How much should I be spending on insurance? This is a common question we face on our personal finance journey, and one which does not seem to have clear answers. But this is not uncommon in personal finance, which is rife with rules of thumb that do not have a clear rationale. Ask a financial advisor, or an Insurance Agent, and the answer is usually somewhere along the lines of 10% of your income. Which can come to a considerable amount! And when we delve deeper into the insurance products being spent on, there is no clear demarcation between insurance and savings and investment products. So perhaps looking at how much spending on insurance we do as a whole can shed some answers on this question. How much should I be spending on insurance? What type of insurance and how much of it do we need? Let’s start...