Spring Cleaning my Insurance policies.

When I was in the army, around 19 years old, my parent somehow convinced me to get a NTUC life plan with my NS pay. As I started to work, I bought some life and accident plans from my brother, who eventually quit, after a few years. Currently, I’m with an AIA agent whom I purchase my Medi-Sheid rider and add-ons from sometime back.

I’m sure some of you have the same experience as me where the Insurance policies you have are purchased from different people at different times of your life. This can result in policies that might not be optimized for you.

So when I became more financially aware, I did a review of my insurance policies to see if there are any inefficiencies that I can improve on. Fortunately, my current agent is quite good and provided me with a table summarizing the coverage of all of the insurance plans I have.

In that review, I found the following.

• There are overlapping hospitalization coverage from my Pink of Health (POH) plan which I purchased when I started work and the Medi-shield rider + add-on which I bought a few years back. Essentially the Medi-shield rider is a more comprehensive plan as compared with POH. Although POH comes with better daily hospitalization income, I don't think it's worth the premium I am paying. Hence, I terminated my POH and saved about $270/year in premium.
• The premium for my NTUC life plan is paid monthly instead of yearly. The initial setup for monthly premium was in consideration of the initial income I was getting while I was serving National Service. The difference in premium between the Monthly and yearly premium works out to be about $30/year.

In total, I saved about $300/year after that review. That is a good amount of money that I can put to better use elsewhere. So have you done a comprehensive review of your own Insurance Policies to make sure you are efficiently covered?

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