Insurance is not the most popular topic in any chill-out joints, or any place for that matter. But it is one of the most important personal financial planning issues to address first to ensure a peace of mind.
In the area of personal family and wealth protection, there are 2 insurance policies you must have:
1) Health or medical insurance.
This will handle the hefty medical bills that will be incurred for hospitalization, doctor’s consultation, surgeries etc. Without adequate medical insurance, you will have no option but to delve into your life’s savings to pay for your medical costs in case of accidents and illnesses. If a prolonged hospital stay is required, you may even be bankrupted by the medical bills.
2) Life insurance.
This is a must especially if you are the main breadwinner of your family. It protects your family from financial uncertainty in case you lose your ability to earn an income, either due to disability, death or sickness. There are various types of life insurance policies eg term policy, whole life policy etc to suit consumers of different profiles.
Life is full of unforeseen twists and turns; therefore, no financial plan is complete without insurance policies. Good personal insurance policies do not just cover you and your family in times of crisis, they also protect your savings and investments. This is why insurance is such a critical tool for risk management and personal financial planning.
Insure yourself, protect others.
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The author of the article, Mr Sean Ong is a Chartered Financial Consultant, Certified Life Coach and leader of a top performing financial advisory group; He ran one thousand kilometres over 87 days for charity fund-raising at age 34, had his imprints on TV and radio, published a book to showcase his rants, obtained a Master’s degree in Technopreneurship and was inducted into the Director/Dean’s List. Self-glorifying in the past, Jesus-abiding from end 2015 onwards, Sean is married and blessed with 3 wonderful children. AGTG.