Saturday, 22 May 2010

Seek adequate protection for you & your dependents - Independent Professionals

If you are an employee and you work for a good company that provides you a reasonable coverage on medical and perhaps good pension, congratulations! But what if you leave the company or get fired? Are you or your dependents properly covered at all time? If you are an independent professional, you are responsible for taking care of yourself. Here is what I suggest:
  • Protection for yourself
    • Health insurance: To cover for medical bills
      • Outpatient benefits
      • Hospital benefits
    • Disability income protection: Get some income if become unable to work due to medical reasons
    • Critical illness: Get a lump sum to help cover cost if hit by major illness that prevent you from work and possible requires special care
  • Protection for your dependents
    • Life insurance: Your dependents will get a lump sum should the unfortunate event happens
How much coverage is enough? When should I start taking out an insurance? Let's discuss that in my next posting.

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