Dear Mr Tan,
I would like to ask, why did you say $50,000 is enough for critical illness policy?
Let say if i am really hit by one of the illness which is insured by the policy, will $50,000 be really suffice for medical fee and hospitalisation?
REPLY
I expect most people to have a Medishield plan that will cover most of the cost of medical care.
I advice people to avoid over-insuring and pay too much premium on high cost insurance products. They should have more savings for their retirement.
Read this FAQ:
http://www.tankinlian.com/faq/choice.html
If you have adequate savings, you can use part of your savings to meet the unexpected medical expenses (instead of relying on high cost insurance).
most CI coverage are not designed to be used for medical expenses. they are like life insurance: to provide coverage for potential loss of income.
ReplyDeletealmost any agent would say otherwise, though.