Hi everyone. I’m a newbie here. Having insurance is important, what kind of advice do you give to someone who is financially strapped most of the time and can’t afford insurance plans for himself? - Seedly
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Anonymous

Asked on 05 May 2020

Hi everyone. I’m a newbie here. Having insurance is important, what kind of advice do you give to someone who is financially strapped most of the time and can’t afford insurance plans for himself?

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Hey there! I think for starters, settling on the foundational stuff will help.

There are 5 things you need to insure yourself:

Death

Total Permanent Disability

Critical Illness

Hospitalisation

Accident

You might want to settle for something basic eg. Accident plan or hospital first. Think of insurance as building a house. You build a foundation, and slowly go on from there. A term plan is also an alternative for you (high coverage, low cost) if you want coverage for death and TPD.

Financial planning is an integral part of life. You can reach me at this platform to find out more.

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Hi Anon,

I think before looking at insurance, you might want to see where your finances are going. Are there anything that you might be over-committing? Or you have more important obligations at this point? These are some crucial factors that you might want to look through first.

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Cash Flow

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.

Here is a Guide:

Understanding Your Personal Cash Flow

Thereupon, we will be able to have a clear understanding on your financial situation - how to increase income, or reduce expenditure, or both.

Budget

Next, create a budget that is capable of helping you to plan for the future. The best way to do this is via automation.

How I do My Budget:

How to create a Monthly Budget

For the most part, any amount helps - even a dollar a day. In truth, we are looking at how disciplined you are to create a positive change for your future.

Planning

Meanwhile, start to plan ahead and to know what are your immediate priorities in life, e.g. stability at work. In addition, start learning about the type of insurance that you need. Once you are ready, we know what to get; rather than to waste more time going through the process again.

I share quality content on estate planning and financial planning here.

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Lim Boon Tat
Lim Boon Tat, Mathematics at Cambridge University
Level 6. Master
Answered on 05 May 2020

Take care of your health, don't take unnecessary risks, and set yourself a target of making $1k additional every month from now on.

The easiest way to start is to looking around your house for things that you can re-sell, offer services to other people at a low-rate to build your reputation (help to mop/clean the house, help people move their furniture etc), or to offer some kind of service that leverages on your existing skillset (photography, drawing, tuition etc).

Once you start making some additional income, consider buying a Term Plan to insure against death and TPD, get your medical plan sorted out. These two shouldn't cost you more than $100 per month.

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CG
Carlyn Goh, Financial Consultant at Prudential
Level 2. Rookie
Answered on 05 May 2020

Hello! It’s great that you’re thinking about coverage especially during tough times like this now. I agree with you that insurance is important but it shouldn’t be a liability to you. There are a lot of myths that insurance are expensive, I would say this is not entirely true. At the end of the day, your insurance should be something that customised to your needs and within your means.

Especially with the current circuit breaker, it’s actually a great chance to meet up with different Consultants and explore options for yourself via various online platform.

Stay safe!

A good financial plan is a road map that shows us exactly how the choices we make today will affect our future. Let's start planning your road map today. #CarlynCARES

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Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 05 May 2020

Hi,

First of all, have a look at your cashflow.. Probably do some allocation on your income.. How you going spend.. In this way, you understand where you need to cut or lower down the expenses..

Alternatively, you can find more work to do... I have see people doing some part tim after tjeir full time job... You can explore that option.

You can reach out to me for more understanding of allocation of your income, cashflow.

#planwithcolin

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