Anonymous

28 Jul 2020

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I currently have a life plan, and I am intending to get additional term coverage, unsure if the term coverage is too excessive?

I'm 26, with no dependents. I currently have a life plan for 125k (death, tpd, CI, eCI), along with hospitalization plan. With no dependents, is it excessive to get a 1m death/tpd and 300/350k term plan? My coverage is based on me wanting to support myself and not burden my family in the worst case scenario, not about leaving something behind. The premium is not much more expensive than a 500k coverage term

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Aaron Leow

28 Jul 2020

If it is within your financial budget, it will not hurt.

https://www.aaronleow.com/insurance-requirement...

You can use the above to tabulate the approximate budget and insurance guidelines.

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Samuel Don Oh

28 Jul 2020

Hey there!

A term plan is an affordable way to hedge against a liability so that your family won't have to be paying it off by themselves in the unfortunate event of death. And you will be able to leave behind something too.

I'll think one term plan will work for now so if you want, you might want to consider getting a PA plan since it covers accidental injuries, death etc.

Financial planning is an integral part of life. You can reach me here to find out more.

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