Combating fake news is a big business these days.
The orange head in the White House has been relying on this term heavily to defend him from negative reports about him and the alleged Russian shenanigans.
Much closer to home, the lawmakers are considering to update the legislation next year to stop people from thinking that our beloved actor Hossan Leong has passed on.
We at ClearlySurely.com love to make our contribution towards this meaningful cause.
Whether a wall is being build around Yishun at the moment (no!) is not an area of expertise for us.
Therefore, we shall stick to our bread and butter and report on some of the fake news that has been plaguing insurance.
CPF insurance policies protect me adequately.
Dependent Protection Scheme (DPS), Eldershield and Medishield Life are purchased with your monies in your various CPF accounts.
We have scrutinized Medishield Life and found it to be insufficient for your hospitalization needs.
For DPS, the sum assured is $46,000. You may be covered for more depending on the bonuses given.
However in Singapore, you cannot do much with $46k.
It may provide a frugal family with sufficient living expenses for a few months after deducting the funeral expenses.
That is definitely not enough.
Eldershield has always been hard to claim.
It is harder to depend on the payout of either $300 or $400 to eke out a decent living.
And the recent review isn’t looking promising either!
I have pre-existing conditions. There isn’t any point in insuring.
This is a common grouse amongst those who have diabetes, hypertension or other chronic illnesses.
“If the insurance companies are putting in the exclusions on these conditions, why should I even buy it? It is like paying money and not covering much!”
While it is true that your scope of coverage has been narrowed due to exclusions, it is a huge exaggeration to say that.
Take hypertension for example.
There are a whole bunch of ailments that are still covered even if hypertension-related conditions are not – cancers, pneumonia, urinary tract diseases, lung disease, etc.
And accidents do occur, not just illnesses.
In addition, insurance companies are getting more and more understanding about these conditions.
With more than a quarter of Singapore residents having chronic ailments, some are already thinking of ways to insure them.
For diabetes, this plan from AIA may just be your answer.
You gotta have something to protect first!
Some people may have this thinking that since they have little wealth, there is nothing for them to protect.
It is also a misconception that some have taken advantage of.
Get yourself invested so that you can have something to protect in the first place!
The problem with this statement is that it is definitely misleading.
Whether you are rich or poor, tall or short, single or married but available, all of us have something precious to protect.
Our very own lives!
How can anyone forget that!
Insurance always come first before you make any investment.
You should never forget that!
Duty to eradicate fake news.
While the government takes the lead in outlawing fake news, we have our duties not to spread false gospels.
When you hear some incorrect information about insurance, it is only right for you to intercept the message and right the course.
These erroneous insurance advices may lead to grave consequences for the recipients.
Have you heard of any fake news about insurance?
Tell us about it in the comment below and eradicate them once and for all!
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.