Case Study: How you can save money by getting a second opinion on your insurances

For the same client, a different financial planner will plan differently based on their knowledge, experience, and planning methodology.

For the same type of product, the different company offers different benefits and costs based on their business focus, overheads, investment performances and desired operation margins.

In this article, I will be sharing with you a case study on how a client of mine managed to save money on her insurances by receiving an independent second opinion before deciding.

Background of the client

Having worked for 1 year, Janice (not her real name) decided to start planning for her finances starting with her insurances.

Before meeting me, Janice had met an insurance agent who proposed that she should consider getting.

whole-life insurance to act as the foundation of her coverage needs
a multi-pay stand-alone critical illness to supplement her critical coverage

After listening to the insurance agent’s pitch, Janice has decided to approach me for a second opinion.

Having gone through the financial planning process with her, here is what we found:

Same needs but different planning approach

Given Janice’s insurance needs, there are a few approaches that we can consider addressing the same insurance gaps identified.

Given the same budget, we have narrowed down to two option