Review of my insurance portfolio

Nobody wakes up thinking about insurance. However, a crisis always strikes when you are least prepared. This is why my personal belief is to maintain a comprehensive insurance portfolio as a shield for my wealth.

Currently, my coverage spans critical illness, whole-life, permanent disability, term-life, personal accident, death, and endowment policies. As I entered different stages of life, my perspective on insurance evolved. I used to favour whole-life policies and endowments for the cash value they accumulate. Today, my strategy for my insurance portfolio has shifted to include term-life policies and shield plans, which provide much higher and more comprehensive protection when it matters most.

I also make it a point to periodically review my insurance portfolio to ensure my personal and family needs are addressed. As we progress through life, our needs inevitably change—which is why regular reviews are essential. Furthermore, insurance regulations in Singapore change from time to time, making it even more critical to stay updated. In fact, my own recent portfolio reviews were triggered directly by major policy overhauls to ElderShield and the Integrated Shield Plan (IP) riders. My first major adjustment occurred prior to 2023, when I downgraded my family’s IP riders following the government’s transition away from zero-co-payment full riders.

Then in 2023, I opted to step up my long-term care strategy with a CareShield Life Supplement plan. CareShield Life represents a major shift from the old ElderShield framework, specifically because the base payouts increase annually until you reach age 67 or make a successful claim, whichever comes first. From 2020 to 2025, payouts grew at a steady 2% per year. However, following a major Ministry of Health (MOH) review, the government doubled the payout growth rate to 4% per year from 2026 to 2030 to help Singaporeans better buffer against rising long-term care costs.

But one critical truth every reader must note is that CareShield Life payouts do not increase forever. The annual compounding stops the moment you trigger a claim or when you hit age 67. In my case, I had opted for a fixed structure – same pay out, same premium every year. In doing so, the premium is effectively locked in. Currently, the premium term for my Careshield Life supplement is 55 years and the annual amount is $536.91. Overall, the premium for my Careshield Life supplement amounts to $29,530.Disclaimer: Note that this is not a sponsored post, nor am I selling insurance policies. In addition to this, the information contained in this article is not meant to be a form of financial advice. Because insurance is a complex financial instrument with many moving parts, it is always better to seek tailored financial advice. If you have any queries pertaining to insurance policies, please consult a licensed financial adviser.

Strengthening my insurance portfolio

Over the years, I make it a point to strengthen my insurance portfolio. This means that I proactively check that the coverage is comprehensive for my family while ensuring that the premiums are affordable and sustainable in the long run. Hence, my family’s Integrated Health Shield is an integral part of my insurance portfolio. In 2021, due to the government’s ban on full riders, I did a [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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