When deciding what insurance to buy, we often depend on the recommendations of financial advisors. However, doing so has its perils as the premiums can start to rake up without our knowledge. I realised this when I paid around $14k in insurance premiums in 2019. Yes, you read that right, I paid a 5 digit sum to insurance companies. To put that into context, it was close to 33% of my annual net salary. This perhaps explains how I became a VIP client of one insurance company?. How did my premiums skyrocketed to such an amount? Well, here is a rough breakdown of my then insurance portfolio: Whole Life coverage: 325k ($3400)Term Life coverage: 500k ($250)Personal Accident coverage: 500k ($750)Critical Illness coverage (including under life insurance): 675k ($200)Medical/Hospitalisation+rider: ($980 excluding medisave)Two Endowment Plans: ($6800)Investment-Linked Insurance: ($1700)Total premiums: $14,080 After looking at the premiums paid, I thought to myself “Holy C***…that...