If you or have family that have been to hospital to seek treatment, you will know the cost of treatment is anything but CHEAP.
Recently due to my wife's fractured ankle, we have been to medical center a few times. Fractured ankle is not a critical matter medically but the bill has been "High" nonetheless. I confess that I am grateful that we are medically insured else I will be crying....
So what is the meaning of "insured"? To me it basically means transfering my financial risk to a 3rd party. To most people, insurance is an expense that is unnecessary. I cannot understand how people can be so foolish. Do they not realize that if this is an "expense", this will be the only expense that will pay for all the other Expenses?
I have lost count of the number of people who came to me to seek help on their insurance. Because they had no proper & adequate contingency financial plan, some have had to:
- Opt for cheaper treatment though it is not the proper treatment
- Spouse returning to workforce to finance family needs
- Selling assets, i.e. house, car
- etc.
As I pay the bills, I cannot help but think of the poor folks that isn't financially prepared for this. They may be literally poor or mentally poor (due to their choice in assuming nothing bad will ever happen to them).
Remember this folks. Not being prepared is like jumping out of a plane without a parachute or a working parachute. Rest assured you will never need it again!
Make the wise decision. The impact & consequences is limited not only to you but your loved ones too.
In NickG, we Plan for the Best & Plan for the Worst. It is better, don't you think?
For assistance contact us at gloriouscash@live.com
Financial Designers are sometimes required to think creatively.
At NickG, we do that !
"If I had my way, I would write the word "insure" upon the door of every home because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever. It is the duty to arrest the ghastly waste, not merely of human happiness which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world
Hear ye Hear ye.... Are your Insurance Nominations safe & sufficient?
Keep an eye out for a new series we will be launching - Shortcomings of Insurance Nomination.
Documentations required (may vary little amongst companies):
- Duly completed claim form
- Police report
- Police investigation outcome to confirm the status of the vehicle
- IC & driving licence of the insured & driver
- Original vehicle registration card
- 2 sets of car keys
- Original release letter of ownership claim or an Undertaking nletter from the hire-purchase owner stating that release letter will be forwarded to insurer upon receipt of payment
- Transfer documents such as duly signed JPJ K-3 form, duly signed
- TM-AB form endorsed by Commissioner For Oaths / JPJ office Memorandum and Article of Association (for vehicle registered under company name)
- Monetary difference between Purchase Price and Payment Amount which is based on Market Value or Sum Insured (whichever is lower)
- Loss of use of vehicle before replacement
- Cost of alternative transportation and inconveniences
- Loss of No Claim Discount
- Contiunue with financial instalment payments and replacement of next vehicle
- Waiting period before insurance payments and replacement of next vehicle
- Hassle of claims submission, documents, making police reports and frequent visits to police stations to follow-up
- Loss of use of unexpired portion of road tax
- Attending interviews by loss adjusters
- Constant reminders from finance company
- Psychological and emotional stress
