Saturday, 13 April 2013

Have You Bought Your Insurance Yet?

I bought my first insurance when I started working about 9 years ago. At that point of time, the concern was not much about the coverage as the company I work for offered fantastic medical benefits that would ensure my healthcare will be taken care off till I retire. Hence I went for the cheapest package available. 

As time goes by (took me 9 years), I realized that I can never be dependent on the healthcare perks offered by the company. What happens if I were to leave the company and start my own business? Or when I retire? The medical coverage of a company only applies if you are still in faithful service with that company. While I may not predict where my future lies (such as staying in the current company, leaving to a better paying one or perhaps starting my own business), I felt the need to ensure that my insurance coverage is sufficient to:
  1. Cover my medical expenses after retirement
  2. Provide sufficient compensation for my family if I were to meet my maker before 70 years old (am expecting to live till 70 only)
  3. Cover the expenses of treatment if I were to suffer any major illnesses (for business owners and for anyone that does not have company medical coverage)
There are probably a dozen other reasons an insurance agent would tell you to convince you to buy insurance. Insurance is a sticky and at times taboo issue for many Malaysians to talk about. Chinese, especially the older generation dislike to talk about death and sickness. In fact certain businessman see insurance as bad luck. 

Well like it or not, the need for insurance is there. The longer we delay the purchase of insurance, the more dire the consequences would be. Here are some consequences to expect if we continue to delay purchasing insurance:
  1. The older you get, the higher the insurance premium you are required to pay.
  2. The older you get, the coverage of the insurance will be limited depending on your health condition.
  3. In fact as you get older the chances of suffering common disease such as diabetes and obesity will rule you out from purchasing insurance.
  4. With the escalating cost of medical treatment,your saving and pension fund could be depleted if you do not have an insurance to pay for treatment such as chemotherapy, dialysis, heart bypass, etc. 
  5. An insurance provides compensation (depending on coverage) in the event of death, total permanent disability or if one suffers from one of the 36 types of critical illness. The cash compensation helps ease the burden of the suffering family.
As for me, I intend to get myself a better insurance coverage as compared to the existing one. Knowing that my medical is sufficiently insured gives me a peace of mind and allows me to pursue other goals in life.

This post is not about awareness. Instead it is a reminder for those who have yet to purchase any insurance. It's better to insure now then to have regrets later!

Cheers and Happy Investing!

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