I have spoken before about the Financial Planning Triangle. Basically, we need to have protection first before wealth accumulation. Insurance is the bedrock of the triangle, where one needs to have protection before one can try to grow his or her wealth.

It might be a little scary on planning your own insurance. So, in this post, I will be showing you how you can get the calculations, so that you will not get tricked by any dishonest financial advisers out there. More specifically, I will be showing you:

  • What are the various types of insurance?
  • How do I calculate the amount needed?
  • What insurance do I need?

The various types of insurance

Singaporeans have insurance for everything, from term life to whole life and then to investment-linked policies. As a fact, many Singaporeans are overinsured. Truth be told, insurance can be easily classified into three types: life insurance, …