How much death coverage do i need? Comparing policies/ evaluating options.

The high coverage really depends on your family monthly expenses. Ideally, you want them to be able to survive for 10 years on the income in the event of (touchwood) death, total permanent disability, or terminal illness.

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I think cancelling ILP to add on more death protection make sense.

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But what you really need now is Early CI. In the event of critical illness, you probably will want to leave your job to focus on recovery, and spending quality time with your loved ones. Hence, you'll need a sum of money for your monthly expenses. You might want to look at a pure early + late stage

Critical illness plan. I work for prudential and there is this great CI plan called proactive protect you can check it out. lmk if you have any questions on it. https://www.prudential.com.sg/products/health-i...

Assuming your annual family expenses is $50k and the baby is a boy, your need to support your family over the next 25 years is $50k * 25years = $1.25m, and not factoring in inflation. With inflation, estimated close to $2m. $500k is likely too little insurance. Using term, the premium will be very affordable. Make sure you compare first before you buy, don't just anyhow buy from some insurance agent.

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ILP can help in wealth accumulation, so do you have a good reason why you want to terminate the ILP. Why did you buy it in the first place? What has change?