Insurance Advice

Hi OP, you might find it more worthwhile to use this insurance calculator to assess whether you have sufficient insurance coverage! Hope it helps!

Hi anon,

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Firstly, you must understand that group term has its limits.

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It is still ultimately a group policy that you do not have any say over.

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For example, the CI definitions under living care were changed to the 2019 definitions in Aug 2020, even if you had the plan before this. Some people might not be able to accept this.

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Secondly, the early CI coverage of Group living care plus is not extremely comprehensive, covering 10 CIs only, and with early cancer limited to specific organs if I recall correctly.

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That's not very forward looking.

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A few other factors were covered by Kenneth Lou here which you should have a look at. (https://seedly.sg/opinions/8-reasons-why-i-swit...) although some of these are not applicable any more (for example, you can now make nominations)

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So take note of these factors for a group plan vs having a personal policy (which you can customize in many ways).

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Now, as for the amount of coverage, base rules of thumb would suggest about 10x annual income as coverage for Death/TPD and about 5x annual income for CI.

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If you meet those, then you'd be generally ok. However, individual circumstances differ and so those are just rules of thumb. I know someone who has almost 16x annual income for death/TPD cover (with justification, of course) and 8x CI.

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Personalized advice can't be given in the confines of this platform, but I hope you can get some insights from my answer.

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Good luck!0