17-11-2012, 02:09 PM
(17-11-2012, 09:45 AM)hyom Wrote: $1m may sound a lot but not really that much if you divide $1m across 6 or more people which includes parents, parents-in-laws, wife, children etc.I prefer to buy only what i need than to buy extra. I dont expect my parents to live another 30 years since they already 70+ years old. If i want to make sure should anything happen to me and they are well taken care of financially, i will buy a decreasing term insurance. I bought a S$200k 10yr decreasing term just to ensure sh anything happen to me, my son will be taken care of financially till he is 21 years old. This is base on my calculation that in 10 years time if nothing happens to me, my savings should have increase by 200k.
For low income group who are young and healthy, they might like to buy an accident plan instead of life insurance. The chances of the death of a young healthy person is usually due to accident. The company i work for allows us to buy very cheap accident plan which costs S$64 per year for S$500k coverage.