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Insurance- Yes we still need them

May 3, 2010
With the rising cost of Hospitalization & Surgery– yes we need Insurance to cover Emergency Hospitatlization & Surgery. And if you are a bread winner, you need Income Protection.
We need Insurance for Hospitalization & Surgery
But not necessarily to cover Degenerative non-emergency hospitalization & surgery procedures such as mastectomy, chemo and radiation. However, please do not immediately decide on suirgery, chemo and radiation just because it is covered by Insurance. This is the common pitfall for all over-insured families.
One of my regrets though is that I did not consider buying insurance coverage for Nanay before she was diagnosed with Cancer. Now if she needs to be hospitalized or undego surgery even if it is not related to cancer, she will never had the chance to be covered by Insurance.
So, the lesson learned here–was for me to be ready to protect my income and my family, if I need to be hospitalized or undergo surgery. A few months back I wrote in this blog that we need to find an Insurance agent who can help me buy insurance for Nanay to cover any non-cancer related medical needs.
Pastor Andy of IBC, responded to the call for help and referred me to Michael Yam. I was browsing through the internet to find a suitable surgical and hospitalization medical coverage for myself and Zarah. Although, my employer provides Surgical and Hospitalization Insurance as well as a Life Insurance for me and Zarah, I felt that it is not enough. Nowadays, we never know if retrenchment will hit us, leaving our family exposed and unprotected and by that time, insurers may not cover us due to pre-existing conditions.
Just in time, Michael Yam called me and booked for an appointment, he called me jsut before we left for Tiaong, so he had to wait for us for two (2) weeks. Then when we came back to singapore, I have to move our original appointment due to a free family photo shoot booked on the same day.
So 3 weeks after his first call, we finally met. He picked me and Lehani (my sister in law) from Raffles Place, and we chatted all the way to Upper Bukit Timah and also had a coffee break at Coffee Bean. Initially, I thought he was just another Insurance agent who just wants to meet his monthly quota. During that almost 3 hour conversation, I have learned that he is a God fearing man. PReviously he worked with the police force. He also shared with us how he was converted from Taoism to Christianity. That he and his wife has been to the Philippines for regular Mission Trips to Payatas, Quezon City.
So, yeah, I thought, of course he knows that I am a Christian and  that Payatas has a soft spot in my hear (he must have learned that from Pastor Andy). HOwever, what really caught my attention is he was able to confidence Anjo (a Christian Friend), who told me before that his insurance is God (God will provide in tme of need), therefore he does not need to provide insurance. So, I listened to what he have to say about Insurance and Christian Faith.
We need to get out of debt, FInancial Planning & Income Protection
He did not only sell me Insurance but he also educated me about Financial Planning and how to get out of debt. There are some intricate details that I cannot share here (e.g. you can request for a loan from your Endowment Plan at an interest rate of 6% per annum, much lower than 24% per annum for most of the Credit Card companies or you can have a partial withdrawal of your Endowment plan to pay for emergencies). The DBS FInancial Adviser who sold be the AViva Endowment Plan resigned from DBS. When Michael asked AViva, why they did not assign a new financial adviser for me, their response was " Lanie is a customer of DBS not by AViva", we need to protect our partnership with DBS. OH yes, they protected DBS, but they did not protect me.
Whatever he did for me, made the buying decision between purchasing from NTUC and Prudential. For the same benefit, NTUC premium is cheaper by a few dollars. However, Michael’s services has been worth that additional few dollars. With Michael, I am quite assured that if an emergency strikes, he will be at my beck and call.
Right now, I am not really concerned about investments, all I needed now is sufficient Hospital & surgery coverage as well as income protection in case of death, temporary/permanent disability — while I am trying my best to get out of debt.
I thought no Insurance agent will waste their time to someone who is indebted and will only focus on those who have enough money to invest.
Thanks to Pastor Andy for referring me to Michael Yam.
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