Event Summary: WOW Workshop - Insurance: A Need or Confusion? (6 February 2016)

2/06/2016 10:14:00 pm


Assalammualaikum my dear blogreaders. 

As per my recent blog entry, I have mentioned about Detox, Reset, Plan and Execute on habits, Personal and Financial goals. Here is an example of how I Detox, Reset and Plan (not to worry, my next upcoming blogpost will have more examples).

I was invited to attend a Wealth Management Workshop, Bengkel WOW (Wang Oh Wang/Wealth Oh Wealth Workshop), organised by my dear friend, Sis Zarina Zaharudin, today, 6 February 2016, from 3pm to 6pm. It was about Insurance- A Need or Confusion, 3 hours worth of information on what a typical individual needs to know before signing up for an insurance plan.

From her workshop, I can relate back to what I have blogged before on the importance of protection and savings. Like my favourite pyramid diagram below from this blogpost:

Based on my recent encounters during the health forum in Nov 2015 and from my past experience and knowledge, indeed, majority of us Singaporeans especially, are under-insured.

Under-insured, meaning lack of protection coverage, due to factors such as lack of knowledge, lack of financial means to purchase protection coverage or simply because they have a 'I can't be bothered' attitude (This seems harsh, but it is the reality. People just need to wake up and get thinking about these kind of things.) because they feel that they either do not need it in the near future or they think that they can pay upfront in the case whereby emergency happens.

I strongly feel that today's workshop is beneficial for every individuals, young or old, to actually learn and understand the importance of proper financial planning, especially on what to look out for in Insurance. Like hey... Can you find out there for someone to actually spend 3 hours worth of information just on Insurance? I learnt and took my CMFAS Insurance & Investment exam for 2 years (8 modules) and 5 weeks worth of bank/insurance/investment product knowledge back in my banking days.

What was covered?
1) Health protection: Critical Illness, Personal Accident and Critical Illness
2) Insurance: Term, Life, Endownment, Investment Linked Policies (ILPs)
3) How to read the Benefit Illustrations
4) How to ask the right questions that will give answers to how you can actually plan according to your Personal and Financial Plan

I certainly could not write more of it in detail here because it takes an individual who is interested to get serious with their life on their personal and financial plans, to come forward and attend such workshop.

Now is still the first quarter of Year 2016, never too late nor too early to start taking action and learn new things which contribute to your personal growth.

Do check out further updates on upcoming workshops on my I-Finance FB Page, which I strongly advise you to attend. No harm going to such events. So, I hope to see all of you during the upcoming workshop/seminars that I recommend. Insyaallah. Aamiin.


Participants of various ages and walks of life. Photo credits by Sis Zarina.

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My objective of creating this page is to reach out to more people, to educate about Islamic Finance and Individual Finance, share tips on financial planning and also be able to answer to everyone's queries. So, feel free to share this page and ask me questions. Let's share the knowledge and practice them together. In syaa Allah. Aamiin.