- Runner who died after StanChart Marathon was 'man of steel'

Runner who died after StanChart Marathon was 'man of steel'

Written by Wilfred Ling

Tuesday, 06 December 2011

It was reported that the 22-year-old student who collapsed and died after completing a 21.1km half-marathon on Sunday, was regarded by his friends as a 'man of steel'. My sincere condolences to his friends and relatives. It is indeed shocking how such a young and healthy individual could collapse and die in this manner. Once again, this incident is a reminder that it is a myth that the young and healthy do not need any form of risk management planning. In fact, the following are common myths that people hold:

“The young do not need insurance because they are healthy.”
“The best insurance products come from the same insurer.”
“All insurance products are the same in pricing and benefits.”
“My company’s medical benefit is sufficient.”
“Good insurance is too expensive.”
“I will buy insurance when I am ill.”
“Long-term investing reduces risk.”
“The young should start investing as early as possible to enjoy the compounding effect of long-term investing.”
"All bonds are safe."
“There is no tax to pay when one dies because there is no estate duty.”
“My debts will be cancelled when I die.”
“The government will take care of my kids when I die.”
“I don’t need to do estate planning because my insurance agent will handle all insurance claims for me.”
“Estate planning is only for the rich since I got no money to distribute.”
“Since the statutory retirement age is currently 62, I will retire at that age.”
“CPF is enough for my retirement.”