DISCLAIMER: THIS ARTICLE IS BROUGHT TO YOU BY THE MINISTRY OF HEALTH. DO NOT READ IF YOU’RE ALLERGIC TO SPONSORED CONTENT. Every time we publish something on The Woke Salaryman remotely related to insurance, many financial advisors will reshare our content… to sell insurance. Don’t get us wrong. We are glad for the increased page engagement. We too agree that getting insurance is important. However, we also believe that there’s such a thing as ‘too much insurance’. In this article, we hope to clarify what we mean by ‘adequate insurance’. We’ll be focusing on the three most common types of insurance that people tend to overspend on: life, critical illness, and hospitalisation plans. Life insurance What it is: Insurance that pays out when you die or get terminally ill. How much coverage should you get? According to Life Insurance Association Singapore, adequate coverage is around 9–10 times your annual income. That means, barring any exceptions, if you’re earning $100,000 a...