photo by: tim heffernan
For fathers out there, you have to do the right thing, the very important decision when you were gifted with a child; Buy insurance.
Insurance is essential part of a family need. To live your life without coverage is like putting your family heart line on jeopardy, purposely. Since I have major in International Banking and I know what is insurance and its importance. (It was one of my major subject with 3-hour credit and of course, with an extremely lack of concentration and a deficiency of motivation, I had been rewarded a C grade)
Why I buy insurance?
Our life has its risk that we should look into that risk and manage it. That's why insurance existed; to transfer the risk of a loss into something like guaranteed money.
When Amirul reached year 1, I still have not decided to buy insurance for our family because  I didn't see insurance as a need at that moment. In fact, it's really important to buy insurance especially Life Insurance when you have dependencies below you. Well, I guess I was not thinking straight that time. Plus,  I really hate the insurance agents (I just couldn't get them out of my mind). I know very well about insurance like the back of my hand, but I have intolerable hatred against insurance agents.
Every time I see their eyes, I see my money. In my opinion, they are not sincerely helping me for choosing the right insurance for me, they just want my money. They're so eager to share, grab my arm like a desperate beggar and promote how nice and attractive the coverage your family will get if you buy our insurance, or how small a monthly premium you have to commit, yet you get a large coverage which you can't believe you eyes.
And then after a while, it was clear to me that I put my family life in danger if unpredictable accident happened to me. So I decided to give up my hatred and leveled with the agent. They are a few things that I have to stick up with my decision and I swore I would not let the insurance agents blackened my decisions:
#1 Buy Life Insurance For Me and My Wife, not for Amirul.
Life insurance is designated for providing a temporary income for beneficiaries. If something not good happened to my wife and I, Amirul should enjoy that privileges, a temporary income for him for several calculated years. Since Amirul is a toddler who has no son or dependencies, we decided not to buy life insurance for him. Are we really need extra income if something bad happened to Amirul? It's like making a profit out of our misery. Pathetic and bad idea.
#2 Buy College Fund For Amirul, Which Has Critical Illness Coverage.
We decided to buy college fund that has covered critical illness. At least the risk of Amirul being attacked by major illness, reduced with a transfer of guaranteed money. We have a definite relief and if something happened regarding with Amirul's health, with the help of insurance money, we were able to nail down the ever-increasing cost of medical expenses.
As I mentioned above, we cannot making profit out of our miserable life. It's unethical. We should not treat insurance as revenue. The insurance agent, who never be on your side, will persuade you and turn you into believing that the insurance is really the profit maker. When you stuck with dead end, you should get help from someone with a neutral ground. A financial consultant. Or someone you know who equipped with sound financial knowledge.
Remember this; the reality in Malaysia is quite different with other developed countries like United States, where you can trust and make your insurance agent work for you like magic. The insurance agent is not your real financial consultant. When they talk, babble, and persuade to their prospects, there is only one main objective to pursue; to gain commission percentage which directly leads to company's profit increase. --And there are no free 2010 diaries for both of us from them. Ahh, God! I really hate our insurance agent.