Who needs Life Insurance?
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i wonder why it is call life insurance
it should be call death insurance cos it is to insure againts death
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It's call life insurance cos you are insured for life 
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Everyone has been talking about death / life insurance. How come no one is concern about critical illness? Isn't Critical illness important too?
Critical illness is the one that piles up your medical bills and drain all your hard-earned savings for medication and living expenses.
Sad to mention some of my clients claim that they are healthy and do not need any critical illness coverage now. They will only purchase it when they are around 30 or 35 years old.
Don't understand their intention. They prefer to pay a higher price next time for the same coverage. LOL.
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Paying money so that we can die happier in the future certainly doesn't makes sense.
But it's always good to save that money and be able to hold onto it in your own hands.
In this world, the person with the most cashflow wins!
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Know how insurance co. make money? they take the money and invest. Won't insurance co. lose money if people actually claim the insurance? The probability that people will need to claim is low, so no problem.
Yeah, it could happen to you, but chances are, it won't happen to you.
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Insurance works by pooling in big sum of money and redistribute to the claimant. For insurance company to successfully insure 1 person, she need to have sufficient resources and also be insured by another reinsurer. Therefore, if your policy is in force, you are definitely guaranteed claimable.
For your info, claiming rate for critical illness is so much higher compared to death. Because it is getting more common.
Anyway, I always wanted to know the mindset of the client. What is/are the reason/s that stops you from buying insurance?
1) because you feel that you are buying something that you do not need ?
2) Not willingly to part with the money?
3) Do not want to think about financial planning?
4) Others?
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fthat will be (3). financial planning does not need to involve buying insurance
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Probably you might want to share with us what does financial planning means to you?
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Insurance and financial planning are terribly outdated stuff.......when is those insurance companies going to market themselves as a private health fund organisation?
People would be more likely to buy private health policies if they covers general dental, optometrist, specialist treatment, hospitalisation bills & treatment, GP, Physio, accupunture, even TCM.
This is the kind of policies that people are more likely to be investing their hard-earned money into....not those kind of "you give me money now and if you kanna accident, your family will get some money and then at least you will die with a smile" idiotic useless impractical policies.
People are already under earning in SG.....and these policies that they use their hard-earned cash to invest in....they probably don't even use it once a year anyway, and so it is impractical and useless.
Don't tell me about company policies, they are often abused as a shield to protect the management/company against the public.
Since SG has claimed to have a world-class medical service/facilities, isn't it about time the people get to enjoy world-class medical health policies to protect them in their daily life?
Life Insurance was a scam from the very beginning.
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Originally posted by parn:
Insurance and financial planning are terribly outdated stuff.......when is those insurance companies going to market themselves as a private health fund organisation?
People would be more likely to buy private health policies if they covers general dental, optometrist, specialist treatment, hospitalisation bills & treatment, GP, Physio, accupunture, even TCM.
This is the kind of policies that people are more likely to be investing their hard-earned money into....not those kind of "you give me money now and if you kanna accident, your family will get some money and then at least you will die with a smile" idiotic useless impractical policies.
People are already under earning in SG.....and these policies that they use their hard-earned cash to invest in....they probably don't even use it once a year anyway, and so it is impractical and useless.
Don't tell me about company policies, they are often abused as a shield to protect the management/company against the public.
Since SG has claimed to have a world-class medical service/facilities, isn't it about time the people get to enjoy world-class medical health policies to protect them in their daily life?
Life Insurance was a scam from the very beginning.
If you do not need life insurance does not mean others dun need it. It depends very much on the individual and you are ONLY speaking from your own perspective.We know you come from a well-to-do family so maybe you are unable to see the need to insure against unforeseen circumstances. For others, it may be better to spend a small sum of money per month to insure against major critical illness or death.
Btw you really have the penchant to use word like 'idiotic' to boost your hugely-inflated ego.
PS: Dun bother to reply to me cos I can't be bothered with you.
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Just buy for the sake of buying.. In case.....
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people with high risk jobs will find it harder to buy insurance. people with ill health will find it harder too.
For people with higher risk ==> more reason to buy.
Diff people have diff risk, up to individual to judge.
How you know parn come from well to do family? Didn't notice, or is it really obvious?
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Originally posted by Spartans:
If you do not need life insurance does not mean others dun need it. It depends very much on the individual and you are ONLY speaking from your own perspective.We know you come from a well-to-do family so maybe you are unable to see the need to insure against unforeseen circumstances. For others, it may be better to spend a small sum of money per month to insure against major critical illness or death.
Btw you really have the penchant to use word like 'idiotic' to boost your hugely-inflated ego.
PS: Dun bother to reply to me cos I can't be bothered with you.
ROFL
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Originally posted by skythewood:
people with high risk jobs will find it harder to buy insurance. people with ill health will find it harder too.
For people with higher risk ==> more reason to buy.
Diff people have diff risk, up to individual to judge.
How you know parn come from well to do family? Didn't notice, or is it really obvious?
Her comments usually give people that impression.
You can do a search if you are really interested cos I can't be bothered with her.
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Originally posted by Spartans:
If you do not need life insurance does not mean others dun need it. It depends very much on the individual and you are ONLY speaking from your own perspective.We know you come from a well-to-do family so maybe you are unable to see the need to insure against unforeseen circumstances. For others, it may be better to spend a small sum of money per month to insure against major critical illness or death.
Btw you really have the penchant to use word like 'idiotic' to boost your hugely-inflated ego.
PS: Dun bother to reply to me cos I can't be bothered with you.
Hmm.....I should have warn you that my post were meant for people who understands ENGLISH language.
It's is not meant for people like you to comprehend.
Anyway, keep it coming.
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keep what coming?
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Originally posted by skythewood:
keep what coming?
I'm encouraging them to keep on posting. -
Originally posted by Ah^-^Boi:Who needs Life insurance?
<!-- / icon and title --><!-- message -->
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What's more, there is no federal income tax on life insurance benefits
Most of us need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?
Would they have the money to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers' fees, etc.)? Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc? What about long-range financial goals? Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?
The truth is, it's always a struggle when you lose someone you love. But your emotional struggles don't need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you're not there to care for them yourself.
To help you understand how life insurance might apply to your particular situation, i have outlined a number of different scenarios which will be posted the next time round. So whether you're young or old, married or single, have children or don't, take a moment to consider how life insurance might fit into your financial plans.
<!-- / message -->u cant died tmw..cuz its future tense..u can only die tmw..
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Originally posted by Kheetat 86:
Everyone has been talking about death / life insurance. How come no one is concern about critical illness? Isn't Critical illness important too?
Critical illness is the one that piles up your medical bills and drain all your hard-earned savings for medication and living expenses.
Sad to mention some of my clients claim that they are healthy and do not need any critical illness coverage now. They will only purchase it when they are around 30 or 35 years old.
Don't understand their intention. They prefer to pay a higher price next time for the same coverage. LOL.
cuz prudential got a pretty good shield plan..prushield..can cover quite a lot of hospitalisation stuff...but critical illness is very impt..more so den life bah..in sg can die cannot sick lehz..
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Originally posted by parn:
Insurance and financial planning are terribly outdated stuff.......when is those insurance companies going to market themselves as a private health fund organisation?
People would be more likely to buy private health policies if they covers general dental, optometrist, specialist treatment, hospitalisation bills & treatment, GP, Physio, accupunture, even TCM.
This is the kind of policies that people are more likely to be investing their hard-earned money into....not those kind of "you give me money now and if you kanna accident, your family will get some money and then at least you will die with a smile" idiotic useless impractical policies.
People are already under earning in SG.....and these policies that they use their hard-earned cash to invest in....they probably don't even use it once a year anyway, and so it is impractical and useless.
Don't tell me about company policies, they are often abused as a shield to protect the management/company against the public.
Since SG has claimed to have a world-class medical service/facilities, isn't it about time the people get to enjoy world-class medical health policies to protect them in their daily life?
Life Insurance was a scam from the very beginning.
hmm..not totaly senseless, but apparently u do not experience situations where life insurance plays a big part in someone's life..
when say a father dies prematurely without life insurance of adequate coverage, the children will not only lose their dad thru death but also their mum thru work.that is why life ins is impt.
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Originally posted by Kheetat 86:
Insurance works by pooling in big sum of money and redistribute to the claimant. For insurance company to successfully insure 1 person, she need to have sufficient resources and also be insured by another reinsurer. Therefore, if your policy is in force, you are definitely guaranteed claimable.
For your info, claiming rate for critical illness is so much higher compared to death. Because it is getting more common.
Anyway, I always wanted to know the mindset of the client. What is/are the reason/s that stops you from buying insurance?
1) because you feel that you are buying something that you do not need ?
2) Not willingly to part with the money?
3) Do not want to think about financial planning?
4) Others?
most prob is 2..ask them if the govt willing to give all citizen free life insurance coverage of 500k...u see they want or not.life insurance is not a religion that people need to believe in..they just need to believe in paying for the service.
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I guess parn had mistaken the nature of insurance.
Insurance is there to provide an income for your daily expenses when you are unable to earn an income due to illness or disability. Its main purpose is not there to provide you with your dental and optometrist.
You mean you can claim $100 000 because you are short-sighted? or pay for your spectacles and lasik? Your life still goes perfectly fine even you wear spectacles. OR claim for braces or teeth whitening?
It does covers hospital bills and treatment, specialist treatment, accupunture and even TCM.
Govt is not able to give you free insurance. Because insurance work by pooling in the premiums and go through redistribution.
It will be possible if you are willing to pay 20% GST and 5 times the amount of incometax. LOL.
When things are free, people abuse the privilege.
Insurance is like a religion. Those who believe in it have a peace of mind. Those who don't is a believer of self-denial. LOL. =p
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"if you want to pick a fight, talk about religion - annoymous"
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Insurance is the most basic of financial planning.
For the individual, get insured for inpatient, outpatient, surgery and death would be sufficient. Over buying insurance would be a big financial burden, so make sure you buy according to your needs. Look at your family history of illnesses for guidelines.