insurance is supposed to take up 10-15% of your salary

I'm not insurance guy. I also don't believe in insurance. I have no one depending on me so I don't bother buying life insurance. The same reason you don't buy life insurance for your children.

Insurance is meant to be a transfer of risk. You pay money to transfer that risk to insurance company .. if something happen to you .. you are covered. That said, if you are a billionaire, do you need insurance? Hell no. Why? cause if anything happen to you. u can cover yourself!

Or if look at it from religiously, insurance is a man made concept.. you dare insure your life if God want to take your life away?

I personally is poor man. Poor man, everywhere in the world, even in USA if poor no insurance. thats the reality of being poor. Africa they think about insurance or about food?

I only buy insurance to cover if i get into accident need to pay hospital bill etc. If insurance not enuff, can't cover how? Then slowly pay off debt lo. If really really can't pay off how? COmmit suicide. Problem solved. NO need insurance. Buy insurance only make insurance company rich.

I've always thought that MediShield Life + a good premium rider policy would suffice in most cases, and riders are relatively inexpensive and can be paid for with CPF.

And as for "life insurance" plans, just beware that the companies will find some way to screw around you and pay you an absolutely crap return on your policy's maturity in spite of what was "projected" when you first signed.

Source: parents' life insurance policy matured. Return was 3% (yes, TOTAL returns) over 30 years, needless to say extremely horribly off the projected target returns.

Way too much, i also make 5K but spend only around $70 on insurance. The difference is I dont have a whole life plan, I ownself invest. Your agent must be very happy.

A wise man once told me insurance is a man made concept that defies the law of nature. If God mandates its your time to go, its time.

But really insurance is just a transfer of risk. You pay money to transfer the risk of getting accident to an insurance company, so in the 3nd of an accident you're covered.

In another word, insurance is not an investment. You're not supposed to make back what you put in.

Life insurance you only buy during 2 major events in your life. You have people depending on you. So it's when you're married and when you have kids. You don't need to buy life insurance for your children. Just as you would not buy insurance for your cousins or nieces. Nobody life is dependent on them.

Tdlr. Buy just enough insurance to cover accident. Spend the rest in investment.

Why? If you're a billionaires, do you need to be insured? No.
Why? Cause you have the money to cover.
Same logic. Buy insurance to cover hospitalisation etc bills. The rest from passive investment can cover things like income if can't work etc.

This is the best time to do all the restructuring
 

Many in 40s and 50s are out of work. Many in 20s as well. We have been talking about economy restructuring to have Singaporean core. Now it is the best time to do it. Instead of splashing money make it a concerted effort where companies are interested to embarked our nation goal to move towards hiring Singaporean and give training with subsidiaries.

Since now is down time and the down time will be months. Why not use this period to spearhead effort and even help organisation restructure their efficiency and effectiveness so when the economy open we are at a better ground then give money?

This is the best time and yet I can not feel the concerted effort to give more clear direction then unemployment rate will climb. Who do not know that?

May I ask how much coverage you getting with 70 dollar premium insurance?

Personally, I think too much.

You really only need a hospitalisation plan to cover hospital cost and a term plan that covers death/terminal illness (then just attach riders that accelerate/advance the payout in the event of TPD and CI).

You don't need a whole life plan if you know how to invest and because usually by 70 (which most term plan last until), your liabilities should be lower already (kids all grown up and house all paid for etc) so you don't need a big amount after 70.

Term plans are cheaper because you only pay for the cost of insurance. Of course, they also have no cash value so if you don't die, get TPD, CI or whatever it covers within the policy term then you get nothing.

All those plans like endowment and whole life which have cash value, you are actually paying for cost of insurance plus an investment component (basically giving insurer to help you invest then they take a bit and give you a bit). So, if you know how to invest yourself, you might as well just get a term plan and do the investment portion on your own.

is it easier to find jobs now?

Very hard. Now many companies need work from home. Not sure if they will be freezing hiring for the time being.

I applied 70+ jobs this year, but only had 2 interview invitations till now