Insurance
Things to Consider Before Terminating Your Insurance Policy
By Sethisfy  •  July 22, 2011

I have met many clients to review their insurance portfolios and so far have never come across a single insurance portfolio that was properly designed. The best case was when I just had to add in missing essential elements like hospitalisation and disability income coverage. Far more common were worse cases where the person did not have additional budget for proper insurance, or plain could not carry on with the commitments.

At this point they would ask me if it was wise to give up their existing policies to free up budget or to replace them with proper coverage. Here are some things one needs to consider before making a decision.

Do you need the policy’s coverage? Obviously, if you require the coverage for the policy, it will not be a wise decision to terminate the policy at all. One must remember that (proper) insurance coverage represents an essential expense, ...

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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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