Insurance is a wonderful thing all round. It provides you with the financial buffer that you need and can be a great means of investment as well. While it is critical to your financial existence in our day, it is most certainly a double-edged sword. There is a lot of good it does but still carries a lot of potential hurt due to misrepresentation of information from customers. However, because there are no viable alternatives to a good Singapore insurance policy, it is one of those necessary evils.
So here is what you need to do to protect yourself from any kind of issues that may arise with getting any kind of insurance policy:
Get insurance while you are young
Youth is a good thing when you are getting insurance because you generally have lower liability risks and so your premiums will be much more comfortable for your budget. So make sure you get an insurance policy while you are still young, like as soon as you get your first stable job.
Verify your Insurance Agents
You need to check out your insurance agent’s qualifications against the caliber of advice he/she is giving you. An insurance agent with great credentials is able to find you a wide range of products that you could choose from.
So, do a check on your insurance agent; check the license, investigate his company, check work history and verify his credentials before you continue with the presentation of the product range.
Check your policy documents
You have a fortnight to look through the insurance policy document so that you can look through the documents carefully and see if it is what you require. Within this period, you can send a cancellation notice to terminate the policy and your money refunded to you.
Get a renewable insurance plan
A renewable insurance plan is excellent because it allows you to change the premium rates and benefits along with any other terms and conditions you would like to change when the policy is up for renewals. Make sure you have paid your premiums to date so that you can enjoy this benefit and you can get better returns on this wonderful investment.
By considering these, you will not fall for the proverbial double-edged sword of insurance, but get the best value for your money with your insurance policy.