I'm curious how much insurance i shld get. I already have the basics like accident and hosp and life insurance. Is it necessary to get more coverage?

Depends on what kind of insurance u talking abt? Like protection insurance?

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Since the example u gave were like protection insurance, there are actually other coverages that have to be considered beyond just accident and hosp and life.

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However, it all boils down to your need, situation and yourself. So it is really subjective. Hence some ppl have to get more, some get less and it's enough.

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So to answer the "how much" part, it's so hard to tell because for advisors like us, we do have our own calcuations to tell.

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Plus there is a reason why companies' insurance can be not enough.

Call up a FA under pretext of an annual evaluation (well, not pretext. Periodically evaluating your finances & coverage is a good thing) over zoom or sth and ask them directly if you need more coverage. Different FA / companies they represent have different methods of calculating recommended insurance coverage. Ask them for the method's rationale then judge likelihood-severity for yourself.

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But to answer your question why people buy packages, I guess they just want to feel covered and usually worry they can't get insured when older & retired/unemployed

I would suggest to go only for protection type insurance, and do your own investment rather than investment plans through FA. Keeping up with premium for investment plan might be difficult if you need money in the future (e.g. Losing job, buying a house, hospital bills).

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Regarding coverage, always buy just what you need, particularly for life insurance/ critical illness/ disability income.

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For the hospital insurance, will be best to get private hospital if you can afford. But always claim through company first whenever possible so that you don't end up paying higher premium due to claim based pricing imposed.

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For personal accident, if your company provides this and you are still relatively young (below 60 years old), you can just use your company's insurance and only apply for your own if you quit since there is no preexisting condition for personal accident plan.

Because company insurance stops when you leave the company.