Tuesday, 17 June 2008


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?!


Aces Family said...

hi Dylan,

I am a FIRM BELIEVER of insurance. Simply because i had benefitted from it.

I had hospital plan and when i was hospitalised 2x because of sport injury and suspected dengue case, my plan covered me fully. So i need not paid out of my own pocket... : P

Soon Issac's godpa will persuade you to plan for Issac education plans..hee : P

ps: Strange, how come AIA never call me for GSS offer..haha.


A Husband's Voice said...

Hi Astee,

Hey I'm a convert now. And just so you know, Isaac is very well covered already. His plan is so cheap because of his age so bought him a few policies already. Monthly premium for him is about 350 to 400.

As for the promotion, it seems not everyone is invited this time and take us for example, the Mrs was offered only the 500K plan whereas I had the option to be insured for 1M.

Anonymous said...

we get older, hence, have to think of stuff like this.. Lucky for me, I have a great hub to do all these for me..

haha, BUSY playing games these weeks..

Mrs Chew

A Husband's Voice said...

Hi Jolin,

Take it easy on the SIMs huh.

Bet you find your PSP a very good birthday present right?

Unknown said...

ya, i oso bought some insurance to cover myself n family shld anything happen to me. might've to up my coverage nxt time. the costs of living is getting too high.

hmm, how come aia nvr call me abt the GSS accident plan huh? :P

as for the babe, we oni bought medical plans for her from axa for nw. havent touched on others yet. any recommendation is welcomed. :)

A Husband's Voice said...

Hi JJ,

Ya it is actually a catch 22 for us. Cost of living is getting higher which means we need to spend more on necessity but at the same time we're trying to increase the coverage for our insurance which means higher premium too.

I also don't know why AIA only offer this promotion to a selected group of people. Maybe it is because we are new customers (sort of).

We bought medical as well as savings and education but I have no clue what they are really. It's taken care of by Isaac's Godpa.

If you want to you can email me and I can arrange for him to talk to you about the insurance for Cheryl. No obligation of course and he is also not pushy.

Trina said...

a bit hesitant to comment on this post cos i'm really clueless abt what's out there in the market! Fr the various (and futile) attempts that my hb tried to explain the various policies to me, I gathered that u have to take various policies to cover:

death/permanent disability
critical illness
retirement funds
home loan (if needed)

plus the various investment plans u need to cover education, etc. Wonder how would a less educated or informed person be able to plan adequately for the future? It used to be just buying gold...

A Husband's Voice said...

Hi Trina,

I used to be like you. Hmmmm..... correction, I am still a little clueless actually.

I think the important is to get a very good financial planner (insurance agent) who will try and cover us for as much as possible with the limited fund that we have.

It is a good thing that Tzse, Issac's Godpa is like family so we know he will take care of us and really look after our interest.

Honestly it is an art to buy insurance and even more so when you try and claim. I know that we are very much covered in case we are ill and need operations and hospitalisation. Based on our policies we probably have to pay only a very minimum or in cases not at all.

A good insurance agent will plan for you properly and advise which policy to use to cover what and then which additional ones to cover the rest of the cost.

I only hope that I will not need to use but if ever there is a need then at least I know I have a reliable person to help me claim as much as possible.