How can I not pay so much for insurance premiums?

It seems like you have slightly overinsured based on your salary

Guidelines are like 10X Annual salary and 5X annual for CI.

There are some possible overlaps of coverage based on AIA GPP and AIA Power Critical Cover.

For AIA Smart Rewards Saver + PruFlexiCash, the premium seems a bit high given for your salary. But cutting them (surrendering) now would ensure you lose. So please get them assessed properly.

You should look into optimising your savings.

And Term plans are the best use to ensure sufficient coverage for now.

Hi Anon,

You seem to have quite a handful of policies, do you know if there are overlaps? I think that could be something to look at and consider first before looking at just premiums being paid.

Also I can see that you have the PruFlexiCash policy, did you select the annual cashback option? If you do, actually that cashback can be used to help pay for some of your annual premiums, that might help in feeling less taxed financially.

The recommended guideline for insurance is 10-20% of your income, and in terms of saving/ planning for your retirement, it should be 20-30%, of which CPF is already taking 20% of our income, so I think maybe just another 10% might be okay if we have no other financial obligations on hand.

But of course the best case is still to meet up with an adviser so that they can consolidate your policies and give you better advise after that.