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

    Top Contributor (Apr)

    Level 7. Grand Master
    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
    Level 4. Prodigy
    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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