How much should I be paying for my insurance premium based on my income?

Around 10%. If you are smoker, maybe 12-15% should be sufficient.

Hi

Instead of how much, suggest you should start by looking at covering the bases to have basic protections and then the recommended coverage level.

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Read this by Seedly: https://blog.seedly.sg/working-adults-what-are-...

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If there's limited fund available, at least get H&S and Term first (#1 and 2), these are relatively affordable and at least cover the basic (like a goal keeper of a football game) for your life, preventive measure! Protections! Once you have more income , then get more base on this guide.

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Once you're ready to buy, read this first:

https://blog.seedly.sg/working-adults-4-frequen...

and what to ask an agent:

https://blog.seedly.sg/5-questions-to-ask-when-...

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Do read up more about insurance daily in bite size per blog post basis while travelling using your smartphone here so that it helps you understand what you need and the different insurance available so that you will not be short-changed and get sufficient coverage:

https://blog.seedly.sg/category/insurance/basic...

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Hope it helps you more as it helps me a lot ! :) Cheers! :)