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Anonymous
Looking to get ECI coverage but not sure if it is really necessary and how much should I get.
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Hariz Arthur Maloy
07 Oct 2020
Independent Financial Advisor at Promiseland Independent
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Hi Anon, the rule of thumb for CI coverage is 5 X Annual Income.
For ECI cover however, I would recommend the first 250k of anyone's portfolio to be ECI (as usually that's the max an insurer would allow). Anything above, get CI.
So if you're making 80k/yr, that's 250k ECI 150k CI as the rule of thumb.