Life Insurance

Reminder – You Do Not Get A Medical Insurance Because Of Company Rebates

This is true and sad!

I just met up with a client who is urgently interested to get a medical insurance plan because the company is offering some form of cash rebates (as a form of encouragement) when any of their employees decide to “upgrade” themselves.

The outcome is that I still went ahead with the application because the client does need that medical insurance because he does not even have the basic medishield plan under the CPF Board. This is despite the fact that the client still feels that it’s not a must to have that medical insurance because he is still young and that nothing will ever happened!

But I do hope that after my fair bit of explanation and persuasion, the client will still hold on to that insurance after the rebate is given…

If You Belong To This Category Of People…

There is nothing wrong if you belong to this category of people and to enjoy the rebates from the company. But as a Financial Planner, I do wish to highlight the rationale behind the company’s decision to offer the rebates and the importance of getting yourself well-covered adequately and early.

Rationale Behind The Rebates

There are still many people who are unaware of the importance of doing a proper Financial Planning and getting themselves covered adequately under an insurance plan. Therefore the rationale behind the rebates is to encourage their employees to be actively involved in knowing what they are covered and how to get covered.

This is precisely what happened to this client. He does not even know what are the insurance plans that he has till date. He even got mixed up that his Dependent Protection Scheme (DPS) has always been his Medishield Plan.

Because of this rebate, he decides to look for me as his Financial Planner and has all his insurance plans reviewed. Though there’s no financial needs analysis done for him, at least at that meeting, he does got himself covered under a proper medical insurance (which I believe is a must-have for everybody, irregardless of how much you do not trust insurance)!

There’s Certain Level Of Importance Behind An Insurance Plan

High Blood Pressure – The Silent Killer To Your Health And Insurance

by FinancialDex
October 12, 2010
Health Related

Do you know that most Singaporeans do not know that they are having High Blood Pressure or Hypertension till they have:

– Gone through a first-time ever Routine Medical Health Check

– Experienced those frequent dizziness or headaches and decided to see a doctor

And the people suffering from it can be from all walks of life, e.g.

– you can be healthy and fit but you are working under a stressful environment.

– because of the high intake of alcohol, salt (unknowingly) and fatty rich food as part of the daily meals

These are just two common reasons that my clients have shared with me for their cause of High Blood Pressure.

Do you also know…

Do you also know that once you have this condition, you are most likely going to be under a very long term medication and you have to be under a lower medication dosage even if the condition is stabilized. In other words, you cannot take yourself out of medication once you are diagnosed with High Blood Pressure!

A Concern To Take Note Of…

And if you do know that you are having high blood pressure and under medications, its impact on your Financial Planning will usually be:

– loading (extra premiums required and usually a minimum of 25% extra) for your normal life insurance application

– exclusion (any conditions leading from high blood pressure) for your health insurance application

– long term medication costs that you need to factor in to your Retirement Planning

The So-Called Symptoms Of High Blood Pressure

My Heart-Felt Sympathies…

by FinancialDex
March 5, 2010
Insurance

I would like to express my heart-felt sympathies to the two families (one of the family I do know personally) for the loss of their precious child (one is at the 30s and the other is just 22)

The Family That I Know Personally…

I know the child (younger than me by 7 years) and the child is one of those who is very quiet and also happened to be the only child of the family. I used to be one of the bouncing-around kid in the neighborhood and this child captured my attention was that it was hard to get the child to play and mingle with us…

As usual, we all grew up and went on with our personal life. Those were the times. And it’s only upon reading the newspaper that I got to know the news. This child has grew up to be independent, smart, diligent and has gotten a place in a local university and in a good course.

As a parent, which I place myself in their position, will definitely be proud and one fine day would depend on the child to take care of them upon graduation. I believe this is how my mum would have felt when I graduated with a degree – though she is no longer around to see that. Rest in peace Mum! You deserve it!

To continue… How would it have felt when suddenly the world turns against you. With all the hopes pinned on the child, a sudden collapse meant the end of everything. A bright future. Gone. A world to see and explore. Gone. The dependence… it’s gone as well.

How would you have felt… if the same should happen and I do not wish for the same to happen to anybody…

At this moment, I would like to share that time is precious. Any moment is precious. If you have somebody that’s close to you, start to pay more attention to them. If you have been busy with work, learn to take a break and spend quality time with your closed ones. Show your love. Show that you care. Do not wait too long to do that!

Okay. At this point of your reading, I would also like to share the importance of life insurance as well. If you are not ready, I would welcome you to return next time for my other posts. Else, I welcome you to explore how life insurance can help.

The Importance Of Life Insurance…

Watch Out For Your Credit Card Loans And Outstanding Debts

by FinancialDex
March 10, 2009June 3, 2009
Money Matters

Are you currently having a loan? It can be of any type – Credit Cards, Policy Loan, Student Loan, Car Loan as long as you are owing money.

And are you keeping watch of the compounding interest rate on those outstanding loans, especially those that charge you 5% and above? If you are not doing so, it’s better to wake up, dig out those accounts and clear as much as possible!

Reason being that Compounding Interest Rate can be both an Angel or a Devil working for you!

Why Such A Serious Note?

You Are Unhealthy For Your Insurance… What Happen Now? Part 1 of 2

by FinancialDex
February 19, 2009June 3, 2009
Health Related, Insurance

Congratulations on making that “big” decision to purchase your life and health insurance (after much budgeting and persuasion)!

But… You have became unhealthy for the application so what may happen…

After 4 years of being in this industry, I have came across a wide range of clients who have such health issues, and as their servicing agent, sometimes, its my duty and obligation to help negotiate for better terms so that they can go ahead and get the coverage needed!

Anyway the purpose of this post is not to comment on the negotiations that I have gone through (if you like to know for your own purposes, you can comment here and I will put up on the next post) but to let you have a rough feel that if you have became unhealthy, what will normally happen to your life insurance application when you really need to get one.

And if there is a need to go for a medical check, I will be offering a short guide on how to ace (not really 100% effective) the checks.