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To achieve adequate protection, the recommended coverage is roughly four times your annual salary for critical illnesses and nine times for death. For example, a person earning $50,000 annually should consider coverage of approximately $200,000 for critical illness and $450,000 for death, ensuring financial support for dependents if the unexpected occurs.
Building a Robust Insurance Portfolio
For those starting on their financial protection journey, the essential steps include:
Medical Insurance: Foundation to cover hospital bills.
Protection Plans: Lump-sum benefits in case of death or critical illness to support dependents.
Retirement Savings: To ensure long-term financial security.