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Choices – The more the merrier

Updated: Oct 6, 2021

Quantity over quality? Does having more choices really make you merrier? Let’s dive straight into this week topic about choices with Zong Jie and Gaius.

Regardless of who you’re getting an insurance product from, be it an Insurance Agent or a Personal Banker, all institutions are regulated and can only promote products offered by the company.

So who is better than who? Or is there really a best option?

Zong Jie shared that when he helps clients select a product, he does a comparison of several insurers across the board with the same set of criteria, just different premiums. It’s the same as choosing, for instance, a general health insurance plan. One can choose to go to a trusted insurer brand / financial advisor, head to Ministry of Health website for a comparison list of insurances or tell an advisor your needs and let them choose the product best suited. Too often, consumers focus more on the cost than the suitability. As Gaius mentioned, with all things equal, get something that is more efficient in terms of cost.

With more choices available, we can be spoilt for choice. Sometimes instead of bringing clarity, too many options available out there may cloud our judgement and we don’t really know what we really want or what is deemed as important. Should I be going for a coverage that puts a limit to the claim, or is ‘As Charged’ a better option? Is a “Lump Sum Caregiver Grant” one of the benefits I should look our for when selecting a Personal Accident plan? So many factors come into play, clouding our initial choice of whether this product is what we really want. But of course, the key here is not only to have more choices, but also be well informed of the options available.

In this age of digital era, everything is available online. Google is our best friend. Need some crypto advice? Google. Tips after a breakup? Google. Google can help in the facilitation of most of our decision-making process.

We are exposed to so many choices in life and must make countless decision every day because of them. In a coffeeshop grabbing a meal, different types of hotels and promotions available for staycations, and even clinical options when we need to see a doctor. What affects our choices is what we may value or feel strongly for at that point in time. Yet what we value now may not be what we value in the near future, which may affect the choices we make. Our needs are always changing. And with so many products available in the market, we may find ourselves in a crossroad.

What is important is to understand your current situation, needs, and goals, and be incongruent with it. There is always an opportunity cost when we choose something over the other. But that doesn’t mean we shouldn’t be making any decisions. Rather, make informed decisions. Know what the options are out there. The more well-informed we are, the more autonomy and better control we have to make decisions.

You may have heard a thousand time, but it is always advisable to seek advice from a licensed professional to help you look at the bigger picture, take calculated risk, and rationalize your decision.


Disclaimer: The information is meant purely for informational purposes and should not be relied upon as financial advice.






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