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Anonymous

24 Sep 2020

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Should I reduce my term coverage? I have Aviva mindef term 1 mil and Aviva myprotector 1 mil (till age 75). ANB 31, 85k PA income. Is my coverage overkill? Thinking of removing one of them.?

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Hariz Arthur Maloy

24 Sep 2020

Independent Financial Advisor at Promiseland Independent

Following the rule of thumb of 10 X Annual Income in the event of Death, you only need 850k. You can round this up to 1m.

However this is your own family income protection not including any liabilities like a mortgage that you may have.

If that is in the works, you can use one of the policies to cover for the mortgage without needing to get a mortgage specific insurance policy.

If you really believe you will not take on any liabilities, then yeah probably tad bit overkill. But that's up to you.

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