Here are the things that you need to consider in getting your first insurance.

This is the second part of an adulting series that tackles insurance. The part one is Why it is best to get an insurance in your 20s.

So you have finally decided to get insured, congratulations!

But you might ask, what are the factors that I need to consider before getting one?

So in this post I’ll be sharing what factors affected me in getting an insurance product when I was 23 years old and I’ll be adding more insights now that I am a licensed financial coach.


When I decided to get an insurance product I knew nothing. I just want what I see on american movies- like not getting stressed out whenever they need to be hospitalized because they have insurance.

So, that’s health.

But then I wanted to plan for my retirement. Yes, at age 23 years old I’m already planning because I know firsthand how old age can be expensive and I don’t want to be a responsibility for my family.

So, that’s preparing for retirement.

At first, I was offered with a Sunlife Maxilink Prime (a VUL product) which is a life insurance with investment. Somehow it can cover the above focuses but I still push and do some thinking.

In VUL your money will grow so you can use it to finance your health, but I’m looking for a product that will reimburse my health bills. So I was offered with a Sun Fit and Well Advantage, which is a life insurance focused on health that covers 114 illness with hospital income benefit, home recovery benefit, pallative care, specific cancer booster, endowment, and some other things.

I am sold with the product, but I was contemplating with the VUL. I’ve always wanted to invest in the stock market but too busy to learn the ins and outs. If I am going to get the VUL, I’ll finally have an investment portfolio that will be managed by experienced fund managers.

And so I didn’t let the chance pass by and decided to just get the two insurance policies.


This is a deal breaker so you have to think about this.

When I got my two insurance products, the rule of thumb that I used was I need to have a coverage 10x of my annual salary. I tried but was not able to due to money restrictions.

As an advisor I always ask if they have an alotted amount of money so I can come up with a proposal that fits their need and budget. I do this because I don’t want to guess and overwhelm my client with a product that they cannot afford.

What I tell my clients and what I can advise to people who are reading this is to tell your advisor how much money you can allocate from your budget to acquire your insurance.

Some people gets overwhelmed when they see the proposal, if that happens you can just honestly ask your advisor some other ways to manuever, just tell your advisor that your budget is not quite ready for that amount.

Remember that sustaining your insurance product is better than forfeiting it because you cannot finance it in the long run.


I’ve said earlier the focus of my insurance product. My focus and goal is somehow same but quite different.

With my Sun Fit and Well Advantage my focus is on health, and my goal is to prepare myself for future medical needs so I won’t be stressed out thinking how to finance it and just focus on getting well.

While with my Maxilink Prime, I’m focus on my retirement and my current goal is to retire early.

I want to enjoy old age without the need to work and think about how to feed myself. That’s my goal.

Your goal is an important in terms of predicting timelines.

For example, a client’s focus is to finance her child’s education and her goal is to accumulate enough money to give her child a higher education level in a good university and that will be in 15 years time. 

Knowing your goal will prepare you so you can save and know the estimated return of investment.


I’ve read a quote saying life insurance is not for everyone. The caption added that it is not for everybody especially if you won’t commit to it.

The thought is there, but I want to rephrase it.

Everyone needs a life insurance, but not everyone is commited. The secret to success is to sustain your insurance product. You already started so might as well finish it.

Yes, sometimes it will feel like too much but always look at the bigger picture and what benefit it will give you.