Need some advices here.

Im currently 27. Planning on getting married and buying a house within the next 2 years. My savings are able to cover 60 months of my monthly expenses.

I have been considering about getting a life and accident insurance just in case anything happens to me. A friend of mine who works as an insurance agent quoted me RM664 per month for a sum insured of 1.1m for life, 500k for illness, around 200k for accident, and a medical card of 1.2m per year.

I had a discussion with my gf and she thinks that it is not necessary to insure that much when im still young. Im in a dilemma about this because I see it as an important thing to ensure that either my parents or future wife have sufficient amount of money to support themselves if anything happens to me, but my gf thinks that I shouldn’t be spending so much on insurance at this young age.

Would anybody mind giving me some opinions please?

Thank you for the advices.

My savings now are able to last about 60 months of my current expenses (about 7k per month) if nothing big happens. Me and my gf have both agreed that we do not want to have a child in the next 5 years, so there should be more time for me to carry on increasing my income and to save more money for other purposes.

I am aware that the policies include quite a lot T&C, that's why I insure more on life. As for medical, it is pretty important to me as the many of family members on my father's side were diagnosed with cancer. I already have a medical card but Im looking for a policy that covers different types of cancer.

The RM664 premium isn't too much to me at the moment. I personally think that I should have that much of insurance but my gf thinks that it is not necessary now. This is why I can't really make a decision now.


Sorry but I am not really clear about underlined part...

Basically my monthly expenses are RM7k but they will be reduced to RM4.5k after May 2020, and further reduced to RM3.5k in Dec 2020. However, I'm expecting a mortgage payment of RM10k per month from Dec 2020 to Dec 2027, while other expenses remain unchanged. Can't say much about my income cuz I can't really control it, but I expect it to be slightly higher than my monthly income now. As for savings, I did some calculations and think that they should increase by a minimum of 30% by Dec 2020 after deducting the cost of renovation for new house. Not planning on having a child in the next 5 years, and am not sure about the expenses after having a child.

Do you mean the sum insured? I expect the nominee to use the 1.1m for emergency use or to use it as one of the sources of funds for his/her/their daily expenses in the future. One thing that I am going to do is that I will raise the sum insured quinquennially for about 10%.

Not going to retire so soon since Im just 27 this year. Will probably work for another 25-30 years...?

I can't really tell how long it will take for me to save enough money for retirement. My expenses might just substantially increase one day in the future. So all I can do now is that earn and save as much as possible. Will only think about retirement later