Did you know that the number of life insurance in Singapore grew up to 29% (S$1.25 billion) in Q1 2021 according to the Life Insurance Association Singapore? And that Singapore is seeing an increase in the number of policies purchased online due to the popularity of single-premium products? This is mainly because more and more consumers are adapting to COVID-19 and are planning for their long-term financial and healthcare needs.
It’s very important to prepare yourself for difficult times, especially after experiencing first-hand the challenges brought by the pandemic. But when you purchase insurance, do you make it a habit to keep track of your insurance policies?
Who else, other than you or your financial advisor, knows what to do if you ever find yourself in an unfortunate event?
Here’s what you need to know about tracing insurance policies for the deceased
When you purchase multiple insurances, you may be doing a good job of monitoring your insurance portfolio. But in the unfortunate event that you pass away and lose your insurance policy, it can be a daunting task for your relative to trace it back. These are some of the many procedures involved in tracing insurance policies for the deceased:
- Having to look for any insurance-related documents
- Connect with the financial advisor in charge
- Review insurance applications
- Contact previous employers
- Check the bank statement or email of the deceased
So, is there a way for you to document your insurance portfolio so that your next-of-kin can easily access them? What can you do to avoid them from going through this troublesome procedure?
Introducing MyInsurFolio
Tracing insurance policies can be a hassle. But not when you use MyInsurFolio. MyInsurFolio is a cloud-based Insurance Portfolio Central Depository that provides you and your next-of-kin access to your Insurance Portfolio Summary anytime. To find out more about MyInsurFolio, watch the video below:
Benefits of having MyInsurFolio
- Keep track of your insurance policies
With MyInsurFolio, you get to keep track of what you are insured for and how much you are paying for your insurance. This is extremely helpful if, over the years, you have been purchasing multiple insurances from different companies.
- Convenient and secure
If you ever need to keep track of your insurance portfolio, you can do that whenever and wherever as MyInsurFolio provides you with 24-hour access. Let’s say if you need to double-check some information, you can do exactly that just by checking your MyInsurFolio account!
- Easily empower your next of kin/executor/other trusted individuals with information on your insurance matters
If, before this, your spouse or other trusted individuals do not know your insurance matters, MyInsurFolio can help you solve that issue. There will no longer be a need for them to go through the hassle of tracing back your insurance policies should you find yourself in an unfortunate or emergency situation as all information regarding your insurance will be made available through your MyInsurFolio account.
MyInsurFolio provides a more convenient solution for people to monitor their insurance policies. As important information regarding insurance policies can be accessed easily, this eliminates the need to panic in times of emergencies.
As a Digital Financial Advisory Agency, we employ technology and digital automation such as this. All of our clients have full access to MyInsurFolio. And if you sign up for MyInsurFolio using our contact form, we will give you a $10 Grab Voucher to encourage you to take charge of your insurance policies.
Need more clarification on this subject or have any other questions? Get in touch with us now and one of our financial advisors will reach out to you.