Why Is Insurance Important?
According to an article published on Investopedia.com, an insurance refers to “a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.” Why Is Insurance Important in Singapore?
Buying your first insurance has often been tied to the first official act of ‘adulting’. With so many business agencies, firms and their representatives reaching out to us promoting their specific company’s policies and its benefits, it is easy for an individual to feel confused and lost on the matter.
At the end of the day, taking on an insurance plan is meant to protect you, your loved ones as well as the things you truly care about. However, buying insurance does not only depend on what you wish to protect but how much you can afford to fork out in order to purchase a proper insurance plan.
Some insurance policies are mandatory by law. For instance, if you were to own a house, you would most definitely have to cover your home with an insurance plan in cases of fire-related emergencies. Similarly, you cannot take your vehicle out for a ride without purchasing a specific-to-vehicle insurance.
In Singapore specifically, most of us have already heard of some of the most common life insurance policies out there. This may include the Dependants Protection Scheme, Home Protection Scheme, Term Life Insurance, Home Life Insurance, Health Insurance Schemes, Car Insurance, Travel Insurance, Work Injury Compensation Insurance and so many more.
When it comes to buying an insurance policy, you would most definitely have to assess your needs. Make a list of all the things you would wish to protect should something unfortunate happen to you. Identifying some of your highest ranking priorities should guide you to identifying what exactly needs immediate coverage.
And that will be the first place to start.
Next, consider the premiums you would have to pay for the insurance policy you are interested in purchasing. Will you be able to set aside that sum of money for a certain period of time, without fail? Is it too huge a sum from your income? Consider your options.
And thirdly, consider the coverage you will be getting. Look through articles and policy plans online and speak with insurance agents to identify what some of the insurance plans you are interested in offer in terms of coverage. Doing ample research will be especially beneficial at this stage.
With so many insurance providers, schemes and coverage differences out there, coming to a decision alone can be a pretty daunting task. With that being said, are you on the lookout for some advice on what to do when it comes to the topic of insurance?
Could use some help or professional guidance on the issue of insurance? Wondering what’s the next step to take? Read on below!
At TN Advisory Group, our services and expertise can be used to assist interested parties in relation to the various fields of finance. Some of these sectors include investment, insurance, retirement, corporate pensions, group employee benefits, business continuation, as well as general insurance purposes.
If you wish to know more about Insurance or any other enquiries, please contact us through Whatsapp or Email to schedule an appointment. We will get back to you as soon as possible.