What will be the last policy you will get for yourself?

"Hello Mr Y... How have you been?"

"Oh, Hi Belle, Mr Y has recently passed on."

I have been intermittently texting Mr Y for the past 1 year. He hadn't always been most responsive, because he was battling with Stage 4 cancer since 2 years back and was often in and out of chemo. He was battling with liver cancer and towards the end, I was communicating full on with his son, because he was not able to reply.

The call yesterday made me realise the frailties of life. Mr Y was in his 60s when he passed on. Prior to the discovery of his cancer, we were talking about legacy planning which he mentioned he would consider "at a later date". The later never came because a few months down the road, he experienced severe pain and then was diagnosed with late stage aggressive cancer which they quickly operated on and inserted a stomata into his body. We never spoke about insurance coverage ever since and I, on a few times, highlighted that since insurance was no longer on the cards, he could "self insure" via investment options which he did.

When I received news on his passing, I couldn't help but question if we were to turn back time, what would be the last policy Mr Y would have gotten for himself, if he knew that would be the very last policy? He was a person who loved his family and one who wanted to have more monies for his children.

"I should have bought the life insurance when..."

"I ought to have taken it up...."

"Should have", "Would have", "Oughta have" are words spoke in regret because a certain action was not executed earlier. I have heard a lot of it in my line of work...

In buying a life insurance, these are some factors that will be taken into consideration:

- Current Age,

- BMI status,

- Health Conditions,

- Lifestyle and

- Your Family Medical History (Yes, you heard it right!)

So when is the best time to buy a life insurance?

Ans: When you are at your youngest possible yet, with the best health and BMI and when health issues and battling with high cholesterol, high blood pressure are not a concern yet. (Hey isn't it now?)

This is really a food for thought but don't live life based on "Should have" and "Ought to have"-- ask ourselves-- "If today were the last opportunity for me to buy an insurance, what is the last policy I will get for myself?"

RIP, Mr Y, I will always have fond memories of you ordering coffee at Starbucks and telling me how much you missed having coffee there, ever since you had cancer. You will be dearly missed and thank you for sharing with me your stories on entrepreneurialship.. I have been blessed by the short friendship we had.