Top Reasons Why You Should Have Insurance

I'm not an insurance agent, I'm just sharing based on my own and friend's experiences. People always feel that insurance agents are irritating and just want to have sales. I believe yes, they do want sales, but they are not out to harm you or sell you anything that is not of any benefits to you. Instead, whatever that you buy from an insurance agent will benefit you one way or another.

So here's top reasons why you should have insurance...

*note, i am not a pro.. please correct me if i have stated anything wrongly

1. Paying the hospital bills

What happens when you are down with high fever, flu or even suspect you have MERS?? Straight to the hospital immediately to get a check and get some medicine. How much would that cost you? 

When i was 14, I had severe migraines for the whole night. And straight to the hospital(TTSH) in the afternoon after seeing a GP. I had a MRI scan in case i had a tumor in my brain, i stayed hospital for 7 days (i stayed in a normal 4 ppl with no aircon ward), had blood tests everyday... etc etc. My total bill came up to $3000+ and my dad had to pay all of it. 

If i had highest hospital coverage, I would have stayed in a better ward not worrying about the bills, and perhaps a much shorter waiting time at the emergency unit.

For mummies, this is another blogger who did very detailed comparison.

http://bumblebeemum.net/2015/05/12/singapore-children-hospitalization-cost-kkh-vs-tmc/

While you are young and healthy now, get your coverage for all possible scenarios! 
Once you are diagnosed with any illness, insurance companies may not accept your application!! 

2. Getting a lum sum of money into your pocket

I believe you guys have seen the advertisement by NTUC at the cinemas titled "How would the future thank you?" An old man, holding a $250,000 cheque payout from NTUC. That was a really good advertisement, really creative and brings the message across.

By the age of 50-60, do you still want to be working & slogging your life out? Do you want to be enjoying and travelling the world? Do you want to be asking money from your children who are trying to make ends meet? 

This is where getting a savings plan comes into play. Let me give you a realistic example of saving $100 a month. 

The most common answers would be...

"$100 a lot leh, i don't have enough"

"see how first, i have alot to pay for my own living expenses"

For Singaporeans nowadays, just cut down on your good food/shopping, smoking/drinking and cabbing expenses, I believe you can fork out $100 month for saving for the future.

This money that you receive at the end of maturity can be used for many reasons!

1. Kids Education

2. Retirement

3. Holiday

4. Buying a new car

5. Renovation of your house

6. Continue to save up for rainy days... and many more to name!

3. Your family would be protected if anything *touch wood* happens to you

This focuses on life coverage...that is if you pass on you would not be a burden to your family. Not every family in Singapore is well to do.. 

Eg: Had a friend who lost her mum at P6. Her dad had to pay off the remaining medical bills and of course the funeral expenses... Which eventually landed him in debts with the loansharks... 

Do not look down on funeral expenses, they will choke up to tens of thousands depending on what you get. Do you want your wife/kids/family to suffer financially while coping with your death? That is even harder for them...

What if you are the breadwinner for the family.. Do you still want to be providing for your loved ones even when you are not physically around? 

From what I know, life coverage will pay your family a huge sum of money for 

eg: $100,000 or more depends on the coverage you've planned. 

With this sum of money, you can easily help your family by...

1. Paying off your funeral expenses

2. Help cover your child expenses

3. Replacing your spouse income

4. Paying off debts (housing/car)

5. and much more to count..

Do it for your family, if you don't. Who will?

4. You can still provide for yourself even when you can't 

In the event that you lose the ability to work and earn money.. you will not be a burden to your family and you can still support yourself. 

I've seen those families who used to have a perfect life, suddenly have a turn and everything went down for them. I respect them for their courage and determination to strive on. Where would all the money for basic living expenses come from?

What if, one day you are down with an illness/disability/accident that would have to stop you from working and receive treatment? 

You may have your medical bills covered from your medical plans.. but what about your Daily Expenses? Food? Housing? Bills? Those will not be covered under your medical bills.. 

Insurance is all about "what ifs", people always think it would not happen. 
...

"aiya, won't so suay one la"
...

But when it eventually does happen. Who do you turn to? 

"The only person who will take care of the older person you will someday be, is the younger person you are now."

Do give it some thought and plan for your future! Cheers!

*note, i'm just giving my own opinions & i'm definitely not a pro , so please no trash talking thank you!