Is it okay to not want to buy Life Insurance?

If 'Life Insurance' means policies that provides payout after death, then this depends on whether you wish to leave any sum of money for your families or dependents. Typically this is to cover their expenses to a certain extent. I would say the most important insurance is medical/hospitalization (think Shield), critical illness and term life. Others are good to have depending on each individual situation and goals.

General qns to ask.

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1) do you have anything to protect? If no, no need insirance. (What to protect)

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2) if yes, and the risk event happens, will you be able to afford it with your privilege, inheritance, other help or current savings? If yes, then no need insurance. (How to protect)

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3) how much you need for that protection will be the amount you need to consider. Just get what you need. (How much to protect)

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Hi Anon,

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The role of insurance in our financial plan is to protect against loss of income and medical expenses caused by the 3 life risks - death, disability, and a medical crisis.

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It is unlikely that we will never meet with any major medical expense at some point in our lives thus health insurance is a must. However, there will be some periods in our lives where we do not earn an income or do not have any dependants to support (as in the case of students, homemakers, and retirees). If there is no financial loss to mitigate, there is actually no need for life insurance.

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There are very specific occasions depending on your personal situation when life insurance is required to complement health insurance (as in the case of alternative treatments/ ancillary medical or caregiving expenses not covered by your health insurance)

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There can also be situations when your existing resources is sufficient to mitigate these financial losses - like an employer group insurance scheme.

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Regardless, it is easy to do a self assessment of your insurance needs here https://www.moneyowl.com.sg/app/guideme/profile Hope this helps!

If you don't have any dependent that would benefit from ur death then yes u don't really require. However do cover yourself with critical illness coverage because the cost can be extremely high