FINANCIAl THOUGHTS
Am I Getting The Right Insurance?
Approaching adulthood, you have talked an insurance agent or financial adviser. And some of you might already own insurance policy. But do you really know what you have bought?
Why you should know? Well, it saves the disappointment when it comes to the day when you want to claim, and you are unfortunately rejected due to specific reasons.
The possible issues
There are cases of people who are very furious with insurance companies simply because they are not able to claim. The worst part is having the thought all along that they are covered for “everything”. Insurance is supposed to give you assurance, not anger and disappointment.
Hence, it is really important to know what kind of insurance you have. It is not as simple as buying one policy and you are safe from any danger in your life.
The cheaper the premiums, the more unlikely that the event might occur, meaning that the chances of you having a successful claim might be small. And that doesn’t mean that higher premiums mean that you are getting the best coverage either.
One solution does not answer all of your needs
You might need coverage that will insure you when you are no longer able to work due to a disability. Buying an endowment plan does not necessarily solve that need.
You want to save up for your dream penthouse 20 years down the road but a term life plan does not help you in achieving that goal.
Different products equal to different purposes and functions.
It is fine that you do not remember the details of your policy but you should at least have some idea of what kind of insurance policy that you bought years ago.
You can at least manage your expectations when it has come to the end of the policy term. 2 things can happen at the end of the policy term, it is either you receive something or nothing at all. You do not want to be shocked by the end result.
Importance of reviewing your finance and portfolio
Comes to a point that you really need to know what you are paying for. Dig in your cabinet or look through your drawers to find that insurance booklet. If you manage to find them, do have a look and read through the policy illustration.
You can review them yourself or ask a third party person to do that for you. The terms in a policy document might sometimes be too complicated hence you do need help. Even the numbers or tables will make you feel dizzy. One good suggestion, ask for assistance. Will save you time and effort.
Act on it soon before anything bad comes to you even sooner.
Well, that’s the end of this article. Do share it if you think this is beneficial to your friends and family.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
