Personal insurance coverage

I have covered the insurance coverage for my child in an earlier post and thought to do the same for myself. Technically, I recognise that I have a young dependent and housing as a big ticket item. In the case of my early dismiss, I need to ensure that at least the housing loan is settled and some monies to go towards the care of her. It is more than sufficient to bring her up on one parent’s income with the big ticket item taken well care of.

Insurance Type

Aviva MyShield Plan 1 + MyHealth Plus Option A
$209.00*Annual for lifetime
Private Hospital Standard room, cover co-insurance only
Critical IllnessAviva My MultiPay Critical Illness Plan III $780.50Annual till 75
Sum Assured $50,000
Accident PlanSompo PA Star Standard$101.65*Annual till 85
Disability IncomeAviva IdealIncome$539.24Annual till 65
$4,000/month income
Term LifeSAF Group Term Life Insurance$123.00Annual till 65
(optional till 70)
Sum Assured $250,000
Term LifeDirect – Etiqa Term Life$412.00Annual till 65
Sum Assured $400,000
Term LifeDependants’ Protection Scheme$36.00*Annual till 60
Sum Assured $46,000
Term LifeGroup Term Assurance Scheme$0Covered during hire tenure
Sum Assured $150,000

*Premiums are subjected to annual revisions

One insurance type which I do not see being discussed often or even recommended is Disability Income. DI kicks in when you are temporarily unable to work at your trade due to an illness or accident. It pays you a fixed amount each month to replace the income you lose. It has a different meaning to losing an arm or leg or permanently incapable of working due to a physical disability. Having worked through how much I need minimally each month to live comfortably, this is the amount that I am willing to pay to insure myself.

Is this insurance coverage sufficient for myself? It is good to set a basis to work against for the coverage for oneself. While it has not reached the optimal level, I daresay this is the level I am comfortable to risk versus what I am currently insured for. As life goals change, it is an area which I will come back to look at annually.

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