However, many readers shared feedback that this was quite a stretch for them. This is especially when they are graduating now during the Covid-19 Pandemic.
Many of them struggled to find full-time jobs. In fact, the annual Joint Autonomous Universities Graduate Employment Survey found that 69.8 percent of fresh graduates found permanent full-time jobs last year. This is down from 81.7 percent in 2019.
This means out of 10 graduates, 3 were unable to land full-time roles within 6 months of graduation.
Some readers shared that they’ve resorted to taking up SGUnited Traineeship or internships. Others settled for a job with a salary that is lower for the time being.
To make ends meet, some have turned to the gig economy, taking up roles as private tutors, freelance writers, photographers, and food deliveries.
The lack of stability in their jobs and less than ideal salary makes it challenging for them to commit to an insurance policy long term or fork out high premiums upfront.
How can fresh graduates address this gap?
If this is your current situation, TRIBE by Income is definitely something you can consider.
TRIBE is a flexible, monthly insurance premium subscription that can be upsized or downsized based on your life changing needs.
If you would like to protect yourself and your dependents, the Essentials Pack is an option you can consider.
Under the Term life plan, it includes Death coverage and Total and permanent disability coverage.
Under the Critical illness plan, it includes Critical illness (37 severe stage) coverage.
This gives you basic coverage but at a lower cost. For instance, the small, medium and large sizes are priced at $5, $10 and $20 per month respectively.
The above example is for a 25 year old male who is a non-smoker. To calculate your premiums, you can do so here.
You can sign up by yourself via the website without an agent and get insured in less than 10 minutes.
The idea is that it ensures you do not pay too much and do not get covered with too little.
As your circumstances change, you can also change premium and insurance coverage any time.
For instance, say you are a trainee right now using the Medium-sized pack.
If you manage to find a full-time role, you can choose to increase your coverage to the Large-sized pack.
However, if you were to lose your job in an unforeseen event, one of the options you can consider is to decrease your coverage to the small-sized pack.
With this, one simply needs to fork out $5/month for Term Life and CI coverage. This means you can get insured by paying the equivalent to the price of a meal at a coffee shop
That is a key benefit of TRIBE. The monthly subscriptions are flexible and can be stopped anytime with no penalty.
The good news is that TRIBE will not increase its premiums as you grow older each year. However, the coverage will decrease.
Thus, if you have the financial ability and stability, you should consider opting for the regular insurance.
The benefit is that you will be able to lock in the premiums while you are young – for the exact amount of coverage that you need.
What about gig workers?
Tribe also has another product called Recovery Pack which I found really suitable for Gig workers.
For instance, if you deliver food to sustain yourself and your family during this period of time. If you fall ill or get injured, you will be unable to work for a week.
The flow of income during this period will definitely be impacted given that you earn by deliveries completed.
The same goes for any job you are paid per hour or on an assignment basis such as tuition or freelance work.
How can this Recovery pack help you?
Basically, you get to receive cash payouts to make up for the loss of income when you are hospitalised or put on prolonged medical leave due to illness or injury.
In fact, this also includes Covid-19 coverage. This means that you can enjoy coverage should you be hospitalised or put on prolonged medical leave due to Covid-19 or Covid-19 vaccinations.
In my view, this is definitely a complementary good add-on for gig workers, freelancers, or part-timers short of cash to provide them relief if they were to encounter accidents.
However, it should not be a replacement for Hospitalization Insurance. This is definitely the first insurance you should get as a young working professional.
It covers hospital and surgical expenses and can be paid with your MediSave account.
During this uncertain Covid-19 situation and economic conditions, many fresh graduates are facing cash flow constraints. However, it does not mean that insurance should be neglected totally.
After all, without proper protection, one’s income and financial wellbeing could be hit hard.
TRIBE by Income offers the flexibility needed to give this group access to insurance during these trying times. It also provides young professionals with flexible options which can be upsized and downsized accordingly as they enter different stages in life.