Every other day, when a prospect or existing client told me the monetary burden of not having money for proper investment – one of the thing I’d ask is – “How much is your monthly insurance commitment?” Some replied – close to a thousand ringgit (don’t be surprised), but of course you could be paying hundreds but still feel overburdened by the total premiums you are paying. When I told client that I could save them a tonnes of money (like, literally thousand of ringgits of year) from paying insurance premiums, a lot of them feel skeptical.
Very skeptical. Initially, at least.
The most common one is – “How could you help me get cheaper rates given that I bought my insurance 6 years ago?” It is a know fact that, the older you bought insurance, the more expensive it is.
However, the real magic in this lies not in the age factor but more on the type of insurance.
I understand the issues faced by most people. If you are already feeling the pain from overcommitting to insurance commitment, would you feel afraid to encounter any advisor or insurance agents? Of course I would too!
The other very dangerous thing you should realize is this.
If you are spending RM 3000 to purchase the expensive insurance type with only minimal coverage, you could be in deep shit if shit happens.
On the contrary, if you are spending the same RM 3000 correctly to get the less expensive type of insurance with a sufficient life coverage with a good medical card (say, 1 million lifetime limit), you could be really well covered if the same shit happens.
I know it sounded vague but if I’ll recommend you follow this Insurance Revelation Series, you’ll finally “see the light” and discover what most insurance agents have never told you before.
As promised, this is the sequel to what I said – “You don’t know what you don’t know” in my previous post – Why we are so TERRIFIED of insurance agents
Ponder over it…We pay out mortgage for like, 30 years – and we care a lot about which bank offers us 0.1% lower interest rate.
Why wouldn’t we care about something which we are paying for whole life? Although it could be just a few hundred bucks a month, the savings over a period of 50 years is…fantabulous.