If you’re a healthy young adult who's just started working and your first-jobber salary covers everything from bills to university loan repayments, the idea of spending money on insurance is probably furthest from your mind.

However, making financial plans at this age can pay off in the long run. Not only are insurance premiums cheaper when you're younger and in good health, there's a lower chance of having coverage exclusions due to existing or previous health conditions.

Having the right insurance policy can help you overcome unforeseen financial threats such as medical emergencies without breaking a sweat or your bank account.

So, why not give yourself permission to life to the fullest today by having insurance coverage that gives you financial peace of mind in the event life throws you a curve ball? You can start with basic coverage, then slowly increase your coverage to match your evolving needs and budget.

Check out the useful tips in this infographic on protection needs for young adults from the Life Insurance Association.

How Much Free Insurance Coverage Do NSFs And NSmen Receive?

To begin, all NSFs and NSmen will automatically receive S$300,000 of Group Term Life and S$300,000 of Group Personal Accident coverage under the Core Scheme. The group insurance coverage is underwritten by Singlife and provided by either MINDEF or MHA, depending on the organisation that the national servicemen are serving with.

Under the Core Scheme, coverage is automatically applied as long as servicemen are serving their full-time national service and during official duties. Regulars and NS volunteers will also enjoy the coverage during their period of service. Pre-existing medical conditions are also covered under the Core Scheme.

However, one can opt to increase their coverage up to S$1 million under the voluntary scheme. From just S$0.17* per day for S$1,000,000 (group personal injury) and S$0.83^ per day for S$1,000,000 (group term life insurance), these plans are an affordable way to boost your coverage! Best of all, you can even cover your dependents like your spouse and children with the same plan.

Check out this neat infographic for an overview of other protection plans you might need:

^Notes

^{^Premium shown is based on monthly rate (rounding to the nearest cent) for an Insured Person, aged 65 and below at next birthday.}

^{*Premium shown is based on monthly rate (rounding to the nearest cent) for an Insured Person, aged 70 and below at next birthday.}
 

^{The Singlife MINDEF and MHA group insurance policies are automatically renewed each year. You can cancel your cover at any point in time if you no longer think you need the coverage. None of the policies hold any cash value, so the premiums you pay are purely for the protection coverage that you are receiving. The Singlife MINDEF and MHA group insurance plans are an affordable way to ensure that we have basic insurance coverage for ourselves and our family. From just S0.83^ a day (S$1,000,000 term life coverage) and S$0.17^ a day (S$1,000,000 personal injury coverage), respectively, we will be hard-pressed to use cost as an excuse for not having sufficient insurance coverage.}