How much should I be insured for my personal term life insurance if I intend to increase my group MINDEF insurance coverage to $1million?

Hi,

Congratulations on your newborn! Here are some information that you may find useful.

1) Mindef Group term's premiums are calculated with the assumption that you will cover yourself until 60 years old. Hence if you intend to cover to an age less than that, you will be overpaying.

2) Your personal term life coverage's sum assured will depend on the amount of liabilities that you may have and the expected amount needed for your family to live on if you were to be gone tomorrow.

3) Term life may not be an ideal long term coverage option if your intention is to leave a sum of money for your children when you eventually pass on as premium payable will extend into retirement and is costly.

4) If you're shopping for term plans, Singlife is currently having a promotion of a perpetual 20% discount for its term life plans and a 25% discount for its critical illness plans.

Feel free to contact me Via the link in the profile to understand more and allow me to provide you with a second opinion.

Cheers!

First of all, congratulations on your arrival of your newborn.
Secondly, you can increase mindef group term life 1million, 41/month.
I need to understand your financial situation and also your life situation before i can give a figure. I dont use 10x annual income or 5x annual income for CI. I customise my clients coverage base on their life and financial situation.
Your occupation, your wife occupation, is she going to stop work and look after the baby?
Is your parents dependent on you.. Your occupation prospect. How many children you are planning... Etc... There are many factors to determine your coverage.
You can reach out to me for more detail. You can check out my fb page on the type of services i do.
#planwithcolin