Saturday, November 10, 2007

Medisave wiped out by one medical condition

The report by Sunday Times last week about how a Father's money are wiped out by his daughter's Ovanian cancer aroused some interest among the public. It had shown how a medical condition can wipe out ones Medisave and monies and how important Insurance can be.

It will arouse some interest but such things will continue to happen. Why? Let me share

1) Humans memory are short, they will remember seeing such report, but will continue to procrastinate
2) Many Singaporeans still regards Financial Planning as their last priorities and will do all other things before seeing through their own plan
3) General reputation of Financial Advisers in Singapore are equivalent to Salesman. Humans are natuarally resistent to Salesman and avoid them
4) Medical Insurance may not be specially recommended by many advisers because of its low premium and low commission.

Our Government had done great to ensure that every Singaporean will have an insurance from newborn. Medical cost will continue to escalate and insurance premium will not come down.

For anyone reading my blog, I like to post a piece of advice

"Pls go through your financial plan with your trusted adviser"
"Stop Procrastinating!"

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