Would 10% of my pay for monthly insurance premiums (ECI/CI/TPD) be too much?

Kudos for making the effort and initiative of considering buying insurance at 20! I bought my first one around 21 and it wasn’t a good buy (it’s an ILP unfortunately) but on the other hand, it’s good because it is the only one without loading or exclusions because later I have some health issues.

I think 10% is okay if you have worked out the sums where you have comfortable amounts for your own eating, transport, emergency funds savings (6 months at least), parents allowance if you need to give, or any study loans. I think that’s what I had to pay at the age of 21. Make verrrrrry sure you’ve some cash with you just in case of any emergency happens, because the last thing you wanna do is to cancel the policies due to inability to pay! It’s the worst, I can tell you!

At the same time, I also would like to advise you to reconsider what you would like to buy. I would agree that hospitalisation plan is good to have! As for accident and life insurance, I’m not too sure, in fact, I have just cancelled my accident plan (because I don’t think it’s necessary). Life insurance would be good if you have dependents if I’m not wrong, so you might wanna consider term insurance because it’s less of premiums which is less taxing on your income? ECI, CI and TPD are lump-sum payouts and may or may not happen (to fit into the requirements for a payout), so you might want to also consider DII (disability income insurance) which is less popular in Singapore (note that it’s not because it’s lousy, but not so profitable for the agents who are selling - according to a Friend who is an agent).

Hope that helps!

Start with the basics, minimise cashflow stress - looks like it is possible to get $1 million of coverage for only $312 a year (= $26 a month). See https://thelobang.com/index.php/2019/08/27/insu...

In a straightforward fashion, I will say no. 10% looks fine to me.

For the budget that you mention, you should be able to easily get your self an accident plan, death/TPD/TI/ECI coverage of at least 5 times of your annual income.

As a general guideline, an allocation of 20% for insurance/long term savings is the max I'll recommend for a healthy cashflow usually. Do hit me up if there's anything else I can help you with. :)