What aspect of insurance is important.
Should i buy hospitalisation insurance. It seems to make sense.
Any advice on what are the important thing to protect . MY situation now is that I do not have a lot of cash now in family due to low savings rate and poor money management.
My family got death, critical illness. But i think that is all we are covered. Have we not covered other areas that we should be covering. All maybe it is ok already.
There are numerous types of protection you might want to subscribe to. Unfortunately most of us have limited spending power and are forced to choose 'the one' that seems the most important. There isn't a most important thing to protect, it really depends on your priorities. Some of them can be :-
1) Protecting against hefty hospitalisation bills. This can come in the form of hospitalisation insurance that should cover your hospital expenses should you fall ill.
2) Protection against critical illnesses. These insurance policies are typically tied up to cover death. They pay out a certain lump sum (you decide that lump sum) should misfortune befall you.
3) Protection against death of a partner. This type of protection is very typical in mortgage insurance, covering the loan payments of the house should something happen to your partner.
These are the ones that would be more applicable to you. There also insurance policies that include a savings component together with death/critical illness protection. These are known as endownment policies. But i don't think that is what you are looking for.
Tan Kin Lian's blog offers alot of information on the different types of insurance. Do a google search and you would be able to find his blog.
There is one more type of protection that you may wish to know. It's known as disability income insurance. These protect you against a future loss of earnings should anything happen to you.
May I suggest if I see your family member and yours existing insurance policies? I will work out a summary sheet of your family coverage. By this way, you will be clearer and more knowledgeable what is your family protections are. This is very important as you may aware where your coverage stand is. No obligation though. You may sms or call me at 98191783.