In a recent Dayre entry @jiayenlim actually asked me what made me not believe in insurance previously.
I thought I finally addressed that here now since I have a little bit of time.
The thing is that I didn't not believe in insurance. Heck I've been buying insurance for years. But I view it as coverage for a bad event happening, instead of an insurance. So I don't buy annuity plans or those investment linked ones. But just pure medical or property coverage stuff.
And I keep the premiums generally low (which then means a correspondingly lower coverage limit too).
You'll be surprised at the stuff I buy insurance for and the stuff I don't. I buy a little bit of medical insurance for shorty and myself.
I don't buy insurance for my car other than the mandatory 3rd party one. That means If my car gets stolen or knocked, it's all on me. I take that risk.
I buy insurance for business though. Like since we invested lots of money in Colony we insure it for
Fire damage or stuff like that. It as in the fixtures and fittings and all.
I've also got this mandatory insurance for a property I own cuz the management body requires us all to buy it. And a couple years ago I had some flooding there and was able to claim some.
So it's not that I don't believe in insurance or don't buy insurance. It's just that I use it with personal risk preferences.
Updated my blog!
Saturday, 9 Sep 2017
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