Am I over or under insured?

According to LIA guidelines, the bare minimum is,

Death & TPD: $513,000

Early Critical Illness (assume expenses $2,000): $120,000

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Generally for individuals with low cash flow I will recommend to start with this and then invest the rest into market indicies until you accumulate $100k.

Hello, 10% of your income can be used as a ballpark figure for how much your premiums should not exceed. we should try to get premiums to cost as low as possible for the coverage we need. you can compare other insurance policies here and get a free quote if you would like to evaluate if there are better and cheaper options

Hi,

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When it comes to insurance coverage, a general rule of thumb is:

• 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 before considering savings or investment plans for retirement or your children’s future. That said, if your budget allows, it’s ideal to address both concurrently.

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As for how much you should allocate:

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

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

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

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https://www.lia.org.sg/media/4008/basic-financi...

1) What does your prulife multiplier flex covers? Death/TPD? Did you add critical illness rider?

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2) How much is your sum assured for prulife multiplier flex?

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3) Premium for your prulife multiplier flex should be $198/month, not per year

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4) Sum assured for your Pruactive protect?

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5) Did your consultant do up a comprehensive policy summary for you to have a better understanding on whether you're over or under insured?

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General guideline to spend on insurance should be 10-15% of your monthly salary.

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if you have excess cashflow every monthly, consider a savings/investment policy (Not exceeding 15% of your monthly salary)