How much do you spend on CI insurance premiums?

Hello anon,

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Everyone's situation will be different.

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I suggest not trying to compare but instead try to figure out if you yourself are adequately covered.

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The rules of thumb are (from MAS):

1. 4x your annual income as CI cover
2. No more than 15% of your income on coverage

I disagree with (2) however, and feel that <10% of your income on coverage (all sorts) should be very doable, unless you are paying for an entire family or have loading.

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4x is reasonable, but you can and should consider a little more especially if you think your income still has room to increase in the near future.

Focus on the coverage instead. The answer to whether you are adequately insured depends on the CI coverage you need. You can be paying 10k annually but still be inadequitely covered.
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As a general guideline, most people spend between 10% to 20% of their annual income on insurance coverage, across healthcare insurance, life insurance, as well as long-term care insurance. ​​

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Although this guideline is appropriate for most people, your individual needs and circumstances may differ. For example, if you are a high income earner with no insurance needs, then it is unlikely that you will spend 15% of your income on insurance. With this in mind, you can use this online insurance calculator to determine whether you are overspending on insurance.

Age and coverage are determinants of insurance premiums. So it has little meaning comparing with what the rest are paying.

If you really want to compare, you should compare among different insurers. For example, based on your need and age, this insurer's premium is $3k. But maybe there is another insurer who can do the same thing for $2.5k. Have you compare insurers before you commit on the $3k policy. If not, you are making a big mistake.