach out to us.
This is an original article written by Joanne Seow, Solutions Specialist at Havend.
Joanne with her fiancé, Joel.
