Single income family with 2 kids. Is my insurance adequate?

Firstly, ensure that your family is comprehensively insured for healthcare. In most cases, this includes a private integrated shield plan with rider. Hence, ensure that H&S is comprehensive in this area. Additionally, you may wish to evaluate whether to include coverage for private hospital: https://www.blog.pzl.sg/private-vs-public-healt...

Next, we will go back to the basics by having a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-pers...

Once this is completed, calculate the following:

• 2 Kids' expenses from now till they complete tertiary education

• 2 Kids' education fund

• Household expenses from now till end of life (Singapore's life expectancy is around 86.1)

• Other expenses, e.g. vacations, entertainment

• Liabilities, e.g. loans, mortgage

Thereafter, multiply by a comfortable delta to create a sensible buffer. This will form your basic life cover.

For critical illness, you may wish to consider coverage for early stage conditions. Additionally, the key question will be: how long can you last with $150k? This money will be used for all the expenses in the household, including alternative treatment which may not be covered by your healthcare insurance.

On the whole, you may wish to conduct a comprehensive analysis on your portfolio. Accordingly, the best way to do this is via a comprehensive insurance portfolio summary. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies. I have highlighted the rest of the reasons here: https://www.blog.pzl.sg/why-every-client-needs-...

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Hi Anon,

Just out of curiousity, how long is your term life? As based on you coming from a single income family, am just concerned if it covers till retirement?