KIASI WOMAN BUYS 5 INSURANCE PLANS, EVERY MONTH PAY $700+ BUT SALARY ONLY $2.2K

Am I buying too much Insurance

Hi all, I am looking for guidance regarding my insurance. I’m 26F, take home salary is 2240 and I’ve just ballot for feb bto 2023. Trying to save money to pay for the first payment in few months time.

Insurance that I bought:

1. Singlife Whole Life bought in July 2022 $235.50 per month- 25 years term- It covered Death, Total and Permanent Disability, Critical Illness
2. Singlife Steadypay Saver bought in July 2022 $115.25 per month- 25 years term- Endowment Plan (Saving plan waiting for maturity)
3. Singlife Elite Term bought in July 2022 $45.90 per month- 40 years term- It covered advanced Total and Permanent Disability, Critical Illness
4. Hospital Plan Singlife- Paid by my dad medisave however I have decide to pay by my own, will be meeting agent next week to discuss about the plan
5. I purchased investment from the company with their own portfolio for e.g unit trust, ETF. DCAing 300 per month started July 2022, and I’m able to take out the money anytime I want.

I been paying about 700 out of my 2240 per month, is there anyway that I could save from those Insurance as I thinking if I am paying to much for those and I need to save up for my BTO.Does not have any debt, give parents 200 per month, living expenses about 500-1000 (occasionally spurge on stuffs). Bank currently have 2000 (yeap I know its pathetic..)

Netizens’ comments

• I saw $2240 and then saw there’s more than one bullet point.

Yes too much lol.

• I’m younger but I agree it’s too much for now. Just a pov I would like to offer u could consider, is there a reason why u need elite term when u already have whole life plan? Seems like it’s an overlapping insurance except that it covers advanced TPD.

And correct me if I’m wrong since I’m still not that well versed in insurance, when u say term do u mean the premium payment term? If so, for Whole life u pay $70,650 in total for whole premium & for elite term u pay $22,032 in total for the 45 year premium payment term. Seems like an additional cost of $22,032 for an overlapping insurance unless that advanced TPD is very valuable to u

• Whole Life VS Term Life is a personal preference. If cost is a concern, go for Term Life. It’s a lot cheaper and does the important function of a life insurance i.e. paying out to dependents if you die or TPD.

Endowments always suck. Consider cutting loss and terminating if you want to spend 1 day learning alternatives of investment. That 1 day spent will potentially earn you more than what endowment will get you.

Looks like overlapping with number 1. Only go for coverage that is applicable to what you or your dependents need. FAs like to sell insurance based on your income. But to listen to that bullcrap. Buy insurance based on your expenditure. Insurance is meant to help in times of need and if your spending is thrifty, you don’t need too much insurance coverage.

This is the only and truly essential insurance. Getting the tier that allows claims for private hospitals is usually cheap to maintain when you are young. Can consider that. Premium grows over time with cash component but you can always downgrade it.

Investing with insurance companies is always losing money to all the fees you can think of. Same as number 2, spend 1 day learning and you will likely benefit more.

PM me if you need advice. not a FA, but i research a lot when i buy things.