The meeting that may save you the most money

Most Singaporeans think about insurance in two phases:

• The buying phase: when you first sign the dotted line, sit through a 2-hour explanation of “whole life vs term,” and feel oddly proud of being a “responsible adult.”
• The claims phase: when something happens, and you (or your family) actually test if all that money you have been paying for years does anything.

Everything in between? We tend to ignore it.

But here is the thing: insurance is not a “set and forget” product. Policies evolve, your own life evolves, and medical costs in Singapore evolve at breakneck speed. That is why a one-hour annual policy review is arguably the most valuable financial planning meeting you will ever have.

Why annual reviews matter (even if nothing changed)

Insurance companies in Singapore constantly adjust products, sometimes subtly, sometimes drastically. New riders get introduced, old riders are phased out, hospital panel lists change, claim limits get revised. If you do not keep up, you may be left with coverage that is outdated.

Take Integrated Shield Plans (IPs) as an example. In the last 5 years alone, we have seen:

• The removal of full riders (you now always co-pay at least 5%).
• Annual premiums creeping up 10–15% for some age groups.

If you have not looked at your policy since 2018, chances are what you think you are covered for is very different from reality.

Life does not stand still

Your own situation changes too. Maybe you bought your first policies when you were 25, single, and living with your parents. Fast forward 10 years: you are married, paying off a BTO, with a toddler who thinks insurance meetings are snack breaks.

But has your coverage grown with you?

A quick annual review forces you to check:

• Do you have enough death coverage to clear your mortgage if anything happens?
• Does your hospital plan cover your preferred hospital class? (Some downgrade automatically after 65.)
• Do your children have their own policies, or are they still uninsured?
• Do you have critical illness coverage beyond the “basic 37 conditions,” especially early-stage riders?

It is not about buying more. It is about making sure the protection you once bought for a young, single adult still works for the family person you have become.

The money angle: hidden savings in reviews

Many Singaporeans do not realise a policy review can actually save money if done right:

• Payment modes: Annual vs monthly premiums can make a big difference. Paying annually often works out 2–5% cheaper. Over 30 years, that is thousands saved.
• Outdated policies: You might be holding onto expensive policies with poor returns. A review helps you decide if it is better to keep, adjust, or restructure.
• Overlapping coverage: Some people may double-pay without realising it. For example: holding two critical illness policies covering the same amount or overlapping plans.
• Claimable benefits you forgot exist: Some plans cover things like health screenings, outpatient care, or even newborn vaccinations, but people miss them because they never review their paperwork.

How to do an effective annual review

You do not need to make it complicated. Here is a checklist Singaporeans can run through once a year (set a calendar reminder):

• Life changes: Did you get married, divorced, have a child, buy property, or change jobs?
• Coverage adequacy: Does your death, TPD, and CI coverage still match your income and liabilities?
• Hospital plan check: Are your hospital panel doctors still accessible? Has your plan’s ward entitlement shifted?
• Premium sustainability: Will you still be comfortable paying this premium at 50, 60, 70?
• Policy overlaps: Any duplicated coverage across different insurers?
• New product features: Are there newer riders worth considering (e.g. early CI, long-term care)?

Even if nothing changes, documenting the review means your family will not be caught off guard later.

Just one hour a year

Yes, annual policy reviews are unglamourous. They are not as exciting as stock picking, property investing, or even watching your CPF Special Account grow. But they are the glue holding your financial safety net together.

Think of it like servicing your car: you do not wait until the engine explodes before checking the oil. The same goes for insurance: you do not want the first time you “review” your policy to be at the hospital counter when you are already sick.

One hour a year with your financial representative can potentially save you thousands, prevent nasty surprises, and give you peace of mind that your safety net works.