Why I didn’t get life insurance
Another thing we do when we start earning an income is to get insurance. There are many different types of insurance, but here I am only stating the reasons why I finally decided against getting a life insurance. 1. My biggest recurring expense is covered by another insurance, which I sort of forgot about at first when I considered getting life insurance to protect my income. That expense is my HDB mortgage, which is covered by HPS (home protection scheme). 2. My other expenditure is <1k, which my hubby is able to achieve even if he were to work part-time. Financial planners use the 10 years x your income to calculate your adequate coverage, but personally I don’t feel I need to protect my full income, just my expenditure should be sufficient. And for now that expenditure can be covered without insurance. One important thing my financial planner raised was that when we fall ill, our partner would have to spend a lot of time taking care of us and would not be able to work full time. ...