Insurance, a product that the modern family can ill afford not to have. Singaporeans can afford to die but cannot afford to be hospitalise. Thats really true. Hospital bills have risen so much that it is a heavy burden to even a middle class family. A major illness will literally wipe out the life time savings of the person.
It is extremely important for us to get our parents and ourselves covered through various insurance plans. It is strongly advisable that the coverage starts early not only for the lower premium but more importantly when you have yet to discover some illness that may be lurking around. If you do it later and you discover something, it is almost certain the underwriters will omit the parts affected.
Buying your parents a hospitalisation plan that is around 600 to 700 dollars definately worth it. For parents on the other hand if you have school going children or other dependants, for god sake get coverage as well. At least if something were to happen, there is some monetary support for them. It is easy to pass on but sad to say it is usually the living that suffers.