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HOW DO YOU KNOW IF YOU’VE GOT A GOOD POLICY?


How do we define what is good in an insurance policy? 

# 1 REVIEW YOUR POLICY AT LEAST ONCE A YEAR 

Like your car which needs to go for car servicing every once a year or even more frequently twice in a year depending on your car model. Having a policy review helps you remember what are your coverage.


#2 HAVE A SUMMARY FOR ALL YOUR INSURANCE COVERAGE FROM DIFFERENT COMPANIES IN SOFT COPY OF HARD COPY


Having a full summary of all your coverage helps you to know what you have so you don’t duplicate your coverage and help you manage your portfolio. Feel free to save this template to list down all your policies (If you have the excel template, drop me an email and I’ll gladly send it to you).

If you are unsure of your coverage, you can log into the insurance company web portals and retrieve the info. 


#3 THE COVERAGE MATCH YOUR CURRENT PROFILE 


How much water do you need to drink daily? 7-8 glasses? Likewise, we have a rule of thumb when it comes to how much insurance you need


#4 UPDATE YOUR NOMINATION

It is advisable to update your policy when you are married, because the money payout from your policy to a sibling may not be theirs to take; rather, they need to give it back to your spouse/ children.


And did you know, if you are divorced, in order to remove your spouse as the beneficiary, you have to get your ex to sign the form? Jeng Jeng Jeng…. Or else You need to ask your lawyer to help you get your ex to sign it if it was a bitter divorce… otherwise… maintain a good relationship lor 😅


Children under 18yo cannot get the payout when their parent passes away and insurance companies can only help keep their portion up to 7yrs and exceeding that, they may need to claim it from Unclaimed Money Dept when they reach 18yo.


#5 UPDATE YOUR DIRECT DEBIT

Nowadays, insurance companies pay your claims via direct debit, so make sure you have your bank account is updated in the records



#6 INCLUDE CONTINGENCY CONTACT FOR YOUR CHILDREN’S POLICY

This is very important, one of my colleague’s cases - whereby the mother passes away and her son’s policy doesn’t have her husband’s details as a contingency in the son’s policy, making it hard even for admission/ claims. So make sure you update your child’s policy with a contingent contact.



#7 DOES YOUR AGENT KEEP IN TOUCH WITH YOU REGULARLY? 

Each agent has their way of keeping in touch with their clients. 


For me as an agent, how I connect with my clients are:-

  1. I host weekly if not bi-weekly pop quizzes with my clients on insurance to help refresh insurance coverage on claims/ what can & can’t be claimed from insurance, etc.

  2. I host bake sessions for my clients/ prospects and we just bake twice in a month

  3. Write articles on blogs

  4. Host Pop Quiz challenge once in 2 months, we have a session of fun and also help promote my client’s services and products

  5. Send diaries and planners (I’m quite old school - HAHA)


Above all, if you have an agent who answers/ texts you on a monthly or 4-5 times in a month is a BIG PLUS point, keep ‘em! Otherwise, we can chat :)


Do check out my website and Facebook page at

www.victoria-lim.com

Https://victoria-lim.planyourfuture.today



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