By: Adrian Khiat
Definition of Insurance
I flipped through my Times-Chambers Dictionary to look for the definition of Insurance and it was defined as follows:
“Insurance is a guarantee that you will receive money if something is lost or damaged, or receive a replacement for it, by a financial company in return for regular payments you make to them.”
It did not specify what was lost or damaged. It can be a hard asset or even a life. As most of us are likely to relate about loss of a human life when we talk about insurance, I like to talk about the ways where we can get money from the Financial or Insurance Company when a life is unfortunately lost.
Each type of insurance have their purpose, strengths and flaws. There are cheap and expensive ways to get covered. I just like to share with you the type of Insurance plans you can get in Singapore and I’ll rank from the most expensive ways to the cheapest with the Premium:Coverage Ratio.