Purchasing Insurance – Why? Why NOT?

Millennials, Mobile Banking

All hail 2018, it’s a month into the new year and we’re back to setting new year resolutions.

One thing people conveniently exclude is the planning, buying and owning insurance. To put it blankly, people often neglect and look past acquiring insurance until the actual time comes, when everything might be too late. 

Here are a few reasons procrastinate on the idea of insurance.
So what’s holding you back from getting yourself insured?

Education, School Fee

1. It’s So Damn Expensive

Budgeting is most probably the first priority — the ever-growing living expenses, car payments and also hefty student loans. With all these expenses taking up a huge portion of the earnings, most people would come to a conclusion that buying insurance is second fiddle. This is often a misconception. In actual fact, the price of a policy per day can be lower than a daily cuppa joe. Owning a policy isn’t as expensive as you think it is.

2. Too Young to Fret

“I’m still young and fabulous, I don’t need to worry about fickle things like insurance!” Not exactly. You may think that you are in great shape- eating well and staying active, feeling on top of the world – but you are not invulnerable and indestructible. Accidents do happen and complications may arise unknowingly( eg. when you contract a serious illness or misadventure). In the event that it happens, getting insurance will be very difficult to purchase after. In short, try to stay young, wild, free with the added advantage of a safety net.

3. I’ll Eventually Get It, Just Not Now

With no pressure nor need, it is very easy to procrastinate and stash away the thought in the back of your mind. There is no “right time” to get yourself an advisor. You do not have to be of a certain age to purchase insurance, in fact, the younger you start, the cheaper it is. However, by shelving it aside, most people tend to forget and should an unfortunate event occur touch wood, this will lead to hefty financial consequences.

4. Insurance is too Hard

It is very easy for new and unfamiliar things to be condemned as difficult and confusing at first glance. And insurance is no exception. With adequate research, hard work and perseverance, it can be easily understood. Start with the basics and work your way up. You can also talk to various financial advisors who can assist in providing the best-personalised policy to protect you and/or your family.

5. I don’t have kids

Having children could be a major game changer for many in the decision to purchase an insurance policy. However, they should not the determining factor. A life insurance policy will protect your family financially should anything happen to you, touch wood.
Acquiring insurance is an easy task and with the convenience of technology, there are also many different and flexible resources for you to do quick research to compare the different types available before you purchase the most suitable insurance policy you need.

Mediums to purchase insurance:

  • Websites: With InsurTech being an emerging industry, you can easily purchase insurance catered especially towards your needs with a simple search online. All you need is your credit card. Shop for these financial products just as how you shop for that new pair of jeans you have been eyeing online. It’s as simple as that!

  • Over the phone: Usually, a customer service representative will offer you in-depth information on various coverages and provide the service to help you to complete your application should you wish to confirm the purchase of a policy.

  • Financial agent or broker: By contacting a financial agent or broker directly, they are more than happy to provide you with their expertise to assist you in the process of enrolling in suitable policies within your budget.

  • By direct/ e-mail: Albeit uncommon, this method is for those who dive in with a specific policy in mind or wish to inquire more about policies. Simply complete and submit the insurance form and attach the relevant tangible documents and mail them straight to the company you are interested in.
Written by

Sha Osman

Last updated on

May 2nd 2019, 3:05 am

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