Critical illness insurance pays you for living? A Wake Up Call Again!

Critical illness insurance – this helps take care of large bills during major illnesses. Critical illness insurance will normally provide a lump-sum payment should you become seriously ill. Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include cancer, heart attack, stroke, blindness, Alzheimer’s, kidney failure, etc. A critical illness policy usually has a waiting period for certain diseases or types of surgery. If any disease or type of surgery for which the policy specifics is diagnosed or carried out during the waiting period, no benefits would be paid. You should note that the benefits from a critical illness policy are paid only if the disease or surgery exactly meets the definition in the policy. Definitions of disease are fixed across all insurance companies in Singapore.

Certain critical illnesses have to be in advanced stages to qualify for claims. For instance, only major cancers in stage 3 are able to trigger claims. From the insurance industry’s standpoint, an illness like cancer is relatively common amongt Singaporeans, so insurers cover only the more advanced stages to keep premiums competitive. If all stages of cancer are covered, the premiums would have been prohibitively high and out of reach for most singaporeans.

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Createwealth8888:

Read old posting on? Critical illness insurance pays you for living? A Wake Up Call!

Honestly tell me. Are you fully aware of "waiting period" and "exactly meets the definition in the policy."

Let me know you are fully aware of them and bought it with eyes open wide. It is interesting to know how many people have really bought it with full knowledge.

As people become more aware on availability of early cancer screening, there will be good chance of detecting cancer in its early stage i.e. stage 2. So do you think you are still cover? It is not wise to place all your hope on critical illness coverage to pay for your treatment and medical expenses and have that feeling of peace of mind. It may be wrong!

Investing wisely and compound your returns is still the best form of self-insurance; but it will require you to put in your mind, heart, lots of effort and time in learning the investment skills. Don't worry investment skills can be acquired through learning. If I can do it, I believe you too!