What are the biggest lessons you have learned in the insurance industry?

The following is my answer to a Quora question: “What are the biggest lessons you have learned in the insurance industry?”

I have learned, over the years, that it is not just about the policies you buy, but how you structure them.

I have learned that the wealthy and the masses buy the same policies, but for different reasons.

I learned that there may be ways to get around having pre-existing conditions covered, at a reasonable cost.

I have learned that most people who buy insurance do not fully understand their coverage.

I have learned that the insurance industry in Singapore, is a lot different from the rest of the world, and that in certain other countries, such as the US, it is predatory.

I have learned that having good coverage is useless without understanding how to claim for it.

I have learned that insurance plans can function as financial instruments, creating immediate estates, as collateral for loans and credit lines, and as a means to move funds.

I have learned that the right sort of insurance coverage, particularly in large projects, saves a lot of money.

Terence Kenneth John Nunis

[Shared with permission from: https://terencenunisconsulting.blogspot.com/2020/05/quora-answer-what-are-biggest-lessons.html?m=1 ]


Image for illustrative purpose only.

Terence has more years in the line than I do; and some of these lessons I am still learning and continue to learn.

And yes, when you have understood these lessons, it can never be peddling of products.

You would learn the importance of consultation, planning and advisory. The real value of the profession.

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