Insurance Agents

I’ve generally had a healthy distrust of insurance agents.  I think my annoyance started when I received numerous cold calls from agents wanting to sell me insurance.  Come on.  Life insurance is essentially a “BCP” (Business Continuity Plan) for an individual.  You get injured, sick, etc, and you bank on the insurance policy to keep you going financially.  In the worst case scenario, if you die, the policy should ensure that your loved ones need not be burdened with financial concerns.  So why on earth would I entrust this to a complete stranger?  I mean we talk about being careful of strangers we meet in Internet chat rooms and these agents think I’ll entrust something as important as my insurance needs to a caller over the phone?

That said, I’m actually severely under insured.  I only have 1 insurance policy to my name… and… the payout isn’t much.  The reason for that is that when I was younger, I didn’t have any dependents to take care of.  If anything, I was probably more a liability & expense to my parents than an asset.  Genetics have also shown that I’m not high risk for any major illnesses like cancer, heart problems and so on, so there wasn’t any pressing need to get more insurance.

Now that I’m older, however, I’m starting to think maybe I should get a bit more insurance.  Though my parents don’t depend on me for their retirement at all, but I’d like to leave something for them should I kick the bucket.  An act of filial piety if I’m not around to take care of them anymore. 

I thus decided to call the 1 & only insurance agent I trust… my old friend from school, fellow hostel mate & ex-colleague from my first company.  I asked him frankly what’s his company good for… and he said they’re good in investment linked products & endowment policies.  So I thought perhaps I can buy an endowment policy for future savings.  Sounds good since I’m not very good at saving money nor investing the little savings I have.

Okie dokey.  Gotta get back to work… need to earn $$ to pay that insurance premium…

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April 2011