Anonymous
Will i be paying too much for insurance?
I am currently paying $200/ month (20 yrs) with 4x multiplier to cover 240k death 240k CI 80k ECI till im 70, it becomes 60k death 60k CI 20k ECI after 70. Should i buy an extra $138/month life plan (10 yrs) to cover 80k death 80k CI 20k ECI? I am currently 24 with plans to marry and start a family 5 years ltr. I have just completed my part time uni if it helps.
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Loh Tat Tian
20 Jan 2020
Founder at PolicyWoke (We Buy Insurance Policies)
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Too expensive premiums for too low coverage - the result of mixing insurance with investment
you will be better off with term life
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Elijah Lee
08 Jan 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
You'll want to see if you already will have sufficient coverage with your current plan eve...
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IF the amount you are paying is more than 10% of your take home income, yes it is paying too much. This is because
anything more than 10% is difficult to adjust as this becomes a fixed cost.
If you are worried about coverage, always TOP up with a term insurance.
Hack, even if you are nearing 55, you might just want to consider a 5 year term insurance.
CPF is your next bet to make a blended return (as the most common thing to do is surrender/convert it to annuity after 65).
Not easy but please use FACTs and FigureS (and not distorted ones like term pay more over time, as time value of money should also be considered).
If you (or your spouse) is eligible for Mindef Aviva Group Life insurance, its a good top up for death/tpd benefits. CI can be calculated but before 30, good to buy their term CI too.