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In his 20s, celebrity chef and content creator Lennard Yeong thought his hospitalisation insurance policy was “a waste of money” – simply because he never had to use it.
A decade and several health episodes later – including surgery for appendicitis, a soccer injury and discovering he has hereditary gout – Mr Yeong, now 38, sees things differently.
“Health is so unpredictable. You can feel fine one day and realise you’re not the next,” he said. “Health insurance doesn’t seem useful until something unfortunate happens, and then you realise how important it really is.”
Over time, as he moved through different life stages – from switching careers to getting married and buying a home, insurance gradually became more of a priority. “What really shifted my perspective was seeing family and friends go through serious health scares,” he explained. “You can’t predict when a health crisis will happen – and you may not be eligible to buy insurance once something has already gone wrong.”
A DIGITAL APPROACH TO PROTECTION
Already an avid user of the OCBC app for investing, Mr Yeong now relies on its Insurance Coverage Review feature to keep track of his insurance needs, be it for travel, hospitalisation or critical illness.
The app, which is free to use, consolidates a user’s insurance policies across major insurers via SGFinDex, giving an overview of all their policies at a glance. It also provides recommended coverage levels based on one’s annual income, in line with the Monetary Authority of Singapore’s Basic Financial Planning Guide. This helps provide a guide to users on whether they are over- or under-insured.
Mr Yeong recalled discovering policies his mother had purchased for him as a child – ones he had not known about. “The coverage review tool is able to pull in your insurance plans from major insurers, as long as you grant permission to access and consolidate the data,” he said. “It’s also broken down by categories, such as critical illness, permanent disability, death, long-term care and hospitalisation, so you can easily spot any gaps.”
Once mainly concerned about hospital bills, Mr Yeong now takes a longer view. “I worry about whether my family would be taken care of if something happens to me, so I’ve added more coverage, including life insurance,” he explained. “Planning for the future isn’t just about ourselves – it’s also about the people we care for, whether that’s children, ageing parents or both.”
He added: “Since my health episodes, I’ve come to realise insurance is important regardless of age. I’m glad there are options that support long-term financial planning and protection.”
One such policy is the Great Life Multiplier, a whole life insurance plan designed to protect you and your loved ones across generations within a single solution. It provides coverage in the event of death, terminal illness, and total and permanent disability, with optional riders covering critical illnesses or age-related conditions such as Alzheimer’s disease and Parkinson’s for your parents.
For Mr Yeong, managing money means safeguarding the present while planning ahead.
BALANCING PROTECTION WITH FINANCIAL GROWTH
Juggling the twin challenges of wealth accumulation and protection can be daunting, which is why Mr Yeong advises taking “baby steps”. “There are many resources and investment strategies out there to suit your budget, risk profile and how involved you want to be,” he said. “Work out how much you want to receive each month in retirement and make plans on how you can reach that target.”
However, insurance remains an essential foundation that should be considered first, said Mr Yeong. “Insurance is about protecting what you already have and the people you care about, so they’re taken care of – no matter what happens,” he said. “Once that is in place, you can invest with greater confidence, knowing you’ve safeguarded against life’s uncertainties.”
To avoid being over-insured, Mr Yeong suggests a needs-based approach. “The first step is to assess how likely you are to need each type of insurance, and then prioritise them based on your coverage needs and circumstances. Review your insurance cover regularly for yourself and your dependants, taking into account what is already covered under national schemes. As premiums typically rise with age, it’s important to plan ahead to stay protected and avoid gaps in coverage.”
He added: “Second, spend within your means. If you’re just starting your career, it’s fine to begin with the basics like hospitalisation before gradually scaling up your coverage as your income grows.”
Rather than paying for insurance you may not need, he added, the money could be channelled into other areas, such as investments or insurance policies that combine protection with financial planning.
For Mr Yeong, managing his finances well is ultimately about striking a balance – between protecting what matters today and preparing for tomorrow’s uncertainties.
Get started on financial planning and review your insurance coverage with the OCBC app.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Great Life Multiplier, Critical Illness Multiplier Rider (E&I), Critical Illness Multiplier Rider and Parent Care Rider are underwritten by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited, part of the OCBC Group.
This is for general information and does not take into account your particular investment and protection aims, financial situation or needs. You should seek advice from a financial adviser before committing to a purchase. Otherwise, you should consider the suitability of the investment.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
This document is for general information only. It is not a contract of insurance or an offer to buy an insurance product or service. It is also not meant to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. If you are interested in the insurance policy, you should read the product summary and policy illustration (available from OCBC) before deciding whether to buy this product.
Each policy is protected up to specified limits by Singapore Deposit Insurance Corporation.
Investments are subject to investment risks, including possible loss of principal amount invested.
