What is the minimum life insurance for a single earner family of 8 (2 adult + 2 kids + 2 parents + 2 in-laws) ?

I'm a foreigner aged 31. Wife n kids are in SG. Parents and in-laws are in India. I have 1/2 million life insurance covered under my name. It's investment + insurance plans in AIA and prudential. I'm paying 750$ per month for life insurance which will cover for whole life until 75 of my age. Should I still need term insurance? If yes, may I know how much is

AIA Pro Lifetime Protector (II) ILP Prudential PRULink ILP

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Jason Khor

28 Nov 2022

It boils down to the intention of you thinking of getting additional coverage. Is it for legacy? Or is it for the existing financial commitment that you have? For etc housing loans.

You also mentioned that you do not have a short and long term savings, you might want to look into that area as well, as retirement is inevitable and given the current inflation, your spending power will be eroded.

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Manish Gupta

Edited 27 Nov 2022

Meaning u have taken ULIP or LIC which is not a good policy whether in India or overseas. Try to ask the agent on the coverage and when the Insurance portion will kick-in.

Before you buy any further insurances whether Term Life or anything please understand what you are buying. go thru various professional videos first.

I don't know the name of your policy but in today's time you should have 2 atleast. Term Life (1 million coverage) and ECI (if not mistaken max in SG you can take around 300k coverage). Just make sure that they are not Investment linked.

Another point is that since you are a foreigner with no CPF, I believe you are able to claim your life insurance amount as tax rebate, pls check with your agent again and also IRAS

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