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Getting Cheap Insurance

May 15th, 2010 Posted in Investment, Personal Thoughts

I think choosing an insurance just because it’s cheap is wrong.  Cheap insurance does not mean you get the coverage you need.  The first thing you should do is to define your objectives of getting one.  Is it for investment or for protection?  Next is to decide how much you require.  If it’s for investment, decide on whether to maximize returns or to get enough coverage.  After filling for income tax recently, I realized my coverage is not enough.  As you get older, you need to set aside for health eventualities.  It was reported in the papers recently that to live a comfortable retirement, one will need to have RM1.5 Million!

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