(20-10-2013, 02:02 PM)Porkbelly Wrote: Having insurance is important.
Its ensuring the correct type that is mismatched.
I am insured $250K and there is still Dependant Protection Scheme
That is enough. All policies payable upon death only.
The reason is: The money is sufficient to pay for coffin and estate stuff
and to cover household expenses for about 1 year. I expect mourning and grieving to be over by then. The family is expected to survive on their own. ( my kids are over 20 years old )
If the family is young, then the insured amount should be decided so that it is sufficient for 1 or 2 years of expenses. Beyond that, the family should get their butts off the chairs and start looking for work.
Nobody should benefit from insurance.
Agree!

Not forgetting that upon my death, my family have assess to my CPF, which adds up to another $200+k (OA + SA + MA).
Think my family benefit from me more that I am dead than alive!
	
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