Mum Tips on Getting an Insurance

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Last 2016, my hashtag of the year was #Wiser2016 and started a couple of "wise decisions". One of them is getting myself an insurance.

Initially, I thought I don't need to get an insurance since I do have an insurance from the company I work with. But then I realized that it's tied up to my company. What if I decided to leave? And it's just for sudden death or permanent disability.

When I became a mum, securing my family's future became a priority. In case something happened to me, I wanna make sure that my children won't suffer financially.

I always receive questions about the kind of insurance I got or the coverage, etc. So I decided to just share with you some mum tips ofngetting an insurance.

1. Get your insurance plan from a reputable company. Preferably a company who's been in business for years. And those who has proven again and again their profitability and stability. I mentioned on this post where I got my insurance and investment plan.

2. Talk to a reputable and reliable financial adviser. Make sure that s/he knows what s/he's talking about and understands your needs. Some of them are just there so they could earn from you. Don't go to those people. I trust mine so much because she really understand my needs. She created a plan that I could pay and I would benefit more.

3. Get a chronic illness rider. Insurance riders are those add-ons that you get so you would benefit more from the insurance plan you'll get. For chronic illness rider, you are insured in case you are diagnosed with chronic illness. They'll usually list down the chronic illness covered. It is very important because we all know how sickness could usually drain out the family's finances. And most of the time even the savings meant for our children's education will be drained. We don't want that.

4. Get a hospitalization benefit rider. In line with my previous point, I also want to make sure that in case of hospital confinement I'll get something even if I have a health card. Usually our health cards are only responsible in paying our hospital bills but with hospitalization rider, I would get X amount of money per day if I got hospitalized for 3 days and up.

5. Get an insurance plan suited for your needs. Aside from the 2 riders mentioned above, there are others you could choose from. Get them if you think they are beneficial as long as you can pay for it. There are loads out there, you just have to be wise about it.

6. Make sure that you can afford it. I know that it's so easy to get an insurance and request for riders left and right. But you really have to make sure that you have the means to pay for it. Some insurance are payable for 5 years or 10 years and it's a responsibility. You have to consistently pay it so it won't go to waste. Before getting one, list down all your income and expenses, identify an amount you could commit in to and start from there.

Now that I'll have another baby, securing their future is really a major goal. In case something happened to me, I don't want them to suffer.

If you need more tips or if you wish to talk to a financial adviser, let me know! I'll share mine!

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