Chloe Ng

Accountancy at Singapore Management University

24 Sep 2021

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As a child, how best would one like to have their insurance policies handed over from their parents?

"Best" in terms of what is the most delicate way that you would like to be handed over your insurance policies? And how can your parents aid you in embarking on taking charge of it yourself?

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rogersk

Edited 25 Sep 2021

While you're still studying, your parents should sit down and review all the policies with you. You have to understand what they have bought and probably discuss with your FA if it is logical to keep it or not. Newer policies might be much better than the older policies.
To me, when you officially start working, you should be independent in taking care of your own insurance. So hand over should be done immediately when you get your first job. One good way to help you is that they could possibly assist in paying for the policies for the year you start working first. As paying the premiums yearly upfront is cheaper than paying monthly. Then you can decide and discuss with them if you can afford to pay them back slowly, or if they are willing to cover the first year of working for you.
As you should take charge of your policies once you start working, you can plan your policies to fit your future salary. For example, if your parents are paying more than 10% of your future salary, you may want to considering scaling back your coverage to fit your salary. Hence, point 1 of understanding your policies is crucial.

Just my 2cents worth. You do you.

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