Would be great to get some guidance in how to determine the right values. Any advise welcome.
Life and TPD values will be largely the same, rationale is that if you are suffering from TPD, it is very unlikely that you can work. Hence all sources of income would be gone.
The rule of thumb based on income has been mentioned, but I will also urge you to consider the following numbers (for death/TPD)
Sufficient money for your surviving spouse for the rest of her life
Money to raise the kids till working age
Liabilities to be paid
You'll want to calculate the figures for that carefully and also know the duration you need to be covered.
For CI, at a minimum you will need to have enough payout to cover for your family expenses (including your loan repayments for the house) and your own living expenses for around 5 years, plus a sum of money for out of pocket costs such as medication/treatment not covered by a shield plan, second opinion from another doctor, alternative treatment, hiring a helper etc.
For your death coverage, the amount should definitely be sufficient to cover for the mortgage loan as well as your children's expenses until they reached an independent age.
As for your critical illness, the coverage amount will depend on whether or not you have an integrated shield plan which will cover most hospitalization expenses. The same goes for TPD.
But in order to come up with a comprehensive solution for you, I'll definitely need more information from you so that I can forecast your cash flow to ensure that whatever is being presented to you will not hurt your lifestyle which I think is very important for your children in their teenage years.
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10 times annual income for death and disability
5 times annual income for critical illness
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