Insuance 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:
Why Every Client needs an Insurance Policy Summary
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 = $420k
Critical Illness Coverage = 5 times your annual income = $210k
Possible things to look into
Firstly, I noticed that the majority of your critical illness coverage drops after age 70. In fact, you will only be left with $30k coverage. In effect, this may be a point that you wish to look into. While getting yourself properly insured is important during your income working years, don't forget about it when you are likely to need it the most.
Secondly, for life insurance coverage, we will need to know more about your background in order to plan and determine how much coverage you will need.
More Details:
5 Reasons why You need Life Insurance
By planning early, we avoid paying a higher premium in the future. However, we also need to take into account opportunity cost. Hence, we need to conduct comprehensive financial planning in order to make the optimal adjustment.
Thirdly, for your integrated shield plan, may I check and confirm whether you have the rider? This is important to cover the cost of deductible and co-insurance.
As for personal accident, I believe you do not need to wait for income to rise. Instead, it is more about understanding the need for it, or whether it is unnecessary.
Overall, your situation looks fine on the surface. In order to give you specific advice, we will need to understand you. Thereafter, we can brainstorm together on how to plan for your future such that you will become confident about it in the long-term.
I share quality content on estate planning and financial planning here.
Insuance 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:
Why Every Client needs an Insurance Policy Summary
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 = $420k
Critical Illness Coverage = 5 times your annual income = $210k
Possible things to look into
Firstly, I noticed that the majority of your critical illness coverage drops after age 70. In fact, you will only be left with $30k coverage. In effect, this may be a point that you wish to look into. While getting yourself properly insured is important during your income working years, don't forget about it when you are likely to need it the most.
Secondly, for life insurance coverage, we will need to know more about your background in order to plan and determine how much coverage you will need.
More Details:
5 Reasons why You need Life Insurance
By planning early, we avoid paying a higher premium in the future. However, we also need to take into account opportunity cost. Hence, we need to conduct comprehensive financial planning in order to make the optimal adjustment.
Thirdly, for your integrated shield plan, may I check and confirm whether you have the rider? This is important to cover the cost of deductible and co-insurance.
As for personal accident, I believe you do not need to wait for income to rise. Instead, it is more about understanding the need for it, or whether it is unnecessary.
Overall, your situation looks fine on the surface. In order to give you specific advice, we will need to understand you. Thereafter, we can brainstorm together on how to plan for your future such that you will become confident about it in the long-term.
I share quality content on estate planning and financial planning here.