Hi. I dont have any insurance. whats your take on term insurance?is it important to get a term insurance?

Hi Anon!

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As our community members explained, the purpose of life insurance is to help your family get paid a sum in case of death. This is especially important if you are the (sole) breadwinner at home.
Typically, there are 3 types of life insurance - term, whole or investment-linked. Premiums for term life are most of the time cheaper because it is shorter, do not have a cash value (unlike whole), and there will not be any payouts once your insurance expires.

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Do note that there is also standalone term insurance such as cancer-only plans.
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If you're still undecided on which insurance to get for yourself, check out our suggestions for the top 5 insurances one should own, why and the recommended coverage of each type of insurance: https://blog.seedly.sg/working-adults-key-insur...

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Say if you're curious about the insurance products across different companies, visit our product reviews page: https://seedly.sg/reviews/

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Hope this helps!

Depending on what age and what milestone are you trying to achieve.

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im in my early 30s so I bought 2x life plans to protect my income should anything happen as at this age I'm contributing a lot to my household. It will both drop off at age 70, where I assume all debts are cleared and with minimal liabilities.

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protection always seem like a "waste of money" until the day you need it. It's better to have than not.