I was having a discussion with my colleagues, if there is demand for financial consultants, since consumers can just buy direct from insurance companies beginning next year.
In my honest opinion, there will still be demand for personalised service for professional financial consultants in the near future.
Let me give you a few real life examples, of why you will still need your financial consultant to plan, advice and service you.
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1) Tried To Claim Outpatient Hospital Bills Unsuccessfully
I was referred to an engineer late last year. He was hospitalised.
He understands that, he can claim pre and post hospital bills up to 90 days.
With confidence beaming from his face, he dropped by the insurer’s office to meet the claim officer.
Submitted the bills and the claim officer rejected him outright, stating that outpatient treatment could not be claimed.
He was confused of his predicament. He met me. He narrate and pour out his story to me. I listen. I then explain to him that he needs to EXPLICITLY state that the outpatient treatment bills that he is submitting are for post hospitalisation bills.
Post hospitalisations bills can claim up to 90 days, and Alhamdulillah, I claimed for him successfully. 🙂
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2) Stroke Patient’s Family Don’t Know He Has A Severe Disability Insurance Plan
This was another referral. I come down to his house. I met his son. After chit chatting for a good 20 minutes, I begin to realise the purpose of my visit.
I told him, ” Actually, I come down to your house not to meet you, but to meet your father. I was referred to meet your father. Where is your father?”
He replied me, ” My father is in the room.”
I told him, “Asked him out lah.”
He replied me, ” My father is sick. He got stroke…”
I looked at him empathically, concerned and asked him in a deep, lower tone of voice….“Ok… Insurance all claimed already lah?”
He looked at me with despair and told me, ” My father terminated all his insurance policies already. He has none left…”
I then asked him, “How about Eldershield plan?”
He looked at me with a blur look and replied, “Terminate also.”
I asked him affirmatively, “Confirm???”
He shrugged. I get him to write his father’s name and IC number on a piece of paper, and I personally called the insurer.
Lo and Behold, his father has an in forced severe disability insurance plan known as Eldershield!
His father suffered from stroke for 3 months already, and never claim from his Eldershield plan. I then guide his son, on procedures to help his father claim from his Eldershield plan.
If he was not referred to a qualified financial consultant, there might be a glaring possibility, that this very client will never claim his insurance at all.
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3) Confident Got $300,000 Death Coverage
I get to know this client from the outreach financial planning workshop, we did at one of the community centres in Singapore.
I came down to his house and he signed up hospital insurance plans for himself and his family.
Subsequently, I asked, if he dies, how much his wife and 2 kids will get?
He answered me confidently, “No worry Helmi. If I die, my family will get $300,000.”
I said, very good. He has done his planning very well. His disposable income is $2500 per month, $300,000 is 10 X his Annual Salary, which as a rule of thumb means he is sufficiently covered!
Nevertheless, I asked for his policy document.
He rummaged through the drawer in his room and handed it over to me. Flipping thorough the policy document, I realised that he has an investment linked policy.
That investment linked policy comes with a “rider”. That rider states that if he dies DUE TO ACCIDENT, his family will get $300,000.
HOWEVER, if he dies a normal death, his family will only get $30,000. Imagine the shock on his face, when I told him this. He has been telling his wife, over the years, that if he dies, his family will get $300,000.
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These are just a few examples, why financial consultants are still needed in Singapore.
Singaporeans are generally busy people, and require the help of establish financial consultants like us, to educate, advice, assist, partner and motivate them to achieve their financial goals, to the best of their ability. 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
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