Young & Savvy: This Mother's Day, I'm spending $12,000 on mum's insurance

A 2018 study recommended that working adults should have critical illness coverage of about $316,000. ST PHOTO: JASON QUAH
New: Gift this subscriber-only story to your friends and family

SINGAPORE - I was doing a regular review of my finances over the Good Friday weekend and was shocked to discover I was spending $12,863 a year on insurance.

This is a significant amount for someone who has been working for less than two years and only has one stream of income.

Already a subscriber? 

Dive deeper at $0.99/month

Want more exclusives, sharp insights into what's happening at home and abroad? Subscribe to stay informed.

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • 2-week e-paper archive so you never miss out on any topic that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.