Insurance is not the most popular topic in any chill-out joints, or any place for that matter. But it is one of the most important personal financial planning issues to address first to ensure a peace of mind.
In the area of personal family and wealth protection, there are 2 insurance policies you must have:
1. Health or Medical Insurance
This will handle the hefty medical bills that will be incurred for hospitalization, doctor’s consultation, surgeries etc. Without adequate medical insurance, you will have no option but to delve into your life’s savings to pay for your medical costs in case of accidents and illnesses. If a prolonged hospital stay is required, you may even be bankrupted by the medical bills.
2. Life Insurance
This is a must especially if you are the main breadwinner of your family. It protects your family from financial uncertainty in case you lose your ability to earn an income, either due to disability, death or sickness. There are various types of life insurance policies eg term policy, whole life policy etc to suit consumers of different profiles.
Life is full of unforeseen twists and turns; therefore, no financial plan is complete without insurance policies. Good personal insurance policies do not just cover you and your family in times of crisis, they also protect your savings and investments. This is why insurance is such a critical tool for risk management and personal financial planning.
The author of this article, Mr Sean Ong is a Certified Life Coach, a Master Practitioner in Neuro-Linguistic Programming and a Chartered Financial Consultant who has been featured on the local TV and radio. Having begun his career in the finance industry since year 2002, he is currently leading a top-performing advisory group as a Senior Advisory Group Partner in IPPFA. In his efforts to contribute to the society, Sean ran 1,000 km over 87 days to successfully raise more than $13,000 for a children charity in year 2012. He also published a book subsequently where sales proceeds were donated to charity. Sean completed his Masters of Science Degree in Technopreneurship & Innovation in year 2020 and was honoured in the Director’s List for academic excellence. He has keen interests in InsurTech projects and mental wellness initiatives for the youths. Above all, Sean counts knowing Jesus Christ as the most significant event of his life. He can be contacted at email@example.com.