Insurance: Doesn't make sense to everyone especially those < 25

Everyone is familiar with insurance and most people buy insurance without a second thought.Here is another dosage of horlic investment reads i had. Most of it goes along the same line of thought as what I have currently.
They say sharing is caring, so here I am sharing the love here :)

Refer to this video, which kinda makes sense to me & hopefully you too.



Simple and nice right?

From personal experience, I would also recommend that you ensure that your financial consultant is trustworthy & professional, not just-another-salesman type whose only concern is that you buy insurance from them.

Some of the factors we might want to consider:
a) dependent- who is dependent on me? a housewife with 0 income and a baby? 2 babies? retired parents who depend on us for monthly spending
b) age- the older we are the more risk we are at especially in health department. Guess thats why its more expensive the insurance payment gets.
c) earnings/maritial status - i guess these 2 are linked..if you earn enough and you are single,well not much problems. If you are married and have commitments, then that is something to ponder about in regards to insurance.

Look out for the sales gimmick which seems quite popular quite sometime back 'You'll never know when you might be involved in a serious accident'. However, give this a thought especially if you are the sole bread winner of the house.

For me, I've got an insurance plan for about 1 year when i just started working and then my agent quitted the field. There is no agent attending my insurance case if i'm in an emergency and needed to make claims from insurance. Meaning that IF i broke my leg in an accident, i still need to drag my sorry ass in crutches or in wheelchair to make insurance claims by myself.

Sure, there is a name of the insurance team's manager as replacement but its purely procedural. I tried many times and this person can't be reached at all. Another lesson learnt here, ask and clarify with your insurance agent before signing the contract.

I thought this over on the pros and cons of this situation and decided to drop the insurance plan altogether. Note: no refund on insurance premium, but i managed to get back my investment fund since this is a investment linked plan.

Based on the few factors above, i guess i'll be alright without insurance at the moment since:
a) i'm provided partial medical card coverage by my company
b) less than 30 years old
c) plan to eat right, work out right and keep healthy (need to work abit on this, been slacking and off balance these half of year)
d) don't have serious debt issues , at least not for now

Horlic did mention some good points there.(Horlic's post)

#1. "The main thing to keep in mind is: The amount of life insurance must be enough to replace the earning power of the deceased for those that depend on them"
#2. "For myself, medical health insurance (medical card) is a must! "

This reminded me of a scene from a Singaporean movie 'Money not enough 2' where the mother of the family got warded with illness and wham this sudden cashflow need hits her 3 sons who have their own daily commitments to meet.
Money_No_Enough_2 wiki

What do you guys think?
Drop a comment or gimme a holler at the shoutbox :)


image source:
http://theinspiration-x.com/tips-to-get-the-best-insurance-policy/
http://www.myklang.com