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More about Heather
Travel With Hectic Heather
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Recently, my family shared with me that my uncle just passed due to cancer.. my dad received a portion of the payout
Hmm.. i see..
During a casual jog with Heather’s friend, Heather found out that her friend, Matthew, and his family had just received an insurance pay-out from LIFE INSURANCE for his uncle’s premature death due to cancer.
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Heather felt indifferent as she always had the impression that life insurance pay-out is only favourable for the beneficiary.
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Additionally, she also thought that purchasing insurance would deplete her savings.
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Youths are comfortable talking to their friends about finance related topics
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“Maybe (I will look it up online) after this (interview) cause I realize how little I know of insurance.”
“I am quite comfortable with sharing quite a bit of details (with my peers)”
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After Heather reached home, she jumped straight back into studying. Hence, she placed the thought of learning more about insurance at the back of her mind.
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There are many terms and conditions that youths need to look out for to understand the coverage of insurance
“Get straight to the point la.. What can I get back when I buy insurance from your company?”
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what is insurance
After some research, she stumbled upon a website called MoneySense. It offers a comprehensive guide to insurance basics which is easy to follow.
However, as a person with little insurance knowledge, Heather faced difficulties understanding the wide variety of plans available and identifying her insurance needs.
Hence, she felt extremely lost, despite having her parents to turn to for help.
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Youths Dislike Advertisements in Applications
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How do you feel when you encounter an advertisement while using an app?
“Frustrated. It interrupts whatever I'm doing”
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Learnt more about insurance
Heather felt that the videos were straightforward with easy-to-understand explanations, and she has learnt more about the general idea of insurance.
However, she still does not know how to start planning for her insurance coverage. She was also unaware of the insurance plans that her parents had purchased for her.
Youths feel more secure saving up their money instead
“I don't have a full time income yet”
“Saving is important because it ensures that we have enough when it comes to emergencies.”
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Why am i thinking about this, insurance is not a priority to me anyways....
It was past midnight and Heather was preparing to go to bed.
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Youths like to exercise with their friends.
Youths are not inclined to purchase insurance as they feel that they are not even the one receiving the pay-out.
There are no tangible benefit unless something happens to them.
48.2% chose Running as a form of exercise that they engage in.
“I die already, I don’t get the money and then someone else gets the money. So, my mum wants me to die before her?”
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Really? I didnt know that.. thank you so much...I really enjoy talking to you
Actually, you don't need a lot of money to purchase insurance
Matthew shared with Heather that she does not need a lot of money to purchase insurance and that she should get coverage as early as possible to give herself and her family a peace of mind for the lowest premiums possible.
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This got Heather motivated to look into insurance coverage.
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Youths actually have very busy schedules!
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Before she went to bed, Heather began Googling to learn more about insurance. However, she was soon overwhelmed by the vast amount of information available and technical jargons used, which seemed really intimidating to Heather.
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Youths like to source for information online
72% get their financial information from Online, Money Sense and/or Seedly.
Who would you consult before you purchase your own insurance plan?
“My family and my friends. My family because they have more experience basically they have more experience and my friends are to keep myself updated of which are currently the best in the market.”
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Soon after, Heather got bored of reading the articles and decided to go onto YouTube on her phone to look up videos to watch.
Although she found the videos interesting, the persistent advertisements disrupted and annoyed her.
Youths are unable to pinpoint what types of insurance they really need now
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"If someone were to explain the insurance in like simple terms”
“I think my mom bought it for me but I'm not sure about that. She says she has ah but I know nothing about it.”
“I have no idea... my parents keep me in the dark...”
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On top of that, Heather is not confident in taking the first step to insurance. She was afraid of making the wrong decision and having her money tied up in her insurance plans.
She also felt that insurance is a commitment that will add on to her already limited allowance, after having set aside money for savings.
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Youths feel that their insurance priorities will change in the future so they feel that there is no point thinking about it now
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“(Insurance priorities) will change when my needs differ”
“I think yeah, (my insurance priorities will change), cause it seems like insurance is part of adulthood.”
“Insurance will be necessary when I start a family or when I have kids, or like when I buy a house for myself”
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