Tuesday, July 25, 2017

Shouldn't I buy Insurance Online?

You should buy Insurance online to save the hassle of having to interact with an insurance advisor. BUT this is only relevant to products which don't need any advice.
It is just like going to a pharmacy: some medicines are over the counter medicines but some medicines need a doctor's prescription as they might have side effects or certain dosage requirements.
An example would be: for a cold and cough, you can buy over the counter; but if you are seeking treatment for cancer and need to buy a chemotherapy injection that is ONLY by prescription or it could be fatal.
It's the same with trying to buy an insurance product online. Some products are simple and easier to understand hence can be purchased online like Car Insurance or Home Insurance or Travel Insurance as they have been commoditized in most scenarios; but again if you have a high end painting in your house or a limited edition sports car and that needs to be insured speaking to a qualified insurance advisor is a requirement.
Just like in medicine where it is a matter of LIFE & DEATH... you do need a trusted and professional advisor.
When planning your financial future; looking at the unique changes of geopolitical risk, health risk, or risks unknown.... getting a professional advisor by your side is worth the effort of finding the right advisor.
I HAVE BEEN ASKED: Don't we have financial planning calculators online to do that for us?
So let me ask you: Don't we have self diagnosis website for medicine as well? But after we self diagnose, getting a doctor to sign off on certain illnesses is still the requirement to buy a prescription drug.
Similarly, you need a Financial Advisor to sign off on certain advice, like what combination of products is most effective? Should I only buy Term or only buy Permanent or should I buy a Combination?
Find an advisor you feel comfortable talking your personal agendas with and be open about your life objectives; Learn to self diagnose as well for smaller issues, learn to do self reviews as well.
For that ask for the "rules of thumb" financial advisors follow (28000 - Make Every Day Count is a book that provides these "rules of thumb" which is available on www.28000days.com)
Just like we have BMI to measure the ideal height to weight ratio we have similar "rules of thumb" in financial planning:
An example:
1. 10 times of Annual Income for Family Income Protection.
2. 20% of whatever you earn towards your Retirement.
If you are a client reading this:
Speak to your financial advisor today and read up to self educate;
If you are a financial advisor reading this: please share this with clients who you believe needs to read this...
And please always remember "Do not compare GOOGLE to my Professional Degrees"


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