Ashwin Wijeratna

The mistakes people make when it comes to using insurance policies:

⚠️ Not knowing what insurance is ⚠️

Insurance is in other words a backup plan. It is used to ensure that you face a problem without incurring issues, losses or any sacrifices.

There are 3 categories of insurance plans:

a. Healthcare Plans - Used to pay the hospital/medical bills. The benefits are custom designed based on what you require and your budget.

b. Protection Plans - Used to safeguard the income of a family if the breadwinner or a contributor to the family's income dies unexpectedly.

c. Savings and investments - Used to save money step-by-step for a greater goal. These are affordable based on the product you choose and works as a security measure as well to ensure the money needed for a specific future goal is met in a timely manner.

These are 3 different categories of insurance plan serve different purposes and therefore contain different benefits.

Along with these solution comes a built-in feature/mechanism that acts as a protection against unfortunate circumstances and secures the dependents of the policy owner in financial terms. This is done by releasing an agreed upon sum of money as a benefit/life cover in case of a death or disability. The amounts and the availability of this benefit depends on the product you opt for and how it is customized for you.

Now you know more on insurance 😄
Stay tuned for more

With the new expansions coming our way, it is time we grow our team with a diverse set of professionals groomed to help make our community stronger financially.

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We are looking for individuals with the following abilities:
- Outgoing personality
- Good communication skills
- Motivated and self driven
- Go-Getter attitude
- Experience in sales or similar capacities will be an added advantage
- Living within Colombo District, Sri Lanka and can commute to work regularly

What we will offer:
- Attractive income package
- Good work life balance
- Multinational Company working culture and environment
- Local and overseas recognitions and awards
- Local and international trainings

Available positions:
- Wealth Planning Executive
- Wealth Planning Manager

Job-types: Full-time and part-time

Scan the QR codes to APPLY or CONTACT us for more information!

You can also apply via the following link:
https://docs.google.com/forms/d/e/1FAIpQLSc9qjl1Q4bV2MHwzZmj1TA2NGJSGwwa2qv9MvHl6mq0-5YdIQ/viewform

You can also share your CV with us on WhatsApp.

HOW TO PURCHASE A LIFE INSURANCE POLICY? 🤝👨‍👩‍👧‍👦👍

Life insurance is a broad term. In simple words, life insurance is the kind of insurance you need to protect a living person and their interests.

A life insurance can fulfil purposes such as:
• Making healthcare/medical expenses affordable and cheap
• Protecting the loved ones financially
• Protecting the future of the loved ones
• Protecting the health and wellbeing of the loved ones
• Saving money for personal and family commitment
• Saving money for your own future expenses and survival such as retirement
• Growing and building wealth for personal needs
• Protecting the monthly income of your family
• Protecting your family/dependents against losses such as the death of a breadwinner

Purchasing a life insurance policy can be an important decision to protect your loved ones financially in case an emergency. Here are the steps to follow:

1. Determine your insurance needs: The first step is to assess how much coverage you need. This involves estimating your current and future financial obligations and considering your dependents' needs.

2. Research different types of policies: Life insurance policies come in different forms and products, such as short-term insurances, long-term insurances, protection policies, savings policies. Etc. It is important to understand the pros and cons of each type and choose the one that suits your needs and budget.

3. Shop around for quotes: Get quotes from multiple insurance providers and compare the cost, coverage, and terms of the policies offered. It is important you contact an advisor with good knowledge about products and get a background idea on insurance so you can study the products well before you choose.

4. Fill out the application: Once you have chosen a policy, fill out the application form with accurate and complete information. Be honest about your medical history, lifestyle habits, and other relevant factors that can affect the premium and coverage. Being honest is very important as one of the fundamental guiding principles of insurance is “Utmost Good Faith”. This principle states that all necessary information has to be disclosed by both the parties involved in the transaction/contract therefore no complications occur once the policy is purchased. Failing to do so will result in a breach in the contract.

5. Undergo a medical exam: Some policies require a medical exam to assess your health and determine the risk level. The insurance company may guide you on how the medical examination is to be conducted. However, not all policies require medical examinations; unless, you are above a certain age group (such as age 45 and above), you have pre-existing illnesses or any other medical conditions, you have opted for high level coverage, regulation from the governing bodies, etc. Contact your advisor/wealth planner for more information.

6. Prepare, review and sign the policy proposal: Carefully complete the proposal document submitted to the insurance company, review the documents to make sure everything is in order (including the terms, conditions, riders, and exclusions), ask any questions to clarify any concerns you may have before signing the policy and finally, sign the proposal documents for submission.

7. Pay the premium: Pay the first premium to activate the policy underwriting process. You can choose to pay annually, semi-annually, quarterly or monthly, depending on the policy's terms and your budget. It is only after the premium that the documents will be sent in for evaluation and risk assessment. Any pendings to be cleared, medical requirements, client consents required, changes required, etc. will be communicated in the following stages. Once the process is done you will be notified in official means that the policy has been accepted.

8. Keep the policy updated: Review your policy periodically and update it as needed to reflect any changes in your life circumstances or financial situation.