How To Review Your Policy?

You can head to the “schedule of benefits” and look at the list of coverage you have.

There are 6 main types of coverages you can find under the schedule:

1. Medical coverage
2. Critical illness coverage
3. Life coverage / Total permanent disability
4. Waiver of premium
5. Investment units (Savers)
6. Personal accident coverage

Once you identify the coverages you have, you can jot them down in an excel sheet.

Here are the purpose of buying these coverages:

1. Medical coverage: To cover hospital bills
2. Critical illness / personal accident insurance / Total permanet disability: When a person goes through sickness or an accident cause the to lose their limbs. It will affect their ability to work. Hence, this is used to cover their income to pay for daily expenses.
3. Waiver of premium: When a person becomes critically ill, the insurance payment will be waived.
4. Life coverage: If our family’s financial wellbeing is dependant on you, when you are not around, this will be the money that they use to sustain their wellbeing.
5. Investment units (Savers): Very similar to unit trust or mutual fund, but the investment is attached to an insurance policy.

You can download our free policy review e-book if you want to know more, or you can get a 1 on 1 consultation with us for a free policy review.