Is TM Term Assurance death benefit too low? 20K S$ lumpsum. Sum assured 500K and Quarterly premium- 11 to 66- S$128 TPD 5 to 51 -$13 CI 11 to 66 Yrs S$212?

Hi anon,

TM Term Assure can have a very high sum assured (subject to financial underwriting), so the question really should be: Is this enough death/TPD/CI coverage for me in the event that something unfortunate happens?

If you have already committed to the plan, you won't be able to adjust the sum assured upwards. You can consider getting another plan to supplement the coverage if you deem it inadequate. Your coverage for death benefit should take into account: (a) dependents (either parents or children) (b) mortgage (c) surviving spouse having the option to quit his/her job to focus on giving care (d) provisions for surviving spouse's livelihood and/or retirement, amongst other factors.

I believe that this depends on your age, as well as health situation. Accordingly, the sum assured can be adjusted to meet your needs.

Besides, as a general rule, we are looking at about 10 times annual income for death coverage, and 5 times annual income for critical illness coverage.

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