If you don't know what you have...

Nowadays, many many many people have insurance. some even have insurance that they don't even know about! their parents may have bought it for them when they were kids and these policies and their documents are hidden away, somewhere in the deep recesses of their storerooms. some have actively bought their own policies when coming into their own financial independence, but one thing is for sure:

it's a rare gem that does not have any coverage at all.

in actual fact, even these rare gems, also have insurance cover. In Singapore, there are 2 government implemented policies - DPS (Dependent's Protection Scheme) and Medisave; these cover death/disability and hospitalization events.

To go into these is a totally different ballgame altogether, but what i'm trying to bring up here, is that not everyone who has policies, knows exactly what they are covered for!

i've realized that many people think that once they have a single policy, or a family agent, it automatically means that they are "safe" from the effects of a so-called disaster event. that is totally NOT TRUE.

some simple checks:

• when was the last time you did a review
• do you know what events you are covered for (refer to the 5 Aspects)
• do you know how much you are covered for
• do you have someone else who knows (besides your agent)

very importantly is the fourth point where you need to let someone else know about what you have. the whole purpose of insurance is to make sure that there is a safeguard for your loved ones if something happens to you. pick a close and trusted friend or family member who will be able to help in the claims process if anything happens where you become unable to handle the claims personally.

 if you know exactly what you have and how much your family will have, you can take control of your protection and ensure that your family will be truly protected; they can receive help as soon as possible and have the assistance that they need if anything happens to you. and remember, if you don't know what you have, you don't know what you can claim.

be protected everyone!
Jessica