for quite a while, our insurance coverage/planning (actually, more so hubbie's) has been bugging me.
and the main reason for that is my perception that his policies are "complicated" with riders etc, which i do not fully understand (in terms of what is covered, how much, and for how long). compared to my plain vanilla policies, his were not to my liking.
much as i am quite into finance, investment etc, i seemed to have a fuzzy idea of his policies and must admit that i also did not put alot of effort into reading the policy documents and trying to figure the maze. i may start, but often times it got too much for me that i give up. plus, i WASN"T ASKING THE RIGHT QUESTIONS. :(
his policies were bought, suppossedly from a fren where there's some form of trust so i did not dig very much into it and when i was working, really, this was of a rather low priority ... and i believe we are now paying the price for such an attitude. and it is such a pity that hubbie stood by his fren for so many years, cos now it's obvious that he started off on a bad footing where insurance is of concern. ;(
At the end of the day, an insurance agent is concern about his/her own bottomline and also they are pushing the products on one company isn't it? they have their own interests and no matter what financial advisors say about putting their client interests first etc ..... it's difficult to really find someone who is honest, diligent and competent.
i did try to rectify his insurance situation as early as 8 years ago to "plug the hole". but because his early policies details escape me, i never had a full picture and although we did appraoch 2 other financial advisors to conduct a review of our policies, somehow their summary didn't address my concerns.
plus, i believe i wasn't asking the right questions.......
as we got caught up with our lives, for a long while this issue is put on the back-burner but recent years after i stopped working, and with the birth of the lil' one, there was really a pressing need to plug this once and for all. afterall, he is the sole-bread winner, at least for now.
thank God that recently i finally found a fren who is also an agent who did a wonderful job summarising our insurance coverage and status and it really gave me a much needed clearer picture.
i had wanted to write about this because i think it's important to know where one stands in terms of insurance coverage and if you are not getting the help/info you need, then please find someone to help you.
anywayz, i realise that the following are a few pertinent areas that i should bear in mind with respect my current insurance coverag:
1) to what age am i covered? especially for critical illness
case in point, one of hubbie's early policies bought through his fren, the CI coverage expires at age 55. i suppose when we were young and bought policies, age 55 seems quite old and an expiry at that age may have appeared appropriate. but with life expectancy increasing, i suppose there's a real need for us, as the insured to decide if we want to take any action in this case.
and becos we bought the policy so long ago, really some of these details escape us. but when we did the review with 2 previous insurance agents (one i think in 2003 or something and one in 2008, nobody highlighted this point.) maybe they didn't even know cos they may not have reviewed the documents in detail?? i am not sure.
but i would think that if they are aware, they should have brought it up to our attention -- both as a reminder and also to see if we want to take any action.
2) what is the latest benefit figures for my policy? (a simple email/phone call to your insurance company should provide that)
i think this is helpful to see if there's any shortfall in coverage (afterall, a policy bought 15 years ago with whatever projections that the insurance company gave may not live up to the expectation).
and with this information, whether any further action needs to be taken.
3)term and life (i think that's what it's called. essentially, i mean the non-term insurance)
i am not sure what u think, but i believe there's a place for term insurance which is much cheaper for a good coverage.
4) medical insurance
but of course.
just thought of writing down my thoughts ..... as a reminder to myself :))