How do I decide what types of insurance coverage I need?

Is your insurance coverage giving you the security, freedom and the provision that you need for your future goals? Or have you got your insurance premium payment on autopilot, so you aren't really conscious about what you've spent on or when you should buy another insurance plan?, to break down the concept of insurance and help you think through the strategies to tailor your insurance coverage to your needs.Christopher Tan: The whole purpose for insurance is for protection.

Christopher: The key question is, 'Do you buy it for just a period or are you buying it for your entire life?'. It also depends on the type of coverage.The purpose of buying death coverage is to replace your income loss upon your unfortunate demise. The question to ask yourself if you need this coverage is 'Do I have dependents?'.

If you're buying insurance to pay off medical expenses, then you will need it for as long as you live.The only insurance that you need permanently is for medical coverage.Christopher: Firstly, ask yourself if you still need the coverage. For instance, you may be nearing retirement [age] or your children have already grown up, so you no longer need that coverage. If that is the case, you could consider giving up the coverage.

So, reviewing your insurance [with your advisor] is very important. We have to decide what we need because we cannot cover all the risks. It doesn't make sense to spend so much money paying for insurance premiums, leaving us with nothing to save towards our longer-term goals and retirement. Christopher: If you have reviewed [your insurance policies] and realise that you don't need your expensive whole life policies but can still afford the premium, I would suggest to retain them because early termination always means you make a loss [in terms of returns]. But, if you don't need your policies anymore, or you cannot cope with the premiums, there are a few options:

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