Am I currently adequately covered now?

Hi Kevin,

If you have no dependents or liabilities then you don't strictly need death/TPD coverage.

Your shield plan is ok and you can keep it. Just note that tremiums will rise over time.

Whole life with multiplier is basically a traditional whole life with a term plan stacked on top. So adding yet another term (the TM Term assure) on top is basically increasing the multiplier in a way.

Thus looking at it, you will have a $300K payout on CI till age 70 and after 70 you will have $50K of CI payout. There are rules of thumb to calculate how much cover you need for CI, but I'll reverse the way you should think about this. You just need to ask yourself, if you are critically ill now, will $300K be enough, considering that this money must at least meet your living expenses over 5 years and any other treatment costs not covered by your shield plan?

You can make use of our PolicyPal Life Stage function to an instant overview of your coverage gaps and possible steps to fill the gaps.

Alternatively, do get in touch with us if you are keen on a personal financial portfolio review.

More information is required in order to give you a better insight on whether your coverage is sufficient. Generally, we will use income to determine your financial gap.

As a general rule,

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

Additionally, it will also depend on how you wish to plan for your future that matters. At 32, you may have intentions to settle down, buy a house or other aspirations that you wish to accomplish. Accordingly, comprehensive financial planning helps us to foresee such needs and plan accordingly thereafter.

I share quality content on estate planning and financial planning here.

You can tabulate your guidelines here:

https://www.aaronleow.com/insurance-requirements-calculator

It all stems from your income.

The structure of whole life and term is not uncommon, and something which is recommended due to the CI assurance charges of whole life being the same as a term.

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