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Insurer advises consumers to check their policies

TAIPEI, Taiwan -- An insurance carrier yesterday urged consumers to check their policies in the year-end period, to see if their intermediate requirements in the next three to five years are met.

According to China Life (中國人壽), consumers may assess their current insurance policies according to the following four principles:

First, insurance policies should cost households no more than a 10-percent portion of annual income, and they should provide coverage of about 10 times the amount of household income.

Second, policy holders are advised to update their insurance carriers on any changes, including the arrival of newborn children or an updated marital status, and replace expired policies to ensure full coverage against risk. The year-end period is ideal for planning insurance policies, with annual bonus payouts commencing, said the company.

Third, consumers are advised to verify whether all channels of policy payments including credit cards and bank accounts remain valid.

Finally, in light of the upcoming post-Chinese New Year's holiday job-changing phase, the company reminds consumers to update their employment information with insurance carriers to prevent disputes in benefits payouts in the event of work-related injuries.

For the younger working demographic, the company advises individuals to first review the policies purchased by their parents and places of employment, and make up for inadequacies with policies of their own. Ideally, one should have coverage in life, medical and accident insurance policies, said the company. In addition, the company suggests the younger working demographic to consider term life, investment insurance (投資型保單) and other policy categories with lower fees.

For those facing retirement in the near future, sound planning of insurance policies remains the key to maintaining a comfortable lifestyle in one's golden years, in addition to wealth management planning for inheritance to offspring, said the company.

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