Hi Fellow Automated Millionaires,

come to think of it, with pertaining to my previous post, everyone is also doing the same with their Wealth Protection, a.k.a Insurance. Most of my friends have different Financial advisors/planners (for simplicity sake, we just stick to Planners) to handle different Insurance policies.

What will this lead to is that all the plans might not be integrated fully to complement one and other resulting us, clients to pay more than what is necessary... mainly riders that are overlapping each other benefits. The question is that do we need so many riders? Of course, all the riders comes cheaper than standalone policies and give us more benefits but at our finance expense. This is one of the main reason why my friend's sister is paying S$6K yearly premium for only S$40,000 Critical Illness coverage.

This is the very reason that why in order to become an Automated Millionaire, we need to re-structure our Insurance! So that we do not spend too much on Insurance part. I always remember what my Mentor shared with me

Never ever buy too much insurance! Because it will help 3 parties rich, Your Insurance Agent, Agent's Company and Company's Shareholder. Not You! So please, never ever buy too much insurance!

Everyone, in my humble opinion, needs certain insurance coverage for Wealth Protection Plan, however, not too much, just enough will do. And if possible, handle by just 1 Financial Planner so that he/she can seamlessly integrate all your insurance to lower your insurance cost :) And with that, the rest of our money can compound automatically in the Wealth Accumulation Plan!

Yours Sincerely,
Max Tay - The Automated Millionaire