Insurance ?

[INS5]

Obviously if you talk with an Insurance agent, they push you towards schemes favoring their companies, hence this question.

We are PR's, my age is 36, income is apprx $150K per annum. I have usual medical plans from my company which covers me and my family (1 kid), but no life insurance or separate covers. I cant move the scheme to me personally if I move company (or get fired).

Currently renting, and if I buy will consider mortgage insurance.

Meanwhile, How much life cover do I need? Term or Endowment?

Do I need additional medical cover?

Appreciate your comments...

[InDemand]

Well... i think if you are looking for pure protection, you should just get a term policy. Afterall, it is a lot cheaper than a life insurance. However, a term policy has no cash value. If you are planning to do some long term savings, while having protection, then a life insurance should be the one. Bearing in mind that insurance returns are not the best, if you are a savvy investor, it probably do not look too attractive to you. As for the duration of the coverage, it would probably do good to cover till your kid is fully independant. Hope it helps.