Typical Question: "I am covered by the company..." PART2

At first glance;
"I am covered by the company, so no need to have another personal insurance plan..."

Yes. Very true. Of course no need for you to apply for another personal life insurance, if the company covers you. Most people think it is a waste to have 2 different insurance at the same time.

By calculation, yes it maybe a waste. Why should you spend additional money/personal money for insurance that may provide you with the same coverage. It is better to save that additional money traditionally, either keep it in bank or re-invest it somewhere, rather than keep it/re-invest it with an insurance plan.

On the contrary;

If above discussion is true, then why there are still people take/sign-up Personal Insurance Plan?

We keep it with insurance, because we may live more than we work. Company's coverage stop when we retire at certain age, but Personal Protection Plan moves beyond that retirement age boundary.

If we fall sick which needs emergency treatment/serious operation/continuous medical treatment right after retirement age, then who will cover us? who will help to pay the bills? who will assist to cushion any adhoc cost?

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Conclusion:
There is always something behind the so famous Potrait of Mona Lisa. Do not just look directly onto it. Change your paradigm, look indirectly & penetrate it well. Then you will see...