wah, response so fast... thanks all
If you don't have dependants it's not that necessary, you'll just be responsible for your own finances.
If you have a family or are supporting your parents etc, the loss of your income upon disability or death etc will affect them greatly, as they may not even have enough for necessities to support their own lives.
The coverage you should be getting depends on how much people are depending on your income. The greater the dependency the higher your coverage should be.
Currently no dependents. I'm not supporting my parent as well at the moment, well the plan is to get my 1st property without their support, so no point I support them now.
insurance is necessary but you can self-insure.
For example, if you have an extra condo worth $2m. This is also an insurance policy that you can sell (or your family can sell) if anything happens to you.
Similarly, some people have many kilograms of gold stacked in their house. That is their insurance policy against collapse of the financial system (though I wonder if they insure their gold against theft...)
I think this is what I am trying to do now (self-insure), I have assets (though not $2m), but in case of emergencies should be able to cover also. but again i dunno how much is enough.
You should have at minimum enough coverage to pay off your mortgage and any other liability plus living expenses for your dependents until they are independent.
I should be able to do this, I will be in debt when buying property, but should be able to clear off very quickly
Hmm, here's what I suppose you could do. Ask yourself these few questions.
1) Do you have dependents? If no, maybe life insurance isn't exactly necessary for you. If yes, move on to question 2.
2) In the event of your unfortunate demise (touch wood), are your current assets enough to replace the income that you are currently earning so as to sustain the lifestyles of your dependents? If no, you might want to consider getting insured for a sum that makes up for what you may be missing. If yes, then you're probably self-insured. Unless you want to leave even more for your dependents, you don't exactly need life insurance.
Then again, deciding on the exact sum you want to be insured for is not so easy. As Lewis.T mentioned, you want this sum to be sufficient as a form of replacement income to support your dependents in the event of death/disability. This you should be able to figure with proper calculation (with the help of financial advisors if need be). If the agents you have spoken to are still leaving you unclear of whether you need insurance or not, then perhaps you're speaking to the wrong people!
Hope this helps.
1.) Not at the moment, after married then yes
2.) Hmm difficult question. Without current asset, my gf also working, so she can support herself. Actually my worry is CI, because of the treatment cost, but I think shield plan should be able to cover most of it, right?
