Last night while talking to my friend, I was thinking of whether I have enough coverage. I still have a couple of policies from my previous insurance firm, which I was thinking of surrendering but was advised against.
Currently, I am thinking of taking one that caters to women, but he gave me one that is less expensive and still caters to major illnesses. He advised that the plan I am eyeing is better for married ladies and parents-to-be as that gives comprehensive coverage to the unborn child from birth defects, if any.
I am already covered for major illnesses, hospitalisation (government and private), savings and investment, life and health. I do not need anymore medical or major illnesses. What I need is more savings and investment that can generate good returns and not keep making losses, but I seem to have enough savings plans already.
Hence I took up one more policy on legacy planning. How this plan works is you pay a certain premium for ten to fifteen years (depending on how much you are covered), then after that no more payment for the rest of your life. You can just sit back and enjoy yearly disbursements. A year after you take up the policy, you are also entitled to bonus cash back, until after the tenth or fifteenth year and you just reap the fruits.
You can either opt for yearly cash returns or keep it until the end of your life, and that policy will then be transferred to your child after he turns twenty-two. He can then opt for yearly cashback or keep until the end of his life, after which the policy can then transfer to his child upon the age of twenty-two. So this policy can go on for three generations.
Sounds too good to be true right? I had my doubts too. Initially when I saw the presentation, I thought it was too good a deal, after all, I only pay for ten to fifteen years, will there be enough money to have yearly cashback until the end of my life, and still have enough to transfer to my next two generations?
But when I took a look at the black and white, everything is stated. Really sounds too good to be true. But it is a very good idea to start planning for my next generation, however far off it sounds. Afterall, the policy can always be transferred to my next of kin if I happen to die intestate and he can then use it for his next generation.
Hence I took it up. Mine is already on the low end of the scale, but in the event I do have a family, I can always increase the premium again to cater to my next generation. Hopefully this covers all bases and I have enough on my plate now!
Currently, I am thinking of taking one that caters to women, but he gave me one that is less expensive and still caters to major illnesses. He advised that the plan I am eyeing is better for married ladies and parents-to-be as that gives comprehensive coverage to the unborn child from birth defects, if any.
I am already covered for major illnesses, hospitalisation (government and private), savings and investment, life and health. I do not need anymore medical or major illnesses. What I need is more savings and investment that can generate good returns and not keep making losses, but I seem to have enough savings plans already.
Hence I took up one more policy on legacy planning. How this plan works is you pay a certain premium for ten to fifteen years (depending on how much you are covered), then after that no more payment for the rest of your life. You can just sit back and enjoy yearly disbursements. A year after you take up the policy, you are also entitled to bonus cash back, until after the tenth or fifteenth year and you just reap the fruits.
You can either opt for yearly cash returns or keep it until the end of your life, and that policy will then be transferred to your child after he turns twenty-two. He can then opt for yearly cashback or keep until the end of his life, after which the policy can then transfer to his child upon the age of twenty-two. So this policy can go on for three generations.
Sounds too good to be true right? I had my doubts too. Initially when I saw the presentation, I thought it was too good a deal, after all, I only pay for ten to fifteen years, will there be enough money to have yearly cashback until the end of my life, and still have enough to transfer to my next two generations?
But when I took a look at the black and white, everything is stated. Really sounds too good to be true. But it is a very good idea to start planning for my next generation, however far off it sounds. Afterall, the policy can always be transferred to my next of kin if I happen to die intestate and he can then use it for his next generation.
Hence I took it up. Mine is already on the low end of the scale, but in the event I do have a family, I can always increase the premium again to cater to my next generation. Hopefully this covers all bases and I have enough on my plate now!
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