Paying $1 a Day to Reap Half a Million

My son has started his National Service (NS). As he charts his journey serving that nation, progressing from boyz-to-man, it’s perhaps also timely to set him on the journey to manage his personal finances.

As a national serviceman, he is entitled to sign up for the MHA/MINDEF group insurance scheme with Aviva. It is really a steal. $500,000 term insurance coverage (inclusive disability benefits) is only ~$20 per month. Enrolling onto it was easy as he doesn’t even need to do the extra work of medical check ups given his NS status. We added on another $100,000 of personal accident insurance, so there’s some added cost for his coverage. Renewal seems to be annual. In fact, it seems like his spouse and children can sign on to the same plan too in the future.

I did something similar for my daughter, signing her up with AIA for $505,000 term insurance …

Read the full article →

Leave a Reply

Your email address will not be published. Required fields are marked *