You should consider your financial commitments (e.g. loans, family expenses and children’s educational needs) and existing insurance coverage, including insurance provided by your employer, when deciding the insurance coverage that you need. You may use the insurance estimator at the following link:
https://www.cpf.gov.sg/eSvc/Web/Schemes/InsuranceEstimator/InsuranceEstimator to help you decide on the amount of coverage you need.
You should also consider whether you can afford to pay the premiums for the entire duration of the policy, taking into account your outstanding loans, regular expenses and your income over the long term. If you are unable to pay the premiums, your insurance policy will lapse (or end) and you will no longer be covered. You may use the budget calculator available on the MoneySENSE website at: https://www.moneysense.gov.sg/financial-tools/budget-calculator to check if the premium is affordable based on your current income and expenditure.