Creating an Instant Estate

SK Wong

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Many people bought insurance reluctantly, be it general insurance or life insurance. Insurance is a product that is most misunderstood. It is a product where the time when you bought it, you don’t need it at all, but the time when you most needed it, you realized that you either did not have it or haven’t bought enough.

Most life assured bought their life insurance out of obligation because some one they know closely had persuaded them to take up a life insurance for protection. Protect them for the rainy day. Insurance can never be a protection, how does insurance especially life insurance protected you. It cannot shield you away from danger, nor does it protect you from any harm. The only thing insurance can do is indemnifying you in term of your financial losses.

Most people bought life insurance for the wrong reasons

1. Investment.

This by far is the greatest mistake a person have for buying life insurance simply because insurance can never be an investment. The returns of maturity can never match other investment machinery such as CD, Mutual fund and Real estate investment for which the insurance companies are invested to generate enough reserve for the claim proceed.

2. Saving.

Many people bought life insurance because of the returns that was presented to them. The amount of returns they will get when the insurance matured. However if you consider the compound interest factor, you will find that with the same amount of “investment" on other investments, the return will be much higher within the same period.

3. Protection.

As mentioned earlier, insurance cannot protect you from any harm nor can it prevent the occurrence of accident that may cause financial losses to you and your family. The only thing insurance can do is to indemnify you for your financial losses when the accident occurred.

The only reason that one have on buying a life insurance is Creating An Instant Estate upon the demised of the assured. That is to say, if anything happen to the assured at anytime under the coverage of the policy, the assured family will be able to seek indemnity in term of disability or inherit the proceed of the insurance policy upon the demise of the assured.

Understand the true reason for buying a life insurance policy will help in making an informed decision by not paying unnecessary higher premium for the wrong coverage. Potential assured must assess own situation in term of current financial position and the amount their family needed in case the bread winner met with unforeseen circumstances that might place their family under financial stress.

SK Wong is a Charter Marketer with a MBA in Finance. He surrently provides Marketing and Risk Management trainings and services to his local business community. He now also focus on Internet Marketing Strategy to assist small and home businesses in his community to complement and support their offline business. Get more Small and Home Business Marketing and Finance Ideas and Strategies in his Internet Marketing Strategy Center.


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