When is the best time to buy insurance?
It is a question that many have asked.
Is it the day that you graduate from school?
Or the day you walk down the aisle?
As cliché as it may sound, today may just be the best time.
Because you may never get a chance to do so again.
Md. Zaki Sapari was Singapore’s rising star athlete when he broke the national junior 400m hurdle record.
The Republic’s first hurdler competitor in 18 years was favoured to bring home a medal in the 2015 SEA Games.
Everything was looking up for Mr Zaki.
Valentine’s Day was a day of celebration for most.
However, it was the exact opposite for the family of Mr Zaki.
On 14 Feb 2014, Mr Zaki was riding his bike when he met with an accident with a lorry.
He did not survive the crash.
Everyone in the athletic community was stunned.
A promising young man who was humble despite his achievements, was lost tragically in the most sudden manner.
It was a bitter pill to swallow, especially for his family.
This shows how fragile life can be.
We may eat well and live healthily but yet not see the next day due to unforeseeable accidents.
Divine intervention always takes priority over our own planning.
Thus, don’t assume that you will always have another day.
It may well be too late.
You may become uninsurable.
Recently the LIA (Life Insurance Association) had verbally sparred with insurance veteran, Tan Kin Lian over the issue of pre-existing conditions.
Tan Kin Lian was championing for the consumers, insisting that it was unfair for insurance companies to reject claims due to undeclared health history.
LIA refuted his claims with the explanation of utmost good faith.
You may feel that your hypertension condition is under control due to your change of lifestyle.
However, it has to be declared as long as the doctor has previously diagnosed it.
On long-term medication for cholesterol?
Sorry, you have to tell that to your insurance company.
An insurance company is like that annoying date you meet on Tinder.
She/He wants to know everything about you from the basic height and weight to how much you earn.
Your medical history is her/his particular area of interest as she/he needs to gauge whether you are the ideal partner.
This is when most people assume that insurance companies cannot find out.
They do have the resources to check your medical history at the point of claim.
With increasing connectivity between the medical institutions, you can bet that insurers will have more and not less access to your data.
The whole point is that you can no longer hide your health status from the insurance companies.
Minor pre-existing conditions result in premium loading in some cases.
However, major ones may lead to exclusion and worse, rejection of cover.
Get your insurance coverage when you are perfectly healthy.
Because you will never know when an adverse health report can land you on the uninsurable list.
A knockout blow for your retirement plan.
Financial freedom is big nowadays.
It is about creating sufficient passive income or amassing enough fortune to last you a timeline.
That is also what your retirement plan does for you.
Everyone loves the idea of not working unless you want to.
We would like to achieve financial freedom soonest possible by scrimping every cent and putting it to good use to generate income for us.
What we often forget is to protect those savings from harm.
Can your financial plan survive a $650,000 impact?
That is how much a heart bypass surgery with complication cost.
Have your retirement plan catered to such contingencies?
The likely answer is no if you have neglected insurance so far.
With the emphasis being placed on making your money work, you have ignored the need to protect the money.
With proper insurance coverage, you can make everything work out well in the end.
The most well-laid retirement plan can be sabotaged by huge hospital bills, accidents and illnesses.
However, by then it is already too late to react.
Take a proactive step to managing the risk early on to prevent a lifetime of regret.
The best time to get life insurance is the day before anything happens to you.
The problem with this answer is that there is no way that you can tell when that day will arrive.
Hence, there is no other better time to obtain insurance coverage than today.
Simply because none of us has the crystal ball to see what lies ahead in the future.
Until the day you possess that ability, it is always safer to assume that accidents are just around the bend.
And start insuring before you have missed your opportunity to do so.
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.