Updated: Sep 13, 2020
Insurance is part and parcel of sound financial planning. They are usually used to protect incomes in the event of mishaps to the policy owners. There are various types of insurance policies (or financial plans) serving different purposes although some of the benefits provided may overlap.
Here are some common types of insurance:
Permanent / Partial Disabilities
Accidental Death / Disabilities
Properties (home, car, antiques, etc)
Most often than not, policy owners rely on their financial advisers to provide them with information regarding their own policies. In many places, an advisory fee will be required for such services.
iInsured is designed to help policy owners (including you) to understand their own financial plans with ease and have access to these data readily.
Before iInsured can do its work, it needs to know all your policies. Start by adding essential details of your insurance policies or financial plans. Some general information will be requested for your own reference.
The essential details that iInsured will need are:
Type of policy or plan (what is it use for)
Duration of policy or any maturity date
Fund source and premium paying schedule
Cash returns schedule (for investment-linked or endowment plans)
With these information, you will be able to have summaries of all your policies with you wherever you go. You will also know which of your policies are reaching maturity or, in the case of short-term protections like travel insurance, going to expire soon.
As you go through the process of entering the details for each different type of policy, you will also get to know more about the benefits each of them have for you. One of the more crucial information is the protection benefits (death benefits, critical illness benefits, disabilities benefits, health care, etc). You will find out the sum assured and coverage period for each benefit. In other words, you will know when you will not be covered too.