in-sure-rance

I bet that many of you out there already have your own insurances regardless of it  types (i.e: personal, car, health, and others). Nowadays even a loan can be covered by insurance. I have a very interesting story to share with regarding the insurance. 

I have once involved with FOREX investment at the early stage of my carrier. To begin with, FOREX investment has been introduced by a friend of mine which I don't really close with. But, when it comes to money everything is possible. Even an unknown criminal and policeman can be a partner if they were to share of the money that they got from a robbery. Driven by the money, I blindly agree to be a partner to my "friend". At that time we agree to put in nearly RM5,000 each for a start.

I know nothing about FOREX at that time and I just let my partner take care of everything for me. One day my partner phoned and told me that we need to put in more money into our investment. I have no more money at that time. He start to tell me the real situation of our investment. It is something to do with floating and bla.. bla... I don't really get it but what I know was that my RM5,000 will be soon gone if no more fund were to be injected into the investment.

My partner came out with a decision that he will take a personal loan around RM7,000 to make the fund available. Since he is not a government servant, it is impossible to make a loan without a guarantor. For the sake of RM5,000 I agree to be a guarantor to the RM7,000 loan. Even after the new injected capital our investment still failed and I have lost all of my RM5,000. I am so disappointed that I decided that I will never ever getting involved with FOREX or any of it kinds again in the future.

While I am crying for my RM5,000 lost, my friend struggling to pay the monthly payment of the loan. There were a time when I received a call from the bank with regards of the loan because he was not able to make
the repayment in time. Driven by the anxiety, I once asked the bank about the loan. It was a shock when I know that the RM7,000 loan will be need to be repaid up until RM 14,000 including interest. Madness!!!

Then I start to have a bad thought, what will happen if my "friend" suddenly incapable to repay the loan. As a guarantor I will be responsible to settle off the loan for him. Guess what? my bad thought came true and in a very shocking way. Around one year after the unsuccessful investment I received a news of my friend death. His got infected by "denggi" and past away within five days. It is sad, because at that time we are still at a very young age but it is more sad that the worst ever scenario that I could imagine happen.

Thankfully he got a very kind mother and brother who take care of his loan payment after I have meet them and told them the story. As if he were to take an insurance on his loan, nobody will need to pay anything after his death. That the story of mine, so if you are or will be a guarantor please take note of this and even if you a the one who plan to take the loan make sure that your insured them. I am sure that all of us don't want people to be responsible of our own action after our death.