Your Guide to Finding the Right Insurance: 8 Simple Steps

Happy person finding the right insurance

Insurance—it’s a bit like a puzzle, isn’t it? With so many options out there, figuring out what insurance you actually need can be quite scary. But fear not! Here are 8 simple ways to help you find the perfect insurance that can fit your everyday life:

1. Take a look at your life

Start with the basics.

Think about your daily routine, your habits, and whether you have any dependents. Are you a homebody or an adventurer or someone who enjoys fitness? This helps you figure out what types of coverage make sense for your lifestyle. For example, if you are someone who is into sports, you must definitely consider a Personal Accident insurance policy.

But most importantly, it is highly recommended to make sure you have adequate hospitalisation coverage. Having an Integrated Shield Plan (IP) can give you peace of mind, especially for your finances, when an unexpected hospitalisation happens.

2. Check your health

Your health matters! 

Do a check on your current health and any medical history including your family’s. It’s like a sneak peek into what kind of health insurance might be a good idea for you. For example, you might want to consider getting a Critical Illness policy to provide you with more coverage.

3. Count your dollars

Let’s talk money. 

Look at your income and future goals. How much can you afford if something unexpected happens? This helps you decide on the right amount of coverage to keep your finances safe when the unexpected happens. As a recommendation, it is suggested not to spend more than 10% of your monthly income on insurance.

4. Think about the future

What’s on the horizon for you? 

Planning for a wedding, or thinking of starting a family, or buying a house? This helps you pick insurance that fits with your big life plans. You might want to ask your financial adviser about endowment plans.

5. Check your company’s insurance

Consider your job and its healthcare benefits. 

Most jobs come with company insurance. Remember to find out about its coverage. Here’s a tip, in times of medical emergencies, it is highly recommended to use your company insurance first.

6. Build your emergency fund

Check your emergency fund. 

A healthy emergency fund can affect the level of coverage you need because it’s like your financial safety net. For a start, make sure you have enough savings to last you for approximately 3 – 6 months, as well as to pay off your insurance premiums.

7. Family comes first

Don’t forget about your loved ones. 

If you have a family, life insurance can be a superhero move, making sure they’re taken care of if something happens to you. Plus, it is always better to insure your child as well.

8. Choose your financial adviser wisely

Choosing a financial adviser who really gets you is like having a money buddy for life. With them by your side, navigating the financial journey becomes a breeze, and reaching your goals feels more like a fun adventure than a chore. 

As we wrap up this guide on choosing insurance, think of it like finding the perfect tool for your DIY project—it’s got to be the right fit. Even so, it can be challenging finding the right insurance meant for you. But do not get overly stressed about it because you are not alone.

Armed with the steps we’ve covered above: your lifestyle, health, and money stuff—you’re now in the driver’s seat of your insurance journey, with confidence. 

So, take a deep breath, follow these 8 steps, and voilà—insurance made easy!

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