Ask the Expert Series: Post 2020 Budget
Since you are also in the insurance industry for more than 10 years, any financial planning advice you have for young family?
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