kian & i learnt more abt insurance over the wkend. basically there's 3 main types:
1) life protection:
the earlier u buy, the lesser u pay, coz as u get older your premium will increase. so it'll be best if u buy as a child cos then the premium will be fix at dat rate. my dad has alr got it for me at a younger age, but kian dun hav, so he'll be paying more now as he's older. but of course it's still not too late, we r still young ma. the thing i like is dat u oni hav to pay for 20 yrs but it'll protect u for life.
2) medical:
this is the one dat u can use ur CPF to pay. if u dun hav any insurance on this area, the CPF board will automatically ask if u wanna take up the medishield, which is a policy under them. but it's not advisable cos u can oni get to stay C class in the hospital. if u take up incomeshield (which is wat they call it under my dad's co), u can choose the catagory dat u wan. my dad advised us to go for either the private or A class coz u'll not be penalise if u wanna downgrade & since the premium is paid for wif ur CPF, u can jus use it without worries. of course now dat we r so young, we'll be thinking nothing will happen to us. but who says u need to reach a certain old age b4 u'll need the hospital? jus like kian's illness dat time, it jus came so suddenly & as he's not insured, he got to pay all his medical bills himself.
3) investment
i shall not say much abt this area since everyone has their own investment plans. but the concept is dat under this kinda policies (there r lotsa types), ur money will be put to 3 uses. firstly, earn a fix return rate dat is higher then our banks' FD, secondly invest in funds (equivalent to stocks), and lastly u can insured urself too.
the good thing abt taking to my dad is i can trust every word he say & not worry dat this person is trying to lure me into taking up a policy from him. it's not dat i do not trust insurance agents/financial advisors, of course i believe in my frenz who r in this line, but it's jus dat family is still family & u can be 100% sure they r true to u & will wan the best for u.