Your parents bought you insurance - is it enough today? | Money Talks

Taking over an insurance policy from your parents may seem straightforward, but many people do not fully understand what they are paying for or whether the coverage still suits their adult needs. Should you keep, upgrade or surrender these plans? Chan Wai Kit from Life Insurance Association Singapore explains how to assess inherited insurance policies. Highlights: 00:20 Inheriting an insurance policy 01:29 Risks of overlapping insurance plans 02:47 Policies parents usually buy 04:03 Should you cash out? 06:40 What to do if you can't reach your agent 08:34 What to review first 12:29 Common inherited policy mistakes 15:36 Is inherited coverage enough? 17:58 Can inherited plans be upgraded? 21:05 First thing young adults should do Subscribe to our channel here: https://cna.asia/youtubesub Visit our website: https://cna.asia Download our app: https://cna.asia/app Get our editors' picks of stories via chat apps: Telegram: https://cna.asia/telegram WhatsApp: https://cna.asia/whatsapp Follow us on these platforms: https://www.facebook.com/channelnewsasia https://www.instagram.com/channelnewsasia https://www.tiktok.com/@channelnewsasia