Updated: Sep 13
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.
Once you are done entering all details of your policies, you will gain an understanding on your own financial protections tied to some time frames that you may not have known of prior. This is why we say iInsured helps you to understand your financial protections better.
Summary of All Benefits
The easiest way to understand how you are covered by all your policies is through some visuals. The "Benefits" module evaluates all benefits from all your policies and presents them graphically in charts.
There will be two general categories of charts: "Income Protections" and "Cash Returns". All plots will be shown separately for easy analysis.
All protection benefits are classified as "Income Protections" as they are meant to protect you against loss of income or provide income for your family should anything happens to you. The charts will show how you will be protected throughout the full lifetime of all your polices (defined in iInsured). You will know how much sum assured in total can you get from each type of benefits with respect to your age. Your current age will also be indicated for reference.
"Cash Returns" will show the total projected cash returns from all your investment-linked and saving plans. This is useful if you have some financial plans to invest in or save for retirement. Similarly, the chart will show you how much can you get in returns with respect to age. Note that this is a projected plot based on future value algorithm, actual returns are subjected to variations in rates, investment climate, and also your financial institutions' policies.
iInsured also provides functions for updating the actual cash values for each policy and modifying the projections due to changes in rates of returns. Play with these tools to get the best approximated projection chart for each policy and have a more accurate summary of total cash returns.
Another aspect of financial plans are your investment outlays or premiums for insurance. iInsured will work through the regular premiums of all your policies and chart them according to their schedules. The premium schedule will be shown for the current year. You can also configure the chart to show by different fund sources or in gross totals.
iInsured will also show you the policies that contribute to the premium schedule and which policies are due for payment in the current month.
You can also setup reminders in each policy to send you alerts before the next premium is due, especially for those premiums that are not on a monthly basis.
Data Privacy & Security
All data entered into iInsured is stored on your device only and is accessible only by you. In addition, password protection and fingerprint authentication (Touch ID) options are provided to protect your data.
Wealth Suite Interoperability iInsured is also part of a group of personal finance applications consisting of MyWealth Suite and Wealth Suite Bundle. MyWealth is a free application to compute your total wealth and for monitoring your financial health. It can sync data automatically with all apps in the Wealth Suite Bundle.
iInsured will sync total annual premium, current total cash value and lifetime premium schedule based on all polices' duration with MyWealth (when it is installed).