Anonymous
How should we gauge whether we're spending too much on insurance?
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Leslie Koh
12 Nov 2019
Associate Financial Services Manager at Prudential Assurance Company Singapore
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Kelly Trinh
12 Nov 2019
Backoffice technical at financial services firm
Well according to below; 30% to retirement (investment) and 20% to savings.
Insurance products like ILP would be more for the former while endowments for the latter. But don't take that as a target - this is an upper bound, as there is many other products in the categories - having 50% all to insurance would be a lot.
Personally I'd say 5-10% a maybe a tad more if there is an ILP in that mix. YMMV
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Hariz Arthur Maloy
11 Nov 2019
Independent Financial Advisor at Promiseland Independent
Hey Anon, before looking at premiums, make sure you understand how much coverage you require.
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Hi Anon,
A simple rule will be 10x your annual income for Death & Disability and 5x your annual income for illness coverage. Depending on your age of entry, smoking status and health condition, you should be setting aside 10-15% of your income for this coverage. Do take into account this is assuming that you have considered in your hospitalization coverage.
That should be your utmost priority.