Quora Answer: What are the Biggest Lessons You 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.