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

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.

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