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Life Insurance & Medical Insurance 101 Article

Life insurance is a contract between an insurer and a policy owner. If you are insured, understanding your policy ensures you can enhance your financial protection while also avoid leaving gaps. A lack of understanding may cause unwanted surprises which may have adverse financial consequences. The thing is...insurance policies can be difficult to understand for policyholders! Don’t fret! We’ve listed down the key things you should understand from your insurance policy to help you on your financial protection journey.
Insurance is essential because it financially protects you or your loved ones against unexpected events such as hospitalization, critical illness, or even the unthinkable. When it comes to something so important, it’s advisable to avoid insurance mistakes for better financial planning and proper coverage. To avoid confusion, here’s a guide to avoid those mistakes. 
You’ve met the one, settled down, and had kids. That comes with responsibilities not only to yourself but your family. With a spouse and kids now to support alongside your parents, the years can become financially demanding with expenses such bills, mortgage, petrol, etc.  What if the unthinkable happens and your family has to go on without you providing or even having to bear your debts? What if you can’t afford your medical bills? What if you do not have enough for retirement, and one day you might have to rely on your family? 
Young and single? Feeling healthy? Have no commitments to a spouse or any children? So why get insured? As an overall benefit of being young, it’s because premiums are cheaper and you could be saving money in the long-run. But there’s more to it!  Here are 4 types of insurance to consider as a young single person and why.  
We all take steps such as exercise, healthy eating, and avoiding bad habits to keep healthy. It can be very gratifying to be working on avoiding bad health consequences and maximising our quality of life. However, even the healthiest are not immune to medical emergencies or the unthinkable. This is why it is important to know that should the time come when either occurs, you and your family are financially protected. But having insurance is not enough if you do not make a claim. There are two types of claims that are important to understand: medical insurance and life insurance.