Looking for the perfect Insurance plan? Alas, it does not exist

Posted 19 April, 2018 by Clearly
in Pitfalls to Avoid

Perfection is always on our minds


That’s the mark of a true blue Singaporean. We are constantly on the lookout for improvement and betterment, all in the name of getting ahead.

We want to have the best credit cards that give the best rewards.
We want to upgrade our educational status to stay competitive in the workplace.
We aspire to improve our postal code to convey a higher social status.

It seems pretty natural to extend that mindset when it comes to insurance. After all, it is a serious commitment, and could span across decades.

So we could be forgiven for holding out till that perfect insurance plan comes along.

One that furnishes the most cover.
One that has all the right Terms and Conditions.
One that provides the most value.
One that gives a great life time discount.

And so on.


What’s wrong with that?


Let me go all Schrodinger on you right now, but bear with me.

There is absolutely nothing wrong with that, but it could also be the biggest mistake you make.


The most famous cat that is both dead and alive


The best analogy that I can come up with, is finding your soul mate. There could be a whole list of qualities that you might be looking for in a person, but the people you meet may just fall shy of your ideal list.

What do you do then? Do you wait? Or would you compromise? No easy answer to that one. It depends on how willing you are to tolerate another Valentine’s day – alone. Some of us have no problem doing that.


So isn’t holding out for the perfect Insurance plan kind of the same thing? Those that can afford to wait will do so, and those who crave peace of mind more strongly will settle for the most suitable plan right now.

Why is waiting simultaneously acceptable and yet a mistake?


Only because we are unable to predict the future.


If nothing untoward happens to you – then great. But if something does, you might sorely regret your decision to procrastinate. Till the end of your days.

(Not unlike the girl next door you turned down, who later blossomed into the woman of your dreams. Going into K-drama mode here, but you get the idea)


Why the perfect plan does not exist


Unequivocally, there will always be a better plan out there. Just like there will be a better catch “next time”. Guaranteed.

Terms and Conditions will improve – just a function of competition.
Prices might fall – due to better mortality rates.
There will always be a more fantastic promotion coming up – who needs to settle for a toaster, really?



If our experience has been anything to go by, the whole Insurance industry is finally waking up its idea. We’ve seen more innovation across the last 3 years compared to the last 30. More innovative plans, more ingenuous distribution methods, better customer centrality, etc.

So if you are looking for that perfect plan that will never get any better, you will be searching for a long time indeed. (Same thing goes for your soul mate!)


The plan(s) you have now may not be perfect, but they are the best right now


Because they are already doing their job – making sure that you are protected. By virtue of having these plans, you are already more protected than others out there that are still deliberating.

It doesn’t matter if the plans you have right now have been around for years (perhaps a gift from your parents, or bought some time back). Their coverage and price may not necessarily be what you want, but because of these plans, you will always have something to fall back on.


Case in point: The list of Critical Illnesses used to span across 30 definitions. It has since then been upgraded to 37 standard conditions – and possibly more in the future. But that doesn’t invalidate any existing plans you may have that cover CI.


You may even want to replace them if it makes financial sense – but at least you have that option open. In my book, having options is better than being left with no choice.


What’s left to do?


The whole idea of the article is to remind you to make a decision, if you haven’t done so already.


Looking for a sign? This is it


If you belong to the rare camp where you have all the insurance you need and want, then be the first to receive my heartiest congratulations.

If you belong to the vast majority of people that are still under-insured, and yet still shopping around for something good, then my sincere advice would be: Search and shop and compare and ask all you want, but make a firm decision to commit once you have the information.


Should you insist on waiting for the perfect plan to come by, you could be waiting for a very long time. Or worse till, that opportunity may just pass you by.

I learnt my lesson by letting the girl next door slip away. Don’t be a fool like me.


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.

In our quiet moments we find surprising links between Life Insurance, and Life. Then we highlight them. And no, we have no intention to write about how to find the right Life Partner. You’re on your own for that one.

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