The Straits Times Podcasts S2E37: Are you overinsured? Here's how to review your policies
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Mar 1, 2026 Chan Wai Kit, executive director of the Life Insurance Association and insurance expert, explains protection basics and policy reviews. He covers riders and why they cost more. He compares employer versus personal plans. He outlines how to spot overinsurance, suggests how much of pay to allocate to protection, and explains options when premiums become unaffordable.
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Riders Are Pricier Because They Hit Your Cash
- Riders cost more partly because their premiums are paid fully in cash while Integrated Shield Plan premiums can be offset by MediSave.
- More comprehensive rider payouts raise claims experience and thus push up premium rates.
Keep Your Own Cover Even With Corporate Benefits
- Do keep personal coverage even if your employer provides corporate insurance because job changes can remove those benefits.
- Chan Wai Kit advises individual plans follow you across jobs and protect against changing employer coverages.
Medical Inflation Pushes Premiums Up Fast
- Medical inflation and ageing drive rising health insurance premiums as claims costs grow faster than general inflation.
- Chan Wai Kit cites medical technology, ageing population and higher utilisation as key contributors to premium increases.