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Anonymous
I have hospitalisation, critical illness, whole life costing about $350 per month. Thanks!
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PolicyPal
02 Jul 2020
Official Account at PolicyPal
Generally, the recommended amount to spend on Insurance products is 10% of your income. However, do note that this does differ for different individuals based on your personal financial commitments.
You can consider uploading your policies on PolicyPal platform. Our free platform helps you to manage different coverage you have and identify potential lapse in coverage.
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It is more of how much you are being covered for, rather than the absolute cost.
CI coverage may be the most important for you if you are still single, without dependants.
Think about how much you would need in the event of CI.
When it happens, people will hope that they have more. But this should not be at the expense of monthly cost (affordability).
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You exceed 10% if you have medical conditions that cause the cost of insurance to go up due to premium loading. If not, 10% is a good amount to cover all your shortfalls.
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Elijah Lee
30 Jun 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hello anon,
A good guideline would be 10% of your income, gross. Remember that a part of your premi...
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10% general rule of thumb and is prudent enough. more impt ur coverage shud cover ur annual income, ideally 10x but given ur low risk being young mayb u dont need so high coverage