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Being Well Insured Means Little if Your Family Isn’t

It’s rare to meet a well-insured Singaporean (given that statistics have shown that the average citizen is severely under-insured), and by extension even more difficult to find a family that is well insured.

For the few well-insured ones: Being well insured alone does not insure against potential financial ruin if financially dependent family members are not insured properly.

In a typical family, all it takes is one uninsured (or under-insured) person and a single unfortunate incident to put the entire family’s finances underwater. Yet, it is common for a family’s decision-makers to overlook or decidedly ignore insurance coverage for the entire family, if they even decide on getting insurance at all.

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Under-Insured Insurance Agent?

Sunday’s edition of TODAY carried an interesting article which described the story of an insurance agent who battled and won various health catastrophes. The article is available online.

There is no doubt that she, along with many other insurance agents, would be using her story as an example to highlight the importance of insurance, which I agree – her experience certainly tells us the importance of insurance. What they would not say is that this is likely an ironic case of an insurance agent being under-insured.

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Helping Yourself Where Politicians Can’t or Won’t – Healthcare


New Minister for Health Gan Kim Yong

It has been weeks since Polling Day and the dust from Singapore’s latest General Election has settled, but local issues and national concerns naturally do not change overnight.

Healthcare remains a pressing issue for many Singaporeans who are facing the brunt of the high costs of healthcare. All you have to do is to browse a few local sociopolitical websites and you can read articles about high costs of healthcare or the inefficiencies of subsidised healthcare, and many accompanying comments, often bitter and sarcastically referencing outgoing Minister for Health Khaw Boon Wan’s $8 out-of-pocket surgical expenses.

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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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