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Insurance Coverage as Wealth Protection

This post is on the importance of having insurance coverage as wealth protection.

In financial management, other than accumulating wealth, the other important part will be protecting our wealth.

Without wealth protection, uncertainties in life might take away our hard-earned money and assets.

Insurance coverage as wealth protection

So, how to protect our wealth? We can do so by having sufficient insurance coverage.

In Malaysia, car road tax renewal will only be issued upon the purchase of insurance of the car. From here, it shows the importance of insurance protection.

That is for a car. What more to say the insurance for a human being like you and me?

When my niece was diagnosed with kidney failure, the first question my younger brother asked me was whether my niece has a medical card or insurance coverage or not.

Sad to say, my niece does not have medical insurance or other insurance coverage such as critical illness.

So, my brother (her father) has to settle my niece’s medical expenses with his savings.

Of course, we as family members, especially our parents did help them with the medical expenses. Like my niece case of kidney failure, it is long term medical care for her.

From the moment my niece was diagnosed with kidney failure, her father started to worry. Not only on my niece’s health condition but also worried about financial support for her health condition.

We were fortunate because after being admitted to Sarawak General Hospital which is a public hospital, the medical expenses are still manageable.

Furthermore, my niece still holds her university student card. So, she gets waivers and privileges on most of the treatment costs.

We are still unsure of the roads ahead, but we pray hard that her kidneys still have hope.

The situation would be better if my niece has her insurance coverage especially her medical card. At least she has financial support for the expensive long term care.

Final thoughts

My conclusion here is that it is important to have a medical card and insurance coverage. We never know what lies ahead of us. It’s crucial to prepare for the worst.

At least with a medical card or insurance coverage, the financial burden will be lighter. For those who are not under insurance coverage especially medical insurance, it is time to get one now.

And if you are covered by your employer medical insurance, instead of relying on employer medical insurance, you might want to consider getting one for yourself. For this reason, you might be interested to read my sharing why one can’t rely on employer medical insurance.

Lastly, make sure you and your loved ones have sufficient insurance coverage.

3 thoughts on “Insurance Coverage as Wealth Protection”

  1. The importance of having insurance cover cannot be stressed enough. You may resent having to pay monthly premiums but at least you can be sure that your family's financial security won't be compromised should unfortunate events occur.

  2. i am finding really nice information regarding online courses. So i prepared my note. your post help me a lot. Thanks for sharing it dear.

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