Dear Mr. Tan,
I have already bought a five years term insurance($15,000) from NTUC income, do you think I still need the DPS ($46,000) required by CPF board?
REPLY
It depends on your personal circumstances. If you have dependents, you should aim to insure for 5 to 10 years of your earnings. If you have accumulated savings, the insurance cover can be reduced by this amount.
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Tuesday, January 01, 2008
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3 comments:
An absolute figure cannot tell you anything except that it is what you have.You may be over insured because you may not need any insurance and the reverse is true too.
So it depends on your circumstances.
$15000 u think alot? Lol.
When you don't need it, any amount is over insured. You get it? It is not the absolute amount. Of course it is small but it still costs money which you could put it somewhere it can work best for you.
Very often it is the little amount we overlook. we buy even we don't need it. Like the Great Singapore we often buy them and throw them away next year.
To defend yourself, always ask yourself or ask the adviser whether you need it.Don't care even it is on promotion.
Remember it is NOT FREE.
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