Advice on Insurance Coverage

[DarthGW]

i am revisiting my insurance policies to see if i am well covered, as i intend to save up for doing investments
Profile

26year as of 2013. Non-smoker,married, waiting for BTO house to be ready (housing loan is covered and taken care of, so any excess cash is to be channelled into investments/savings/daily expenses)

Currently I am covered under Great Eastern under the following policies:

1. FlexiLife 20 - sum assured 100k upon death, TPD & CI
- limited payment term of 20years
- lifetime coverage

2. Supremeshield - P Plus upgrade with Rider.

3. Prime Growth Rewards - 5years premium,withdrawal after tenth year.

Thoughts: I believe i have gotten the major insurance scope covered: TPD, CI,Death, Hospitalisation, but is there anything else that i left out?
I am thinking of picking up another insurance policy which doesnt have to be from GE(whole life or term,but most likely term as what i have read from some of the gurus here). I find the payout is not a lot and may not be sufficient.

Prime Growth Rewards - looking back, i regret getting this as i could have use the money for investments, but i may just regard it as a forced savings plan in case of contingency.

Anybody can advise what else i should get to complement my insurance coverage before i move into investing the rest?thanks.

 

[kenix14]

i am revisiting my insurance policies to see if i am well covered, as i intend to save up for doing investments
Profile

26year as of 2013. Non-smoker,married, waiting for BTO house to be ready (housing loan is covered and taken care of, so any excess cash is to be channelled into investments/savings/daily expenses)

Currently I am covered under Great Eastern under the following policies:

1. FlexiLife 20 - sum assured 100k upon death, TPD & CI
- limited payment term of 20years
- lifetime coverage

2. Supremeshield - P Plus upgrade with Rider.

3. Prime Growth Rewards - 5years premium,withdrawal after tenth year.

Thoughts: I believe i have gotten the major insurance scope covered: TPD, CI,Death, Hospitalisation, but is there anything else that i left out?
I am thinking of picking up another insurance policy which doesnt have to be from GE(whole life or term,but most likely term as what i have read from some of the gurus here). I find the payout is not a lot and may not be sufficient.

Prime Growth Rewards - looking back, i regret getting this as i could have use the money for investments, but i may just regard it as a forced savings plan in case of contingency.

Anybody can advise what else i should get to complement my insurance coverage before i move into investing the rest?thanks.

I agree that you should look into a term plan to increase your death, TPD and CI coverage as 100K is definitely not sufficient. Do note that if you have kids, you might need more coverage as well.

 

[DarthGW]

future plans is we are going to have kids definitely
i know i have received a few pm from some lurking IFAs..but sorry, i am not interested in engaging your services.

 

[Darkzi0n]

how much coverage u need depends on ur liabilities... mortgage/car/renovation loans, children education, etc... for term vs whole life, do u foresee urself with such liabilities after u retire?

for term policy.. u can consider the SAF aviva if u r eligible for it... it is one of the most cost effective term insurance out there and even have partial cash rebates during good years.

 

[kebinu]

Secure your insurance with monthly income. Pay assure from great eastern. Premium is a few hundreds annually

 

[bigmice]

i am revisiting my insurance policies to see if i am well covered, as i intend to save up for doing investments
Profile

26year as of 2013. Non-smoker,married, waiting for BTO house to be ready (housing loan is covered and taken care of, so any excess cash is to be channelled into investments/savings/daily expenses)

Currently I am covered under Great Eastern under the following policies:

1. FlexiLife 20 - sum assured 100k upon death, TPD & CI
- limited payment term of 20years
- lifetime coverage

2. Supremeshield - P Plus upgrade with Rider.

3. Prime Growth Rewards - 5years premium,withdrawal after tenth year.

Thoughts: I believe i have gotten the major insurance scope covered: TPD, CI,Death, Hospitalisation, but is there anything else that i left out?
I am thinking of picking up another insurance policy which doesnt have to be from GE(whole life or term,but most likely term as what i have read from some of the gurus here). I find the payout is not a lot and may not be sufficient.

Prime Growth Rewards - looking back, i regret getting this as i could have use the money for investments, but i may just regard it as a forced savings plan in case of contingency.

Anybody can advise what else i should get to complement my insurance coverage before i move into investing the rest?thanks.

accident and more term plan with CI to cover before retire.