Envy is not nice. One of the 7 deadly sins, envy is a green-eyed monster that resides in your head and provides unsolicited advice incessantly. Often you will do his bidding without even realising what has transpired.
But envy is fantastic for commerce. You want to buy that exquisite writing pen not just because you have to sign your cheques but also because that obnoxious Peter from work keeps bragging about his. You desire for a new Jag even though your trusty Toyota is running perfectly because that will drive your jealous neighbour crazy. And you really want a hot girlfriend because, well that is self-explanatory. Even some old dude from Omaha agrees with that.
It’s Not Greed that Drives the World, it’s Envy.
– Charlie Munger (Gotcha, not always Buffett)
However, that is not always true. At least not true for insurance.
Why envy doesn’t work
Imagine that your friend Mark had just gotten a huge inheritance. His Dad had taken up a million dollar policy and the main beneficiary was Mark. Would you be envious of Mark due to his sudden windfall? Of course, he was grieving for goodness sake!
Envy just does not work in life insurance because the benefit of having insurance is always accompanied by bad events – Death, disability, accidents, diseases, etc. You cannot be jealous of someone who has just lost a family member. Likewise, how can you be envious of someone who has just fractured his fingers due to over-vigorous bedroom activity?
However, we believe that we can change your mind and have you start harbouring envious thoughts about Mark’s fortune of having life insurance. At least watch us try!
Free stay at an expensive accommodation
You were in Mark’s new Mercedes Benz when he crashed into a tipper truck as he had taken his eyes off the road to brag about the leather seats. Both of you were hospitalized but that was where all similarities end.
Mark was warded in a single room in a private hospital whereas you stayed at a crowded 6-bedder. He had a TV all to himself, an air-conditioned room, personal toilet and seemingly better food. Meanwhile, you were kept awake by the incessant coughing and complaining from the neighbouring beds, not to mention the endless visits by the attending doctors every other hour.
To make things worse, Mark’s medical expenses were fully paid for by his insurance plan while you received a bill for that miserable stay. WHAT-THE-HELL.
It turned out that Mark had bought a private hospital Integrated Plan with a limited edition full rider. Why didn’t you think of that?!
Paid for staying in a hospital
Mark received a cheque from his insurance advisor shortly after he was discharged. A cool $1,000 for his ten-day luxurious stay at the hospital. Apparently, he has a hospital cash policy that compensates him for each day that he is warded.
What do you have to show for your hospitalization? A hole in your wallet, a cast on your broken arm and a rising sense of jealousy.
Due to the severity of the accident, both of you were disabled. Thankfully the injuries were temporary and would heal with time. However, your company HR was upset over your prolonged absence and you managed to keep your job after a long persuasion. Nevertheless, you were feeling the pinch of being on unpaid leave.
Your friend Mark was enjoying life. He was happily shopping for art piece online while planning a holiday once he had recovered. Later on, you realised that he had been receiving an income-replacement from his disability-income insurance plan.
Your first thought? FML.
Post-hospital expenses claim
Leaving the hospital does not signal the end of medical attention. Both of you have to undergo physiotherapy to regain mobility. Diagnostic tests have to be conducted to ensure that the fractures have united properly. Clutches have to be bought to facilitate movement.
What did Mark do? He submitted an insurance claim on all of the above and he even added some TCM receipts too. And he got all of them approved!
You could not take it anymore and finally asked Mark for the contact details of his insurance consultant.
You too can have it all.
We often get an impression that life insurance is all about death, terminal illness or dread diseases. Things that often leave you dead. Insurance does those but also much more.
With the right coverage, you can make your life much easier when calamity strikes. As demonstrated by Mark, an all-around protection portfolio allows one to concentrate on his own recovery, rather than to worry about hospitalization bill, income disruption and post-hospitalization treatments.
Envious no more cuz you too can have them all.
Contact your financial advisor or let us know if you need a good one and let your inner green-eyed monster lead to a surprisingly good outcome – a peace of mind.
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.