Asked 2w ago
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
Of course, this is a general guideline which may or may not work for you. Here are some considerations that you can look into:
There are a couple of factors that we need to clarify and plan before we can establish whether there is a need for death coverage. For example, do you have any dependents? Do you have any liabilities?
Total & Permanent Disability
Since you are alive and continues to live, there exists a need to be insured.
Similar to the rationale for Total & Permanent Disability, there exists a need for you to be insured.
As you can see, paying premium is at the end of the equation. What's more important to to get the correct amount of insurance coverage.
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