Term insurance with income benefit

Dear Mr. Tan,

I am 32 years old (male) and have 2 children aged 2 and 5. I like your suggestion to have a term insurance, combined with a monthly income of $2,000, in the event of premature death. How much do I have to pay?

REPLY
I suggest that you insure for 25 years. The annual premium is:

Term insurance for $50,000 for 25 years: $154
Family income benefit of $2,000 monthly for 25 years: $606
Total $760 or approx $65 per month

These are my benchmark rates. They do not represent the actual rates charged in the market.

You can calculate the benchmark rates for other ages by referring to this FAQ. In your case, I have to work out the premium for age 32 by estimating from the rates for 30 and 35.
http://www.tankinlian.com/faq/benchmark.html

If you reduce the cover to 20 years, your cost will be reduced by about 30%.