Term Life Insurance
Asked by Anonymous
Asked 1w ago
What should I be looking to upgrade on? How do I know if my coverage is good enough?
Just wanted to ask for both plans, when do they expire? Also like what Hariz mentioned abt how Great Life Adv is an ILP, it would be best to take note that there will be rising mortality charges with age. Though if you do continually pay the premium, it should act like a life protection policy.
Just wanted to ask, did you look into getting an integrated shield plan and personal accident plan as well?
Top Contributor (Dec)
Well it depends on what and how much they cover my friend.
You can follow this rule of thumb.
Get 10 X Annual Income in the event of death and 5 X Annual Income as income protection in the event of Critical Illness.
If you follow these basic guidelines, you shouldn't be spending more than 10% of your income as premium.
So if you make 50k/yr. You should have 500k as death cover and 250k as CI cover, and this shouldn't cost you more than 5k/yr.