Asked by Anonymous

I am currently 27 this year. Married & Flying Crew. Currently pay around 6K a year premiums is it considered alot?

Currently having 3 plans 1. Hospital Plan (PruExtra Premier) 2. Whole Life Plan with NTUC Death Benefit of 200M 3. Endowment Plan (PruFlexiCash) which I bought like 5 years ago I know many taught about buy term & invest rest but my initial plan was to pay for 20 years and “cover whole life” but now I feel that maybe 200k death Benefit is not enough? Should I add another term plan?

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    • Hariz Arthur Maloy
      Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent

      Top Contributor (Jan)

      277 Answers, 468 Upvotes
      Answered on 28 Sep 2018

      It's not about how much you're paying.

      It's about having enough coverage.

      Rule of thumbs are:

      10 X Annual Income for Death cover 3-5 X Annual Income for CI cover

      Term or Whole Life would be up to you. For my clients we do some term, some whole life (mainly for CI).

      Don't count your savings plan as a protection product. It's not. It's a savings product.

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    • Alan Kor
      Alan Kor

      Top Contributor (Jan)

      63 Answers, 103 Upvotes
      Answered on 02 Oct 2018

      insurance is used for protection only

      you should look at adequacy of coverage for the lowest cost.

      whenever you mix insurance with investment, you will always be wondering why your coverage is so little. then you buy another plan and add more premiums costs.

      it will never be an ending cycle.

      stick with term only

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