This article was written by Jackie Tan and first appeared on fundMyLife, the platform that connects financial planning questions to the right advisers.* Names in the stories have been changed to protect the privacy of the individuals.
Chloe*, a young 20-ish lady working professional, thought about getting insurance after her uncle was diagnosed with Stage III lung cancer. After sifting through tons of articles online, the variety of plans out there by different companies confused her.
She posted on Facebook asking for help, only to be bombarded by messages inviting her for coffee, by acquaintances who have gone into financial advisories. Suffice to say, she was overwhelmed.
She also tried submitting her question on critical illness via insurance companies’ websites, only to find that she had to manually visit different companies and repeat the same process of asking her question.
The next day, while she was out shopping she encountered Darren*, an agent from one of the main insurance companies, during a roadshow. At the booth, Darren seemed confident and introduced her a plan. Charmed by his apparent knowledge, she signed up the plan he recommended on the spot.
However, a few days later she was upset when she realised that the agent didn’t sell her the plan that could protect her adequately after consulting the fine print. Luckily, she managed to cancel her plan because it was within the 14-day free look period.
How frustrating. Doesn’t it sound familiar? It does, because it’s based on a true story.
Why Is Getting Answers To Financial Planning Questions So Hard?
Despite the oft-repeated importance of critical illness plans, there are plenty of considerations to make when you are getting the plan.
For example, should you get Early Critical Illness on top of Critical Illness, i.e. plans that provide coverage from early to intermediate stages of critical illnesses? And then there’s the choice between single-pay or multi-pay plans, i.e., plans that terminate upon single payout vs plans that provide several payouts upon diagnosis of disease. Moreover, some critical illness plans require the disease to fall under very specific conditions.
With so many things to think about, it wasn’t a surprise that Chloe was overwhelmed. On top of that, it can be hard to not only get questions answered, but also connecting with the right adviser to answer them.
fundMyLife is a Q&A platform that connects you to the right financial advisers based on your financial planning questions.
Ask Questions Privately
You can ask questions about critical illnesses in a private and anonymous manner. Just ask, sign up, and verify your email. Leave it to us to connect you to the right financial adviser for your needs. Our research showed that it took 3-5 days to get an answer for an inquiry through the main website of insurance companies. It’s astounding long, and by then you might have forgotten about it or lost the drive to ask. It’s dangerous, since you never know when you’d find time or motivation again to ask.
Chat Confidently with Experts
Get high quality answers from not just one, but multiple (max three) advisers with their respective opinions and expertise. Moreover, you can check their profiles out to get a better idea of them and what their clients have to say about them.
Think about it – if your Uber/Grab driver is 5 stars you know your ride will be good. Similarly, if your AirBnb host has a 5-star rating you know your accommodation will be splendid. If those cases are the norm, why can’t we do the same for financial advice as well? With our 5-star financial advisers, you will have a peace of mind knowing that the advice that our advisers give are great.
Connect Only If You Want To
The initial chat got you satisfied, and you want to get a cup of coffee to discuss more? Just a quick click of the our Connect button and the adviser will get to you before you can even say #fML. No pressure, no obligations. Our advisers are committed to educate, inform, and share the best advice.
We don’t know whether Chloe managed to get her critical illness insurance sorted out. However, with fundMyLife we hope we can help Singaporeans like you find the right financial advisers.
If you do have a question you’d like answers to, why not give fundMyLife a shot? You can use the handy widget below to get started.
fundMyLife is a platform that aims to empower Singaporeans to make financial decisions confidently. We also connect you to the right financial planners in a private and anonymous manner, based on your financial planning questions.
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