05 May 2020
I'm a 23 y/o male earning at 30k yearly. I'm a non-smoker, have no pre-existing conditions, no family history of illnesses, no dependents or debt.
My set up is (Premium is yearly)
Great Eastern Life (Direct) with CI rider till 65 for 400K - $700
AIA HealthShield Gold Max A (2 Mil) with 3K Deductible Rider - $400
AXA Super CritCare (50K) - $500
Aviva MINDEF Group PA (600K) - $80
Total expenditure: $1680 (5.6% annual income)
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Pang Zhe Liang
05 May 2020
Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Insurance Portfolio Summary
Firstly, one of the most important things to do is to have a complete understanding of your existing insurance portfolio. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies.
Key Reasons Why:
How much insurance coverage should You have?
As a general rule,
10% to 20% of your annual income on healthcare insurance and life insurance
Basic Life Cover = 10 times your annual income = $300k
Critical Illness Coverage = 5 times your annual income = $150k
Possible Things to look into
In your case, the total premium outlay is within justification for the coverage that you have. However, I noticed that your critical illness coverage of $400k is only till age 65. With this in mind, you may wish to review on what happens after age 65.
As for your personal accident policy, you may also wish to evaluate on the cost-benefit.
In addition to your insurance policies, ensure that you have completed an insurance nomination for each policy. Generally, we will use Form 4 for Revocable Nomination. Through this process, it ensures that the payout reaches the right party.
On top of that, I noticed that you have a direct insurance policy. Accordingly, more work is required, e.g. to brief your next-of-kin on what to do should something happen. Typically, you may wish to consolidate all these documents into a file so that it is readily accessible by your family:
This way, everything will be well-organised.
On the whole, things look fine on the surface. This is when we will need to understand you in further detail. What's more, we need to know your goals and how you intend to plan for the long-term. Thereafter, we can have a detailed evaluation on whether we need to do anything further for your portfolio.
I share quality content on estate planning and financial planning here.
05 May 2020
Financial Services Consultant at Colin Lim
Glad that at age 23,you already did planning for yourself. Looks pretty good too!
I just need to understand your occupation, your 5 years goal, and before your retirement.. What do you want to achieve... Before i can feedback how can it be better.
You can reach out to me for more comprehensive financial planning.
You've nailed down pretty much the fundamentals. At some point, you may want to increase...
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