I have always been confused by Insurance and still am to a certain degree. I know it is a very important tool for financial planning but considered it my greatest weakness. Maybe the fear of being cheated overwhelmed my emotions and thought of Insurance as the "legal version of protection money". C'mon it is! So i decided to embrace my weakness and plunge into the world of insurance. Anyway, couple of years ago, I almost became a "financial advisor" if only i had passed the last exam! The experience has been most rewarding, and i had a clearer picture of insurance policies, requirements based on needs and so on.
I never believed in getting insurance, and i still don't until i have dependants of my own. As a general rule, there's no point in getting insurance if no one is dependant on your income. My father on the other hand has been paying to be over-insured for the past 20 years, duped by the pretty insurance girl...which he will never admit. Main lesson here is not to under-insure or over-insure oneself. How to hit the sweet spot? Read the article below.
Financial Planning for Singaporeans - Interview with Mr. Tan Kin Lian
I think this article is very good information on insurance, especially for young people. Please read for your own sake.
The original article was posted on BigFatPurse.com:
http://www.bigfatpurse.com/2013/05/financial-planning-for-singaporeans-interview-with-mr-tan-kin-lian-president-of-fisca/
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