Insurance Planning

 
Most people understand the importance of having a well structured insurance portfolio, but are quite confused about the various insurance products available in the market, to determine which are the ones most suitable for them. Also, they have “accumulated” their policies over the years, and wonder which of these policies may no longer serve their needs.

People who work only with “tied agents” have the added challenge of not receiving independent and unbiased views, and always have the same company’s product sold to them.
 

Points to consider:

1. Which medical insurance give you the best coverage? Is your medical insurance renewal guaranteed and as charged?
2. Do you need health insurance since you are already covered by your company?
3. Do you have overlapping policies, resulting in wastage of premium?
4. Are you suffering from some chronic condition like hypertension or diabetes? Do you know it maybe possible to still get coverage for these “pre-existing” conditions?
5. Are you buying only policy with cash value, resulting in under-insuring? Do you know which are the most cost effective term policies?
6. Have you effectively nominated your beneficiaries for all your life insurance policies?
7. Considering early stage critical illness payout policies? Are these policies really worth it’s higher cost?
8. Are you effectively protected against potential loss of income, whether due to illness or accidential disability? Does your policy pay you every month until your retirement, in event that you can’t work?
9. Does you insurance policy pays when you are unable to work in your CURRENT occupation, or only when you are unable to work in ALL occupation, commonly known as TPD ?

 
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