Hi Mr Tan
I am 30 years old with a monthly income of $X. How much life insurance should I buy and what is the premium that I have to pay, if I buy a term insurance plan?
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REPLY
You can read this FAQ on choice of insurance plan. It also gives some examples of the premium rate payable. The premium varies proportionately to the sum insured.
You also have the choice to buy a decreasing term insurance, where you can save about 50% of the premium.
If you have a family, you should be insured for 5 to 10 years of your income. The premium should cost you less than 1% of your monthly income.
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