Your biggest risk is NOT premature death. It is NOT critical illness. It is earning a poor yield due to the bad life insurance products sold to you by an insurance agent (who wants to earn a fat commission from selling the product). By earning a poor yield, you will not have sufficient savings for retirement, even though you have been frugal and have saved as much as you can during your working life.
Your priority is to get a good yield on your investment, at least 2% higher than inflation. You should avoid life insurance products that take away 40% or more of your accumulated savings. You can buy term insurance for 25 years to cover premature death and earn a good yield by investing in a ETF. It is explained in my book, Practical Guide on Financial Planning. You can also read this article.
Tan Kin Lian
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