Ask the Expert Series: Post 2020 Budget

In line with the 2020 budget being announced last Tuesday, we are having a special Ask the Expert with Ang Hui Chin, Head of Financial Advisory at PolicyPal, where she will be answering your questions all about financial planning and preschool finances. So start asking your questions from now till Friday ?

theAsianparent

The official account for TheAsianparent Singapore.

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Since you are also in the insurance industry for more than 10 years, any financial planning advice you have for young family?

Hong Huizhen

Queen of 1 fun loving 4 year old and a 4 month old

4y ago

My golden rule of thumb and advice to every young family is as follow: 1. Breadwinner to be sufficiently insured. Rule of thumb is to be covered 10X of your income for life coverage and 5X of your income for income protection (critical illness). 2. Hospitalization plans for breadwinners and the children are compulsory plans to have. 3. 5% of income to be set aside for education planning 4. Review these coverage upon events such as a change in job, promotion, having a newborn, buying a new property etc

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