Am I over insured? How can I grow my wealth?

Hi,

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You might want to share the coverage amounts for both your Pru Life Multiplier Flex and PruActive Protect policies.

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To help assess if you’re adequately insured, you can use this general rule of thumb:

• 9x your annual income for death and total permanent disability (TPD) coverage.

• 4x your annual income for critical illness coverage.

• 2x your annual income for early critical illness coverage.

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In my opinion, it’s essential to prioritize building your base protection first before considering savings or investment plans for retirement or your kids. That said, if your budget allows, it’s ideal to address both areas simultaneously.

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As for allocation:

• 10-15% of your annual income should go toward protection.

• 10-20% of your annual income can be allocated to investments and/or savings.

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Regarding investments, there isn’t much difference between investing through a robo-advisory platform or with an insurance company, as the tools and funds used are relatively similar.

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However, I feel working with an insurance company is better because you gain the human touch and communication with an agent, which adds value beyond what robo-advisors can provide.

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If you’d like a second opinion on your existing portfolio or wish to explore these options further, feel free to reach out. I’d be happy to assist!

Looks like you are roughly covered $200-$300k with a whole life and $200-$250k Early Critical Illness, and hospital plan. IMHO, I don't think is overly insured, but there may be ways to optimise your insurance cost by shopping around a bit. Also, personally I prefer ETFs compared to Roboadvisory cause of transparency. If you feel comfortable I can set up some time to run through the numbers so that you can have some clarity for yourself.