This article explains the amount of life insruance that you need. In my book on financial planning, I suggest that the amount should be 5 to 10 years of your current income. You can buy a large amount of cover at a low cost by choosing term insurance for 25 years (not longer). If you can get decreasing term insurance, it is even cheaper.
Most people in Singapore can buy cheap term insurance through the SAF, SAFRA, NTUC or Public Officer's scheme.
Tan Kin Lian
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