How planning and learning about insurance can protect you

With the recent global COVID-19 outbreak, we are all experiencing a complete upheaval of daily life which has led to feelings of uncertainty. The outbreak has led us all to reassess the way we manage our household, finances, and how we plan for the security of our families’ future. We have had to make many adjustments in our daily lives, work routines, schooling and are at a stage of constant worry for the safety and health of our families.

Although it may feel like life as we know it is spinning out of control, there are certain things that we can plan for and take control of. If the current crisis has taught us anything, it is that we must always keep ourselves prepared for the unforeseen. With the current stay-at-home guidelines, since you are at home more and have more time on your hands, this is a good time to research and equip yourself with the right information about healthcare planning, financial planning and insurance planning through online research and have a discussion with your loved ones about the options out there. 

For example, planning and learning about insurance planning can be crucial for the protection of you and your loved ones. Here are some fundamental things you should search for to equip yourselves with the right information to make well-informed decisions to your advantage. 

Fundamental questions you should ask

Why should I get insurance?  Peace of mind - you and your family are worth protecting. It is wise to have a plan to live stress- free, to enjoy your life with the ones you love, while also protecting them. So, while you are busy working hard for a better life for your loved ones, insurance will take care of your future by financially protecting you in every stage of your life - protecting you, and those you love. 

What kinds of insurance plans are there? While you may have heard of many types of insurance products out there, such as Health Insurance, Auto Insurance, Fire Insurance, Travel Insurance – families with young children should focus on  2 main types: Life Insurance and Education Insurance. Life insurance is designed to financially protect you and your family with a solution providing the Best Plan B. And Education Insurance helps towards financial support to save for your child’s education so that they can achieve their dreams.

How do I get insurance in Myanmar? There are plenty of options with the new era of the insurance market in Myanmar being active again with incoming foreign insurance enterprises. While some are operated by banks, you can also speak directly to insurance companies like Manulife. 

How long has the insurance company been in business? What is the track record? With the new wave of insurance companies entering the country, it is important to select a trustworthy insurance provider for the sake of yourself and your family. When selecting an insurance company, you should know how long they have been in business, who owns the company and what their values are.

In these uncertain times, it is normal to feel discouraged and worried about what the future will bring. But please remember that there are things you can take control of. So, keep learning and educating yourselves so that you have the right information to make well-informed decisions to get the most out of your choices. And most importantly, keep safe!

Remember:

 “Try to learn something about everything and everything about something!” - Thomas Huxley 

With over 130 years of track record, Manulife is a trustworthy partner of Myanmar families. Manulife advisers can help you understand how insurance works, the coverage you need and the insurance product that best fit your needs. Manulife has a long history in Myanmar, having started operations and selling their first insurance policy in the country in 1903. Since re-entering the market with a representative office in 2014, Manulife has been actively engaging local regulators and insurers, sharing best practices on innovative insurance products, and developing a sustainable insurance industry in Myanmar.