What does being overinsured mean and what can I do about it?

Synopsis: Every first and third Monday of the month, get a head start in your personal finance, career and life with The Straits Times.

The question people always have when buying insurance is: how much? And not just how much it costs, but how much is enough?

How can you tell if you have too much insurance? 

In this episode, ST business correspondent Sue-Ann Tan looks at what being overinsured means and how to review your policies. 

Her guest is Life Insurance Association’s executive director Chan Wai Kit. 

Highlights (click/tap above):

3:36 What are riders and do I need them?

6:14 Why are riders so expensive?

8:10 Do I need my own policies if I already have corporate insurance?

12:00 Why do premiums increase with age? 

14:48 How to tell if I’m spending too much on insurance? 

20:09 What happens when I cannot pay for my premiums?

Read Sue-Ann Tan's articles: https://str.sg/mvSa

Follow Sue-Ann Tan on LinkedIn: https://str.sg/A86X

Host: Sue-Ann Tan (suetan@sph.com.sg)

Produced & edited by: Amirul Karim

Executive producers: Ernest Luis, Lynda Hong & Joanna Seow

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Feedback to: podcast@sph.com.sg

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