1. Insurance Coverage

1. Insurance Coverage

In todays' world, we talk about third world country, developing country, developed country. How insurance are viewed as commoners if you are citizen of these countries?

In a third world country, there is weak government campaign supporting the growth of the economy of the country. Least of all, the welfare of her citizens.

WHAT is the insurance of third world people then ? Basic survival needs - FOOD and SHELTER.

Generally, Farming resources becomes the supply to the global network. Selling as many commodities to the developing and developed countries.

eg. In general, Latin America, Mexico, Africa, and most of Asia are still considered Third World.

In a developing country, economy and livelihood of commoners has progress pass just the need for survival. They needed more advanced and in-depth improvement in all areas of life. Technology, education, medical, construction, infrastructure, communication, and democracy society.

WHAT is the insurance of developing country people then ?

In this stage, people seeks stable jobs, monthly income and growing big family tree.
Since economy is developing, it is probably one of the industrial country in manufacturing exporting to developed countries.

eg. thailand, vietnam, malaysia are part of this developing countries. Very well established cities expanding outskirts.

Developed countries have advanced progression in all aspects of their reach outs. They play the BIG brothers to the world, leading the world towards their forte industry. Competition is great and pressurizing. Population is large in the cities and reproduction is lowest in its period. At this point.

WHAT is the insurance of developed country people then ?

Pieces of papers we called POLICYS - life, term, savings, investment, protections, products etc.

I talked so much earlier just to focus on this point, WE ARE PEOPLE OF THE DEVELOPED COUNTRY and yet many of my friends and relatives are still living in an era of the past.

We are lacking in Insurance coverage by large. Thinking as long as we can keep huge amount of savings in the bank, WE ARE PREPARED FOR THE RAINY DAYS.

WRONG ! Wrong ! wrong ! BIG BIG WRONG !

INDIVIDUAL INVESTMENT not only includes your own coverage but also consists of the responsibility to your immediate family. You got to buy sufficient insurance to cover yourself and your family according to your financial capability and suitability.

NOT over-insured and DEFINITELY not under-insured.

Definition of under-insured equals to ZERO coverage. Get yourself at least a life policy.

In a developed country, Nothing is free. You can fall ill and recover, but you cannot fall ill for long term. THAT WILL COST YOU ALOT FOR MEDICAL FEES.

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My personal coverage:

1. Housing insurance - This is compulsory during purchase. It will cover the rest of my loan repayment if i meet with accident/terminal illness and pass away. Thus, my family is insured against LOSS OF SHELTER.

ANNUAL PREMIUM - around SGD800+ ( CPF deductible )

2. Life Policy - I bought this policy to cover myself against major illnesses. Basically, if im diagnosed with any of the major illnesses like cancer or brain tumour, my family will probably be drained of all savings. This insurance will compensate my family to maximum sum assured ( SGD500,000 ). Any accidents causing permanent damage to my body parts resulting to me being permanent handicapped and no longer able to work will also be pay out in accordance.

ANNUAL PREMIUM - around SGD1100

3. Gift of Love policy for my baby - This policy covers not only major illnesses of my baby but also outpatient treatments. This is really great.

ANNUAL PREMIUM - around SGD480

4. Incomeshield - This policy covers hospitalization bills up to 75% each time for your occupancy. You are still legible for medical treatment payment. You can however, add a rider to cover this remaining 25% too.

ANNUAL PREMIUM - around SGD50