Insurance

I have never really been a firm believer of insurance but I think that's just the "younger and let's worry about tomorrow tomorrow" me.

Even after we got married, insurance was never really on our agenda. The way I felt then was I make my own leaving so I don't really need the insurance money and honestly this is also not something that I look forward to receiving. Maybe because I felt this way hence I assumed the same applied to the Mrs so I did not insure myself much.

However all these changed after the Mrs started her new job. Where she is now, she is constantly exposed to people having to go through high risk and high cost operations and there are often people who regretted not buying insurance when they were younger and healthy. These are the people who also said that they rather die then to burden their family with the hefty medical bills. This definitely left a deep impact in the Mrs.

Another turning point was when Isaac's Godpa, Tzse who happened to be an insurance agent (think they are called Financial Planner these days) asked me to look at it not from a death's point of view but rather from a disability or terminally ill point of view. In this day and age sadly it is cheaper to die then having to go through all the treatments to fight the illness.

It was then that it finally dawned on me that I should insure myself to prevent my loved ones from having to suffer financially. It is bad enough that they had to suffer emotionally. So I talked to Tzse and insured myself for S$500,000.00 (don't be fooled by the zeros. there is a decimal point there somewhere).

I do not think that half a million is going to do a world of good a few decades down the road with the inflation of prices on most commodities but the premium is what I'm comfortable at this stage of my life. The plan was to increase it later when other projects in my life start to kick off.

Then came the Great Singapore Sale!

Actually I'm not sure if it is really related to GSS but coincidentally we received invitations from AIA to take up another plan during this GSS period. I have the option to take up another accident plan with S$500,000.00 or S$1 million coverage. According to Tzse the premium offered during this promotion is very attractive. It is about half what one had to pay normally.

Without second thought I knew this is a good opportunity for me to insure my family's future further and I told the Mrs that I would like to sign up for a further S$1 Million.

The only problem here is that these are accident plans which means I will only get paid if I die or become disabled from an accident. But hey at least the accidents are "taken care" of so all I have to now is to go back and look at how to increase my other life policies cause these are the ones that will be paid out no matter what.

Currently my non accident plans have coverage of about S$600,000.00 so if I were to really die from an accident then the Mrs and family will be receiving about S$2.1 million. So it looks like it is my time to go it better be an accident and not from the unhealthy food and lifestyle that I am currently leading! Oh, I better add "accident with no suffering". You can never be too careful with what you wish for right?!