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Anonymous
Am I well covered for insurance, too little or too much? Should I consider other insurances, or need to adjust my current insurances in term of sum, rider, etc?
30 y/o soon, below are the insurances I have, about 5% of my annual income excluding GE Maxgrowth Enhanced and Careshield. Am I generally well covered, or any need to consider other insurances, or make adjustments to my existing insurances?
- Great Total Care (P Select) - no rider
- Great Complete Flexi Living Protect (100k) with Living Multiplier Rider (100k) and Premium Waiver E&I Rider
- GE Maxgrowth Enhanced (complete payment, waiting for it to mature)
- Singlife/Aviva Mindef Group Term Life (200k)
- Singlife/Aviva Mindef Group Personal Accident (200k)
- Careshield Life (starting this year)
My insurances are from Great Eastern, and didn't compare with other companies as I just got them from our family agent back then.. I'm thinking if I should look at others too, or even switch if require? Any advice?
On a side note, even if I bought my hospitalisation plan quite early, all hospitalisation plans will require 5% co-payment now regardless?
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Prudential still have 100% cover for their customers who bought their rider policies before 2018. Your mindef group term can whack the max, the premiums are low and now can do nominations. CI can add in more term for future income projections! speak to a few different agents to get a feel.
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As Tony pointed out, will depend on the number of dependents you have and how much they need. Also, ...
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Recommended coverage is based on dependents and income, so assuming your annual income is 100k and 2 dependents, my personal opinion is to have around 600k Death/TPD, 300k CI and 150k ECI.
From your summary, seems like you are having total of 300k Death/TPD, 200k CI, 100k ECI, and 200k PA. Try to make up the differences with term insurance or additional whole life.