I am very lucky to be doing something I like. It is a challenging and interesting role. One of the perks is having free lunch. Meals are provided to employees, be it breakfast, lunch or dinner. If I want, I can take my dinner before heading home too but I rather be home early than spend my time in my work place though.
If you are as sensitive to money as me, you will notice this perk is actually a source of income. As such, I have decided to put the money saved from the free lunch into a fund and eventually using that to invest. It may not be a lot but it is still something.
I was previously in the financial advisory business and am well aware the importance of having sufficient coverage in terms of insurance. As we gets older, we may have added responsibilities, especially if you are married and have kids.
Personally, I have 2 whole life plans (Death, Critical Illness (CI) including early stages CI, Total Permanent Disability (TPD) and hospitalization plan (to cover any thing related to hospital bills). Just last week, I purchased a Personal Accident (PA) plan from AXA known as AXA Band Aid.
Why is there a need for PA plan? I would not say it is compulsory to have, but for myself, I feel that since I can afford to and it is not expensive, why not? As you know, accident comes without any warning. What if I did not fulfill the criteria of TPD and lost my right arm? Without my right arm, I will still be able to find job but it will definitely take time to find one. Meanwhile, my PA plan will be able to pay out some money to tide me through those days. Or perhaps, a mishap happened and the plane I'm in crashed. The payout is triple the sum assured and this money can help take care of my family.
I am not giving any recommendation or sort but just providing my stand point of why am I buying a PA plan.
