What's the recommended next stage of coverage for me, any tips?

Hi anon,

You can do a quick check on your coverage by applying some common rules of thumb and comparing them against the sum assured:

Death/TPD cover: 10 times of your annual income

Death/TPD cover: Your liabilities as well as funds to maintain your family's standard of living

CI cover: 5 times of your income

CI cover: 5 years of expenses plus a baseline for out of pocket costs

Note that these are guidelines (some clients prefer one over the other) and that you should sit down to review the exact numbers for certainty.

The living policy is an older policy which you can keep. I am not sure when you bought VivoLife if it was the older version with 125% boosted cover for 15 years, or the newer version (Vivolife 125/180/350). Both plans can be kept with no issues. The Flexi endowment should also be kept going if you've had it for a while now.

Your group insurance policies are a good benefit, but remember that they will only be active as long as you remain with your company; if you think you might change jobs, it is usually more prudent to have your own personal policies.

ECI should be your next stage of cover. As you are still young (below 30), premiums are usually quite affordable. However, we also need to ensure you do not strain your finances in terms of affordability, so it would be good to have an idea of your cashflow and expenses. Once that is settled, you should start your planning for investments and retirement.

Based on the rules of thumb, take a look at the coverage amount and you will have an idea of whether you are adequately covered or not. If you need to sit with an independent advisor for a review, feel free to reach out to me at [email protected]

It's hard to give advice without the figures of your sum assured but based on what you have mentioned, I would say that you're adequately covered in terms of Death, Disability & Accident.
You should certainly concentrate on ECI for your next stage of cover.