Reading this Seedly article inspired me to do a stock-take of my insurance plan.
Some background about me:
– I’ve a few more years to welcome my 30s
– I’ve worked for 4 years
– I bought my 1st insurance (hospitalisation plan) when I started working
– I’m not married yet
I feel that buying insurance is a responsibility. It is a responsibility towards myself and my loved ones. Nobody wish to deplete their hard-earned savings for a sudden incident. If you’re lucky enough, your incident could be a once-off, curable event. Otherwise, your incident could cost you your life and torture you and your loved ones.
Here’s a comparison of the plans I have versus what the Seedly guide:
Term/Whole Life The recommended coverage is 5x my yearly income i.e estimated at $350,000.
The actual coverage I have? $200,000. The main beneficiaries of this sum would be my parents and it should be enough