Should I revise my insurance coverage?

Get someone credible and trustworthy (maybe a close agent friend) to review your policies then decide what to do next 👍🏻

Hi anon,

Let's start from the beginning. If you are married with two young kids, your concerns at a minimum in terms of coverage will be

1. Death coverage: This is because you have dependents. You should ensure that the coverage amount will be able to pay any outstanding home mortgage, leave enough money to cover the expenses of the kids till they are independent, and maybe leave enough for the surviving spouse also if you want him/her to reduce their work in order to spend more time with the kids as the surviving parent.

2. Critical Illness coverage: If you fall critically ill, there must still be money coming in to settle the family expenses. Cover at least 5 years of expenses with an additional amount for out of pocket expenses.

3. Hospitalization: Without a doubt you'll need this.

So now you know what you need, and a guideline of how much coverage you need, you will need to see which policies cover which areas.

For example, AIA GPP would cover Death/TPD/CI for a certain sum assured. Aviva MyProtector is a term plan and will cover Death/TPD at a minimum, but you might have added a CI rider, so if you did, add that coverage amount up as well. Repeat this with all the other plans.

After you have determined your sum assured in each category, compare that with what you will need. If you don't have a shortfall, then that's good, you might just want to look at optimizing premiums. If you have a shortfall, then it is in the interest of your loved ones that you look at plugging that shortfall. So until you complete this exercise, it is too pre-mature to say that you should surrender this policy or that policy.

My advice can only be general as I don't know the specifics of your situation. If you still feel concerned about overlaps, redundancy, etc, speak with an independent financial advisor who can advise you further. Good luck!