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Diversify Your Insurance Portfolio

Insurance is a tool people use to transfer financial risks to an insurance company. Someone who purchases insurance to reduce his financial risks should logically then go one more step to further reduce the chance of an unlikely event causing him financial troubles.

Thus, it is worth diversifying one’s insurance portfolio where practical. Placing insurance policies with different insurers ensure that a person’s entire financial portfolio is not in jeopardy should one insurer collapses. While there are regulatory measures in place to protect policyowners in such an event, they are still under tweaking and remain untested. It is still prudent that one takes necessary caution not to put all of his insurance policies with a single insurer.

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Types of Life/Health Insurance Coverage

It may be a little overwhelming for someone who has little to no experience in insurance to start figuring out what kinds of insurance coverage are available and more importantly – what are the ones really essential to him or her. I hope to highlight the more important forms of coverage and their intended purposes so that people have a better idea on where to start thinking about their insurance portfolio.

While not exhaustive, here are some of the more important forms of coverage.

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Do You Trust Banks and Insurers?

There was a Straits Times article over the weekend which reported that the reputations of local banks and insurers are recovering, after suffering a dent in image during the financial crisis. This was the result of a poll surveying 341 people.

Personally, I’m not so sure what kind of image they are talking about.

“Horror” stories of errant relationship managers or unethical insurance agents are not uncommon, but such incidents do not usually have a wide reach. Even fiascoes that do, like the mini-bond saga, will eventually be forgotten over time.

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Are You Going to Burn $30,000 on Medical Insurance?

What is your answer to the question I pose to you in the title? It is the one burning question (pun intended) a person should ask him/herself before committing to a Shield policy.

Does this mean I am against hospitalisation Shield policies? If you have been following my blog from my regrettable experience with my dad to the example of our Health Minister’s surgery, it is clear that I am a strong proponent of such medical insurance. So what do I mean by “burning $30,000 on medical insurance”?

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