Singaporean grossly under insured

If you click on the title, you will be linked to the article.

Today there is an article in the Straits Times, reporting a finding by an NTU Associate Professor that Singaporeans are Grossly underinsured.

This is a timely reminder and infact should be a constant reminder.

How well are we covered in terms of Medical, Protection & Health insurance coverage? We plan not to benefit from it, but just in case a need arises and one is not stressed out.

I am not trying to capitalise on the situation to remind you, but it has always been my motto "plan to meet your needs and not wants".

I have written several topics on Shield Plan, proper protection planning (especially on a claim case in 2005) and timeline planning for retirement and savings needs.

Perhaps it is time to review again and reflect again.

A quick calculation, if our family depend on us for $30,000 a year and our kid is young, example age 1, we need to see them to independence at age 21. If unforseen circumstances happen, we need to plan for next 20 years = 20 X $30,000 = $600,000.

Insurance premiums for $600,000 is not as high as one imagine, as proper planning with comfortable budget is possible. Talk to your trusted financial planner.

-------------------------------------------------------------------------------------------------
This is not new, infact is everyday problem.

I am thankful I covered my mum for Incomeshield and every month her dialysis is $2700 and we claim $2100 to $2400, if not it will be very serious financial burden.

My widowed client came to our agent event last month, invited to speak to us on how she benefitted in 2005 when her husband passed away leaving behind a 3 and 5 year old daughters, and the whole meeting broke down, because we are reminded once again of our role to plan for the needs of our clients. I admired her spirit and courage to come because she did it with hope that her testimony can benefit others. I had a DVD of her speech, but could not upload it as file size is too big.

Planning needs common understanding.

I am always prepared to listen and discuss if any one wish to see me for review.

Some time I think some clients are overly suspicious of agent's intent.

Yes, we need to earn commission, but it has always been mission before commission for me.

If you have big gap and big needs, I earn big commission.

But those who cannot afford, is commission a bother to me? I would be at peace if I can meet their needs in planning, even if I do not make much out of the commission.

Most of all, I like my client to treat me as a friend.