Is this insurance coverage enough?

[OngHuatHuat]

My current insurance coverage:
1. Life insurance limited pay : sgd 100000
2. Pru accident: sgd 100000
3. Prushield
4. Prushield extra
5. Ntuc income endowment: sum assured 18000
6. Great eastern term plan( compulsory by cpf, not sure how much)

Mortgage related insurance:

1. Prumortgage: to cover my sg property loan of 920 k
2. Mlta(similar to life insurance): RM 1 million to cover my kl house property loan, current loan size around 860 k.
3. Mrta( similar to mortgage insurance) cover my loan of ringgit 850k


**One housing loan size around 750 k ringgit uncovered by any insurance

Currently most of my mortgage loans are fully covered by insurance except for one, but that I think can use sg life insurance to cover it.

Am I considered underinsured? What else can I get to protect myself further?

 

[purpletoysmum]

How much for critical illness?

 

[mummy1234]

Should get for income replacement or partial disability in case cannot work due to illness like Great Eastern has a plan for that that covers for life...

 

[OngHuatHuat]

I think endowment, life insurance and mortgage insurance all cover for critical illness.

How much for critical illness?

 

[OngHuatHuat]

How much is the premium per year? And what are the coverage?

Should get for income replacement or partial disability in case cannot work due to illness like Great Eastern has a plan for that that covers for life...

 

[mummy1234]

How much is the premium per year? And what are the coverage?

I dunno about Great Eastern premium cause I bought mine from Manulife which only pay out for 5 years ,which on hindsight should have chosen GE.
Mine pays out $70k for 5 years in event of partial disability and also covers $350k in event of death and CI...premium about $750 per year but increases every 10 years...

 

[Seannie]

My current insurance coverage:
1. Life insurance limited pay : sgd 100000
2. Pru accident: sgd 100000
3. Prushield
4. Prushield extra
5. Ntuc income endowment: sum assured 18000
6. Great eastern term plan( compulsory by cpf, not sure how much)

Mortgage related insurance:

1. Prumortgage: to cover my sg property loan of 920 k
2. Mlta(similar to life insurance): RM 1 million to cover my kl house property loan, current loan size around 860 k.
3. Mrta( similar to mortgage insurance) cover my loan of ringgit 850k


**One housing loan size around 750 k ringgit uncovered by any insurance

Currently most of my mortgage loans are fully covered by insurance except for one, but that I think can use sg life insurance to cover it.

Am I considered underinsured? What else can I get to protect myself further?

Waaa jin sakti leh. Gotch so much insurance still ask whether undersecured. Moi dont even have a single insurance plan at all. Maybe im poor bah nothing to plan. Rich financial gurus like you really spend alot of time to plan a lot.

 

[Lewis.T]

Waaa jin sakti leh. Gotch so much insurance still ask whether undersecured. Moi dont even have a single insurance plan at all. Maybe im poor bah nothing to plan. Rich financial gurus like you really spend alot of time to plan a lot.

Of course must get a lot, his debts also a lot, need to cover.. unless he doesn't mind his properties being sold at a fire sale lol.

 

[OngHuatHuat]

Actually the premium is on the high side if just look at how much they cover for partial disability.
I shall do more research on this. Thanks.

I dunno about Great Eastern premium cause I bought mine from Manulife which only pay out for 5 years ,which on hindsight should have chosen GE.
Mine pays out $70k for 5 years in event of partial disability and also covers $350k in event of death and CI...premium about $750 per year but increases every 10 years...

 

[OngHuatHuat]

Everything do something, must have proper planning. Isn't that what they taught you in school and university? Same principle applies in real world.

20 to 30 plus is golden age to do all these plannings. It is just like building a football team, you need goalkeeper, defender, midfielder and attacker, if one fails , you still have others to cover.

I mention it because there was someone in the stock chit chat thread told me I am underinsured, so I see if I can do anything to improve.

Waaa jin sakti leh. Gotch so much insurance still ask whether undersecured. Moi dont even have a single insurance plan at all. Maybe im poor bah nothing to plan. Rich financial gurus like you really spend alot of time to plan a lot.

 

[OngHuatHuat]

No lah, this coverage is more for my family rather than myself.

Of course must get a lot, his debts also a lot, need to cover.. unless he doesn't mind his properties being sold at a fire sale lol.

 

[w1rbelw1nd]

Perhaps you should let us know how many dependants you have and how much you are contributing to household expenses?

 

[purpletoysmum]

Yes. It will help to gauge if the insurance is adequate.

 

[SpinFire]

Just get more term insurance coverage till 65 years old to fill the gaps lor. Don't need spend more money on WL insurance.

 

[OngHuatHuat]

Currently no dependent yet.

If exclude all the mortgage repayment, it should be around 2.5k per month.

Maintainance fee: 336
Public transport concession: 120 + 100 (wife)
Phone bill: 200
Utilities bill: 100
Personal expenses: 600
Supermarket purchase: 200
Insurance payment: around 800 per month

Total = 2.5 k per month. (With certain degree of overestimation)

Perhaps you should let us know how many dependants you have and how much you are contributing to household expenses?

 

[newjersey]

Just get more term insurance coverage till 65 years old to fill the gaps lor. Don't need spend more money on WL insurance.

yup, whole life insurance plans are for losers and tax dodgers, seeking purposeful poor returns from whole life plans.

not necessary, as sg taxes are the 2nd lowest in east asia.

 

[mummy1234]

Currently no dependent yet.

If exclude all the mortgage repayment, it should be around 2.5k per month.

Maintainance fee: 336
Public transport concession: 120 + 100 (wife)
Phone bill: 200
Utilities bill: 100
Personal expenses: 600
Supermarket purchase: 200
Insurance payment: around 800 per month

Total = 2.5 k per month. (With certain degree of overestimation)

Death and TPD insurance is more for dependents esp kids if you r the breadwinner... No need to be excessive imho...I did not buy that much coverage as properties will likely be sold and they will downgrade if I die early....just enough for dependents' basic standard of living till they r independent and for one house is enough...

 

[Seannie]

Everything do something, must have proper planning. Isn't that what they taught you in school and university? Same principle applies in real world.

20 to 30 plus is golden age to do all these plannings. It is just like building a football team, you need goalkeeper, defender, midfielder and attacker, if one fails , you still have others to cover.

I mention it because there was someone in the stock chit chat thread told me I am underinsured, so I see if I can do anything to improve.

Plan so much gotch enjoy yur life or not? Got $ jiak rojak boh? Or every meal bread & maggie mee? No enough nutrients sure die young. Plan so much later die before 50 like yur idol dennis ng how??? Then all yur planning no use le. 得不偿失。