am i adequately covered?

[wickedpork]

hi all, i got the following policies, seeking some comments on whether i am adequately covered? ..cos with the threat of illnesses and all, insurance is definitely a part of gd financial planning.. hv seen people falling sick around me and not having enough coverage or funds to pay for their medical expenses.. SAD and scared.. lol.

Also, i am planning for a comfortable retirement.. I have separate accounts with banks investing in funds also but would like to put more into investment.. those that no need me to monitor one. any advice greatly appreciated. thks.

1. NTUC income - 3 living policies (SA $70k, $80k, $80k), 1 growth policy SA $37K, 1 anticipation SA $25k, basic eldershield
5. CPF - basic medishield
6. Manulife - Save Smart Plus 15 years SA $185k
7. AIA - 2 asset builder policies bgt with CPF - SA $8k and $25k, Complete critical cover paying about $1k per year, 21 yr special endowment SA $10k
10. GE - Totalshield, Supremehealth, Choice Saver SA $11k, Supreme Life $15k, Flexilife 20 SA $50k
11. Aviva - Anticipated endowment & premier life each paying abt $2.5k a yr (can't rem SA)

 

[NiteX2]

It's good that you are taking charge of your planning.

Being adequately covered or not depends on a few factors:
-Your total coverage to your total income currently? (5-10x of annual income is a good gauge, of course it depends on a person's commitment levels and so on)
-Any dependants? (The more persons you have to care for, the higher your needs)
-Liabilities currently

On the whole, your coverage seems ok with a combination of wholelife and endowment plans in place, but again, it depends on your current situation now and whether the plans you have listed covers critical illness or not.

Are your living policies those that require you to pay till age 85? or those limited pay ones?

For your 2 asset builders policies, I would suggest you check out the current investment values. If they are not performing well, it is better to put them back to your SA account.

Can't really comment much on your current portfolio as it is lacking certain details.

I am from an IFA and can help you to do a portfolio consolidation so you can get an overview of what you have currently and find out whether your coverage is sufficient. Do PM me if you think I can value add you =)

 

[wickedpork]

Hi, nitez, thanks for your comments n reply.. my answers:

-Your total coverage to your total income currently? (5-10x of annual income is a good gauge, of course it depends on a person's commitment levels and so on) Yes, i am covered for about 10x my annual income.
-Any dependants? (The more persons you have to care for, the higher your needs) No dependents.
-Liabilities currently. $0, all paid for.

On the whole, your coverage seems ok with a combination of wholelife and endowment plans in place, but again, it depends on your current situation now and whether the plans you have listed covers critical illness or not. Yes, critical illness covered, also early critical.

Are your living policies those that require you to pay till age 85? or those limited pay ones? Pay till age 85, but then I don't think I'm going to do that. Thinking of cashing out if possible..

For your 2 asset builders policies, I would suggest you check out the current investment values. If they are not performing well, it is better to put them back to your SA account. hmm, ok thanks.. i will check with my agent.