Insurance agents tell the consumers that the cost of a liver transplant is $100,000 and that it would be covered under a private shield plan.
Before you take the advice of the agent, you should consider the following:
a) What is the chance of needing a liver transplant?
b) Where are you going to find a liver when you need it?
c) What is the total premium that you have to pay for the private shield plan?
Some of the risks, such as the need for a liver transplant, is quite remote. You should not be spending too much money to protect against these risk. The cost of a private shield plan may take away $40,000 over a lifetime. Why pay so much (a certainty) to insure a risk ($100,000) that is quite remote?
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- Zeitgeist movie and Tommy Wong’s book
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- Financial advisers willing to sell term and ETF
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