Hi I would like to ask how much is too much for paying insurance? I’m 25 this year and I’m paying a total of $330 for my ILP, Personal accident, hospitalisation and CI.

If you feel you have to starve after paying the premiums and essential, then you are paying too much.

Thumb of rule, insurance main purpose is to cough up money when something occurs to the insurer. Hence, insurer's shall only buy the essential plan that cover him/her as long as he/she lives. Here is just an example, what you shall buy:

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1) Compare a few insurers agencies before you buy the insurance plan. Note, do not buy into investment link plan as the payout is not guarantee. Instead of buy insurance cum investments link plan, you shall.buy only insurance plan and the additional money buy into guarantee return investment plan such as T-bill or put into CPF (guarantee return).

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2) Insurance cum investment link plan usually has short coverage within your healthy age ( I.e. you buy at age 21 and the plan mature when you turned age 42 but the monetary return is not as expected on paper, read the word in the plan "Not guarantee and/or projection return").

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3) Buy insurance plan cover as long as you live. For an example, when you compare the insurance plan with other insurance agency. You will notice certain plan has better coverage, benefits and cheaper BUT the terminal age is shorter. This means, the insurance get themselves out before you can make a claim to your insurance plan. For an example, all insurances agencies knows people die at age 85 and above, the plan will cover up to 75 of age. Is this a good plan you shall buy? Or shall you buy a plan that cover you as long as you live.

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The above is just my views on how insurance works and how I do my homework before I buy certain insurance plans.

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Thanks for reading ya.

The question is how much are you earning approx. It should not be more than 10-15% of your monthly income. It also depends on how many dependents you have.

$1 is too much to be paying into an ILP... that's some wasted capital right there... You're basically funding a lavish lifestyle for whoever scammed you into signing up for it.

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Medical insurance is neceesary though and is worth spending some % of your income on, maybe <=10%.