How much should we spend on insurance based on age?

Hi,

As a general rule of thumb, you should probably spend 3% to 10% of your take-home income (not counting CPF deductions) on protection-only insurance policies.

If insurance is your only form of investment or savings, you might want to spend more, as the 3% to 10% applies to protection-only policies and does not include hybrid plans like endowment plans or Investment-Linked Plans.

Feel free to connect with me (email link in bio) to better understand the financial planning concept in today's context.

Thank you.