Wednesday, November 28, 2007

Evaluate an insurance plan

It is easy for you to evaluate an insurance policy, if you look for a standard cover and ask a few questions.

The standard covers are:

* Term Insurance
* Decreasing Term Insurance
* Motor Insurance
* Home Insurance
* Medical Insurance

Most of the standard policies provide the standard cover. Some insurance companies offer some frills (which are usually unnecessary or unlikely to occur), in order to justify a higher cost. Do not fall into their trip.

Get a few insurance companies to quote their premium rates for the standard covers. Make a comparison and select the policy that gives you the best value. If the cost is within 10%, you should select the insurance company based on the quality of service and their trustworthiness.

1 comment:

Anonymous said...

There are places you can buy directly without the interference of the insurance agents. Eg. like Aviva.
You don't have agents dissuading you and swaying you to buy plans with cash value.
But if you adamant and strong willed you too can buy from the business centre.The agents are salaried and less determined to make you buy .
Go for simple plain vanilla products which give maximum cover and return and not diluted products which claim a cure all feature, like ntuc's new product. Where on earth is a product good when you save $1 and get to spend 60cents. It should be save $1 and get to spend $1.35. A plain vanilla Flexicash lets you save $1 and spend $1.35 anytime you want to enjoy. No need to wait. Every day is sunny day. If you save $3000 a year you get $108,000 after 20 years and not $66000 as this product gives. Saving in the Flexicash gives you liquidity, flexibility, max your protection and freedom to invest in whatever way you want to maximise your saving. Can this revosave offer all these options and yet deliver the maximum?
No!! Why? high commission, marketing cost,high operating cost,unnecessary frills and poor product design.I wonder you can remember KENWOOD(UK) food processor appliance. A lot of features but you don't use all and pay for nothing.It was expensive.It died a natural death.This product is like this Kenwood. It should be renamed

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