This is a hard topic to start with, when you talk to someone about insurance, they would immediately run away. Wait! People run away from insurance salesmen but they shouldn’t run away from insurance!
We all know that insurance is meant to save us from high medical cost and to protect our love ones when we are no longer by their side. Did we miss out something here? In fact, insurance can also protect us from losses of our assets and legal liabilities!
We are often approached by insurance salesmen to top up on our life and medical insurance, but we find ourselves looking for insurance to protect our assets such as vehicle, business and property.
Let’s us take a closer look into this. People often only buy insurance because people around them are buying, or that someone close to them are trapped in financial difficulty because of not being insured, etc. But shouldn’t we take into consideration of our own family needs to survive in the case when unfortunate events were to happen?
A chat with our financial adviser would help you to surface financial needs that you might have missed out. In life, we always focus on what we have, we grow them and protect them, but we always overlook on the fact that they can one day be taken away from us. We appreciate doctors when we are sick, we appreciate donations when we are in financial difficulty. But as they say, prevention is better than cure. Shouldn’t we consult a doctor to stay healthy, and consult a financial adviser when you are financially stable to prepare for rainy days?
A Financial Adviser will be able to discuss and advice you on how much coverage you would need instead of what you should buy. Without going through an effective fact finding and consideration, you will probably catch yourself in a situation whereby you are under-insured or over-insured. You may be surprised that the outcome after consulting a financial adviser would result in you being advised to cut your insurance coverage!