Fake News that People love to Peddle about Insurance
Combating fake news is a big business these days.
The orange head in the White House has been relying on this term heavily to defend him from negative reports about him and the alleged Russian shenanigans.
Closer to home, the lawmakers are considering to update the legislation next year to stop people from thinking that our beloved actor Hossan Leong has passed on.
He is not dead and still entertaining us with his killer comedies!
We at ClearlySurely.com love to make our contribution towards this meaningful cause.
Whether a wall is been built around Yishun at the moment (no!) is not an area of expertise for us.
Therefore, we stick to our bread and butter and report on the some of the fake news that has been plaguing insurance.
CPF insurance policies protect me adequately.
Dependent Protection Scheme (DPS), Eldershield and Medishield Life are purchased with your monies in your various CPF accounts.
We have scrutinized Medishield Life and found it to be insufficient for your hospitalization needs.
>> Click here to read more about the inadequacy of Medishield Life <<
For DPS, the sum assured is $46,000. You may be covered for more depending on the bonuses given.
In Singapore, you cannot do much with $46k.
It may provide a frugal family with sufficient living expense for a few months after deducting the funeral expenses.
That is definitely not enough.
Eldershield has been always hard to claim.
It is harder to depend on the payout of either $300 or $400 to eke out a decent living.
And the recent review isn’t looking promising either!
>> Eldershield Review isn’t making any sense. Click here to read why. <<
I have pre-existing conditions. There isn’t any point in insuring.
This is a common grouse amongst those who have diabetes, hypertension or other chronic illnesses.
“If the insurance companies are putting in the exclusions on these conditions, why should I even buy it? It is like paying money and not covering much!”
While it is true that your scope of coverage has been narrowed due to exclusions, it is a huge exaggeration to say that.
Take hypertension for example.
There are a whole bunch of ailments that are still covered even if hypertension-related conditions are not – cancers, pneumonia, urinary tract diseases, lung disease, etc.
And accidents do occur, not just illnesses.
In addition, insurance companies are getting more and more understanding about these conditions.
With more than a quarter of Singapore residents having chronic ailments, some are thinking of ways to insure them.
For diabetes, this plan from AIA may just be your answer.
>> Let’s wage a war against diabetes! <<
You gotta have something to protect first!
Some people have this thinking that since they have little wealth, there is nothing for them to protect.
It is also a misconception that some have taken advantage of.
Get yourself invested so that you can have something to protect in the first place!
The problem with this statement is that it is definitely misleading.
Whether you are rich or poor, tall or short, single or married but available, all of us have something precious to protect.
Our very own lives!
How can anyone forget that!
The only acceptable way of YOLO.
Insurance always come first before you make any investment.
May you never forget that!
>> May we remind you why insurance is also sexier than investment? <<
Duty to eradicate fake news.
While the government takes the lead in outlawing fake news, we have our duties not to spread false gospels.
When you hear some incorrect information about insurance, it is only right for you to intercept the message and right the course.
These erroneous insurance advices may lead to grave consequences for the recipients.
Have you heard of any fake news about insurance?
Tell us about it in the comment below and eradicate them once and for all!
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.
The post Fake News that People love to Peddle about Insurance appeared first on Singapore's Life Insurance Blog: Expert and Unbiased Views.
