Read about how much sum assured you need.
There are 3 methods:
1) Rule of thumbs
2) Human life values
3) Target expenses
I will only touch on number 3 - target expenses
Formula:
(Age 25 - youngest child age) x yearly expenses =???
25 - 1 years old x (50000) = 24*50,000 = 1,200, 000.00
Subtract:
1) current life sum insured (150k)
2) EPF (150k)
3) Cash, stock (50k)
4) 2nd property (50k)
total = 400k
Sum assured needed to top up = 1,2 million - 400 k = 800k
2 comments
How much premium u need to pay for insured sum $800k?
You may ask your insurance agent. I am not an insurance agent. But basically 4 type of insurance:
1)Traditional
2)Investment link
3)Term (cheapest premium)
4) Health
The premium is depend on your age also.