How to protect yourself from financial losses should your assets be damaged

When you own assets such as a house or a car, you need to think of getting insurance or takaful to protect yourself from any financial losses should your assets be damaged. You need to make sure you get enough protection for your assets. You will not benefit if you have too much or too little protection.

Listed below are useful pointers when getting an insurance policy or takaful plan:
  • Deal only with registered agents/licensed brokers/financial advisers or directly with an insurance company or takaful operator.

  • Give full and correct information to avoid being penalised later when claims are made.

  • Know the policy, or plan, including product features, conditions, benefits, limitations and exclusions.

  • Make sure you can afford the premium or contribution payable.

Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1187
Last Reviewed :   April 24, 2014
Source :   BankingInfo
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