Insurance 101: Understanding Insurance Policies, Budget Allocation, Spotting Red Flags in Your Agent

Hi friends! This week, we're back with an Adulting 101 topic that I think is really important to talk about – INSURANCE. Don't worry, we're not here to sell you anything! (I blame those pushy insurance salespeople who've given the industry a bad name.)

I just wanted to have an Insurance 101 session on the podcast because there were so many things I didn't understand when I first got my insurance plans. In fact, I struggled to get insurance because of pre-existing mental health conditions and even had a bad experience with a dishonest agent.

So I invited my friend, Diana, to come on the show and answer all the questions I had, to debunk the myths about health insurance, savings plans, critical illness, life insurance, and more. I really wanted to create this episode so you can avoid the rookie mistakes I made. Enjoy!

About Diana Chong:
Diana Chong is a passionate insurance agent who prioritizes her clients' interests with clarity and care. She approaches each client's insurance needs as if she were planning for her own family, ensuring they are fully protected and well-informed.
Connect with Diana on Instagram:   / dianachong  

TIMESTAMP:
00:00 intro
01:39 general understanding about insurance as adults
04:26 what insurance policies should you get started with
05:55 insurance savings plan vs. bank savings plan
07:33 what is a waiver in an insurance plan
08:15 minimum payment and application requirements for an insurance plan
09:31 Wendy’s struggle to get an insurance policy due to mental illness
11:11 what happens if you have an existing mental or physical illness
14:50 Diana’s father’s treatment experience due to preexisting conditions
15:55 Wendy’s hospitalisation experience
18:09 the price of medical bills if you don’t have a medical card
19:14 how often do you have to review your insurance policies
21:50 how frequently and how much to top up for your policies each year
23:15 how much budget should I be allocating for insurance
27:31what policies do you think everyone should get
31:42 Wendy’s unfortunate encounter with an insurance agent
38:28 red flags to look out for in insurance agents
42:54 connect with Diana!
43:49 outro

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