I am currently paying 40% of my annual income for CI, life, H&S and saving policies. Am I paying too much?

Not enough information to ascertain whether you are paying too much for your portfolio.

How much insurance coverage should You have?

As a general rule,

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

For savings and investment, the general guideline will be about 20% to 30% of your annual income.

Now that we have the general guideline, we need to have a further breakdown on your portfolio.

For example, if you are spending 10% on healthcare and life insurance, and 30% on savings, then we need to determine whether you are saving too much money.

On the other hand, if you are spending 30% on healthcare and life insurance, but only has $50k coverage for death, then you may be overpaying for your portfolio.

In summary, we need more information on the breakdown in order to give you responsible advice on whether you are paying too much.

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Hi Anon, do split between policies meant for protection and for savings.

If your premium for protection is about 10%, that's fine. At max 15% if you started late or have health issues that result in premium loading.

If you're saving 30% that's fine as well. In fact the more you save the better.