Hospitalisation Insurance (H&S)
Asked on 31 Jul 2019
Considering to buy hospital insurance now. I have a few friends who do insurance, but I feel very uneasy about buying insurance from friends. I feel that they may use this chance to try to sell me more plans, and it will be hard to reject given the friendship. Which is better? Buying from friends or non-friends?
There is no right or wrong answer, but look for someone who listens to you and can address your concerns, and whom you are comfortable working with. The level of trust between you and your eventual advisor will shape your financial health in the years to come as your advisor should be the go to person whenever you have any questions related to your finances, and his/her recommendations should always have your welfare in mind.
Having said that, your concern of being sold more plans is a valid one, but from my view point, an ethical advisor who has your welfare at heart is supposed to look out for any financial pitfalls in your situation that you might not even know that you have, and advise you on how to plug the gap accordingly.
Work with someone who you feel comfortable with and someone you can trust.
Meet up with with those you might be thinking to work with and see how they work.
Afterwards then decide who you want to work with.
Your friends may recommend you more plans because they care and after doing a through review, they know its within your financial means hence the recommendation. In our line, we are exposed to what a sudden unforeseen event can do to a person life.
You will be able to tell who is trying to sell for the sake of sales and who isn’t.
Every recommendations should come with a good reason base on your situation. Get the advisor to explain his recommendations.
Don’t reject for the sake of rejecting.
My friends chose to work with me because after we met, they know they can trust me. And of course because they are comfortable with me.
So same thing, choose the advisor you can trust.
Someone whom you feel is responsible AND responsive, and above all professional. Additionally, if you're saying that you feel uncomfortable, I would say go with your gut.
I have had an insurance agent try to sell me something every month. Needless to say, it was very annoying and I bought my subsequent policies from someone else.
Do what you want. There's no way for us to tell you which is better.
But it's easier to speak to friends when you have a problem, though it gets sensitive if they are not professional enough with you.
So end day, it depends on how comfortable you are disclosing your finances, goals and problems to either a friend or a stranger. Whichever you feel more comfortable with is the one you should go for.
I feel both have their advantages, but it boils down to this:-
Is this friend okay if you say no to his proposal? :)
Sometimes it may be awkward.
There is really no difference.
Insurance agents job is to just sell insurance, full stop, friends or non-friends.
They are not legally obligated to service you.
Just get a suitable hospitalization plan and learn how to diy your claims.
Look at the insurance plan they are offering,
Question yourself do you have a similar plan?
How does this plan they are offering to you benefit you in aspect.
Try getting more offers then you consider which is the best for you.
E.g travel insurance, life insurance, saving insurance
See which one you think you need.
Of course they will tell you the plan for saving insurance is giving you "x" % interest if you hold your money, etc. Make sure to know what you need before signing up.
Also educating on finance is really helpful if you know how does inflation works and the interest rates they are paying P.A and stuff.
31 Jul 2019
I personally bought insurance from a close and good friend. She didn't start out selling insurance and only switched over after a few years of working.
I feel that if you buy from a non-friend agent, they might try and earn money from me more (as non-friends will not mind losing me as a connection). If you are worried about being difficult to reject your friends, maybe can take the chance to be more thick skin? Or at least that's what I do. If I feel that the plans are not what I require, I will just reject.
Whether buying from friends or non-friends it doesnt matter. what matters most is that they are able to provide you with what you need.
if you are afraid of rejecting them, maybe you can say in a subtle way that this is what i need now, and if i ever need more you will look for you.