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Things to Consider Before Terminating Your Insurance Policy

I have met many clients to review their insurance portfolios and so far have never come across a single insurance portfolio that was properly designed. The best case was when I just had to add in missing essential elements like hospitalisation and disability income coverage. Far more common were worse cases where the person did not have additional budget for proper insurance, or plain could not carry on with the commitments.

At this point they would ask me if it was wise to give up their existing policies to free up budget or to replace them with proper coverage. Here are some things one needs to consider before making a decision.

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Theory of Decreasing Responsibility

Here is a self-explanatory image that describes the “Theory of Decreasing Responsibility”:


Picture credit: http://www.askprimerica.com/category/primerica/

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Victim of “Financial Consultants”

I came across someone asking for help with regards to his insurance portfolio.

I have helped many clients to sort out their portfolios after they have bought all kinds of financial products that were not only lousy, but did not suit them at all. I felt compelled to offer some help to this individual as he was really paying a lot from his monthly income and was still poorly insured.

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Enhanced Aviva MyShield

Good news to MyShield policyholders and people considering to take up MyShield – Aviva has recently enhanced MyShield, their integrated Medishield policy designed to insure against healthcare costs in Singapore. Even better news would be that these improvements in benefits do not come with any increases in premiums.

Here are the notable enhanced benefits:

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