Default Insurance:
Home Protection scheme 100% coverage (Paid using CPF)
Dependants’ Protection Scheme $46k (Paid using CPF)

(Term Life) Aviva Group Term $400k (Purchased in June 2020)
(Critical Illness) Aviva Group CI, Living Care $200k (Purchased in June 2020)
(Hospitalisation) Great Eastern Supremehealth + Total Shield 100% Coverage up to Public Hospital A ward.

Great Eastern $200k Term life + CI, will be cancelling at end of 2020, replace with recently purchased Aviva Group insurance for cost savings.

I am paying $121 cash per month for this year which include Great Eastern Term+CI and exclude Aviva term+CI, i am also paying for 2 more hospitalisation plans for my family members.

For 2021 onwards, after cancelling Great Eastern Term+CI, and including Aviva, my monthly premiums will drop to about $98.

From 2021 onwards, If i passed away or becomes total permanent disabled by insurance terms, the HDB will be fully paid for, and my family will be able to claim about $446,000, if in the process before dying, i suffered from critical illnesses under insurance terms, my family will be able to claim an additional $200,000, for 2020 there is an additional $200,000 from the Great Eastern Term+CI.

While all these amount might not be 100% sufficient at the end of the day, i feel that it is adequate, and it’s a very delicate balance between cost and coverage, living and leaving.

There is no investment elements in all my insurance plans, and thus at the end of all the plans, i will not be getting any money back.