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Anonymous
Any advice for my current insurance portfolio?
I am a recent grad who is earning a take-home salary of about $2.2-2.4k. Have around 10k in my bank, and I have the following insurance plans:
Premiums paid per year:
AIA Hospitalisation- $468.50
GE 100K Death Coverage Whole life - $1018 (no CI) (handed over by parents)
PA Plan- $359.02
I am planning to get a
Whole Life + CI - ~$2300/year on top of these, which makes my premiums per year about $4,000.
Is this a reasonable amt? Spend: ~$1000/mth (incl parents allowance)
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https://www.aaronleow.com/insurance-requirement...
You can use the above calculator as your basic guidelines.
How much are you being covered additionally for $2,300?
The missing puzzle is an additional 150k CI and Early CI.
It is entirely possible to structure a whole life plan with hospitalization where it can cover your needs at just 10% of your income.
At 14% of your income, I would definitely ask that it covers significantly more than your basic guidelines.
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Pang Zhe Liang
27 May 2020
Lead of Research & Solutions at Havend Pte Ltd
Cash Flow
Firstly, we need to have a complete understanding on our cashflow. Through this proce...
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Hi, let me share with you my coverage. Im aged 22 this year.
AXA Shield (Hospitalization, Govt Ward A) - $220
AXA Shield rider (copayment 5%) - $195
$750k Aviva Myprotector Term Life - $334
$300k Term Life CI rider - $172
$100k Aviva Multipay (CI + ECI) - $211
Total cost: $1132
My term plans are 30 years from age 21 to 51.
Multipay CI + ECI is only 11 years from age 21 to 32.
*I will be reviewing my policies at around age 25 after career stabilised with higher income to get longer coverage.
You can consider getting term life to supplement your current portfolio to increase your coverage with lower cost. Since you already have 1 whole life plan, you can take a term plan with CI and ECI for more coverage. You can save at least half of that $2300 and put it to investment.