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2 Insurance Policies You Must Own

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.
Yours,

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Disclaimer: All information, commentary and statements of opinion contained in this publication are for general information purposes only. They are not intended to be personalized financial or investment advice as they do not take into account your individual circumstances. You are advised to speak to a qualified financial consultant before making any financial decision. This publication should also not be construed as an offer or solicitation to purchase or sell any insurance or non-insurance products including any that may be mentioned here. Whilst we have taken all reasonable efforts to ensure that the material contained in this publication is accurate and informative, InsuranceGuru.com.sg and the author of this article do not warrant or guarantee its accuracy, reliability or completeness. InsuranceGuru.com.sg, its employees, parent, related companies, agents and the author of this article will not be liable for any direct, indirect, incidental or any other type of loss or injury resulting from your use of this content.
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The author of this article, Mr Sean Ong is a Certified Life Coach, a Master Practitioner in Neuro-Linguistic Programming and a Chartered Financial Consultant who has been featured on the local TV and radio. Having begun his career in the finance industry since year 2002, he is currently leading a top-performing advisory group as a Senior Advisory Group Partner in IPPFA. In his efforts to contribute to the society, Sean ran 1,000 km over 87 days to successfully raise more than $13,000 for a children charity in year 2012. He also published a book subsequently where sales proceeds were donated to charity. Sean completed his Masters of Science Degree in Technopreneurship & Innovation in year 2020 and was honoured in the Director’s List for academic excellence. He has keen interests in InsurTech projects and mental wellness initiatives for the youths. Above all, Sean counts knowing Jesus Christ as the most significant event of his life. He can be contacted at seanong@ippfa.com.

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Pre-existing condition is a common term used by insurance advisers whenever you buy any life insurance. It is often defined as “any condition or illness which existed or was existing or the cause or symptoms of which existed or were existing or evident, or any condition or illness which the Life Assured suffered or was suffering from, prior to the policy issue date.” In short, it simply means any medical conditions you have before buying this life insurance policy.
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