Ever bought an insurance policy, only to have your agent ask if you would like to add on a rider for an extra cost? In this week’s Money Talks Explains, Samuel Low from Income Insurance tells Andrea Heng what to consider before adding an integrated shield plan (IP) rider to your insurance policy.  

Here's an excerpt of the conversation: 

Andrea Heng, host:  At the end of the day, a rider is something that we have to pay extra for. This is an additional expense. So how do we shop around for an IP (integrated shield plan) rider that is going to cover us quite decently, but at the same time, helps us to stay within our budget?   Samuel Low, chief health officer at Income Insurance:  It's good to find a financial advisor and do that financial planning (and) look at one's income and expenses.

So have that conversation, think about it, and really consider because a commitment to an IP rider is an annual premium. And I think it has to depend on the (person's) financial situation and financial planning. 

Andrea:  When's a good time to review if we decide, okay, this year I can afford to pay for a more expensive rider because I want more coverage. When do we ask ourselves these questions?

Samuel:  If let's say (you have the financial means), or if there's a change in your life situation, for example, getting married, then having children, you will have to plan.