Money Hacks Ep 45: How to choose insurance in your 20s

8:44 mins

Synopsis: In this podcast series every Monday, The Straits Times and The Business Times break down actionable financial tips.

This episode is brought to you by OCBC Bank. It is aimed at insurance, a product which the young in their 20s need, but sometimes find it hard to figure out what they should get first.

Money Hacks' Chris Lim hosts 29-year-old Navin Sregantan, a journalist at The Business Times and Mr Kelvin Goh, OCBC Bank’s Head of Investments and Wealth Advisory.

In a Jan-Feb 2019 Frank by OCBC survey of 866 students and young working adults aged 16-29, only slightly more than half were aware of different insurance products, and less than half considered themselves knowledgeable about insurance.

Are there still myths or misconceptions about insurance?

1:10 mins - Banks actually do provide some insurance plans, and how to use self-service banking tools like OCBC Life Goals to plan and identify gaps and protection needs.

2:27 mins - Can buying an insurance plan through a bank help you earn higher interest?

3:35 mins - How much and what kind of coverage should people in their 20s have? 

4:08 mins - Why you should add riders to insurance plans.

4:28 mins - What is the second coverage plan you need next, especially if you're working in your 20s?

5:14 mins - If you plan to get married, are life insurance plans crucial?

Get more Frank by OCBC articles for the young here.

Produced by: Ernest Luis and Christopher Lim

Edited by: Adam Azlee

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