And any reasons in not taking whole life insurance plans?
Do you really have to ask that question?
To answer the original poster's question, if anything you're over-insured as a generalization, but a couple comments from me....
AVIVA MyShield Plan 1 + MyHealth Plus Optionc A
This is quite lavish coverage, and you should expect medical inflation plus age rating to spike these premiums rather aggressively. Plan 2 (public hospital A ward coverage) and Plan 3 (public hospital B1 ward coverage) are available options that are more affordable now and that should experience more moderate medical inflation going forward. They're not the best such Integrated Shield plans in their categories (Prudential wins for public hospital A ward coverage, and Great Eastern wins for public hospital B1 ward coverage, in my view), but they're available and without any new pre-existing condition coverage exclusions when you switch. (If you want to make a carrier switch and have no pre-existing condition limitations, now's the time to do it, I'd say.) There are corresponding riders available for Plan 2 and Plan 3 as well. When the new riders come out (that are not "zero dollar" riders), I would certainly consider them for their premium savings.
AVIVA IdealIncome $4k till 65
Bravo. Just keep tabs on this coverage to make sure that $4K/month is enough. It might not be in the future as inflation decreases the real value of that $4K, although Aviva's 3%/year escalating payout option helps address that problem to some extent (although not the starting payout amount) and your own wealth accumulation should help, too. Choose (or change to) the longest deferment period available for premium efficiency. (Your emergency reserve fund should be more than enough to tide you over.)
If you are ever considering a stint working outside Singapore, pay close attention to whether Aviva will continue to cover you under IdealIncome.
AVIVA My MultiPay Critical Illness Plan III $100k till 75
"Eh." A $100K payment for "winning" the cancer lottery isn't so exciting.
AVIVA MyFamilyCover Plan 1 till 65
This one is a bit weird. It's basically term life insurance combined with term critical illness insurance, but with the payouts structured as monthly for a maximum of 10 years (or to the end of the term, whichever is shorter). It answers the question "What if I don't trust my survivors to manage a lump sum payout in the event of my untimely demise? (Or what if I don't trust myself to manage a lump sum if I get a 'lottery' critical illness that happens to be listed in the policy?") But 10 years (or less) is weird. The coverage itself is redundant to your life insurance and critical illness insurance. So basically you've added this policy to add monthly payouts for up to 10 years in the event one or more of the named risks befalls you. It's a little weird, but OK, if you or your survivor is really awful at managing money (and cannot even follow your careful instructions to buy her/himself a life annuity with insurance proceeds, for example), then OK I guess. Or maybe the premium works out to be more powerful/effective if you structure payouts this way (lump sum plus monthly), although the immediate cessation of payouts at age 65 is still weird. Even if you decide to keep this one that feature alone means you should drop this policy as you get closer to age 65. You probably wouldn't want to hang onto this policy (if you're paying premiums) as long as age 64, for example.
Sompo PA Star Standard till 85
"Eh." The most this policy could ever pay is $100,000, and you've got to be dead for that to happen, meaning your life insurance is going to pay out anyway. Unless you're thinking of the age 65 to age 85 part? ("My dear husband is dead! Oh no! By the way, how'd he die? You say he got run over by a bus? Hooray!") It's really ridiculous. There are far better ways to spend that $101.65/year (or higher) premium.
It looks like bad/defective term life insurance, mostly. I cannot figure out why you'd buy such a policy, or why anyone would, really. Let me take a quick look here.... Yes, you can buy $100,000 of additional term life insurance coverage with a 20 year term for less than this policy costs, and that pays out no matter why you die (not just for "accident" reasons), with only the usual/typical exclusions such as suicide. Unless you so highly value the $50/day of hospitalization benefit? But, come on, and your Integrated Shield rider does better than that if you voluntary downgrade one hospital ward class.
I don't understand this one at all. It looks dreadful to me.
AVIVA GTL Insurance $250,000 till 65
DIRECT - Etiqa Term Life $400,000 till 65
That's $650,000 of term life insurance, and that's rather good. It's more than enough to retire your outstanding mortgage if your survivor wants to do that, plus your survivor inherits your CPF savings and other assets (I assume).
Conceivably, probably, you could drop one or the other as your wealth accumulates. For example, if at age 50 your outstanding mortgage is $300,000 and your non-housing wealth has grown by $200,000, then maybe you drop the (likely more expensive) Etiqa coverage and just hang onto the Aviva group coverage. So this helps to answer the question why you'd have two policies from two different carriers. Another reason is that $400,000 is the maximum available under direct purchase, and the group policy is likely a great value, so you ended up with both. Nothing wrong with that at all -- very well played, I'd say.
How is your dependent (spouse or partner, I assume) insured? Is she/he working?
If you venture outside Singapore, then travel medical insurance is important. I presently like Bupa's "basic" annual plan which puts locally issued policies to shame, at least if you venture outside Singapore more than once or twice a year. You can buy it online, and the lowest cost is direct from their Web site, in British pounds, and with a coupon code (easy to find if you search). Includes unlimited emergency medical, medical evacuation, and medical repatriation coverage worldwide for trips of up to 45 days, and with very few activity exclusions. Good stuff.
