Only a Fool wouldn’t love his/her Paycheck

Do you love your Paycheck? I would imagine anyone reading this would unanimously say YES. And I mean, literally, EVERYONE. Well, those who opt to say ‘NO’, would you dump your paycheck? I guess that could only possibly happen as an April’s Fool prank.

Let’s look at some of our other beloved possessions:

Most of us spent a substantial sum of savings in renovating our home. We love our home. And we insure the contents & such with a home insurance.

Some of us have chosen to channel our funds into a depreciating asset in exchange for some form of convenience – ie. motor vehicle. We love our motor vehicle. And we insure it with a motor insurance.

We all love our paycheck, but have you insured it?

Alright, the latter example of motor insurance could be a case of mandate in Singapore context. And since it’s compulsory, then shouldn’t the source of premium have a higher priority to be insured?

Most of us are conscious to transfer the risk of high medical costs to the insurers and catering a lump sum for our loved one(s) in the event of Death. Ironically, only a handful has identified the importance to insure, arguably, the most prized asset we possess – human capital, ie. the capacity/capability of generating income.

While some people live from paycheck to paycheck, a fortunate group collects theirs, which many could only dream of doing so in a lottery prize collection center. It could be an amount for one to make his ends meet, or an amount for one to keep up with his luxurious lifestyle. Regardless of the economic disparities in Paychecks, the intrinsic value of it is plausibly identical.

The cost of risk transfer has always been accompanied with a premium. If you have recognized the importance of having an area insured at a premium, shouldn’t the source of wealth precede such a priority? Besides the ‘supernaturally’ fortunate group who enjoy the arsenal of wealth to self-insure for the potential loss of their future income, I recommend the rest of the normal beings to advocate in pooling this risk via an insurance tool, ie. Disability Income Insurance (DII).

I’m sure you would empathize that even Superman (Christopher Reeves) didn’t wish that he would fall from the horse.

We would be sharing more & further on DII in our subsequent writing(s). So do stay tuned, if you love your Paycheck.