Dear Mr. Tan,
An insurance agent said that it is necessary to insure a child against critical illness, as the cost of treating leukemia could be more than $20,000 and it is not covered under a Shield policy. What is your advice?
The chance of a serious illness of this nature is extremely small, maybe less than 1 in 10,000. To insure this risk and other similar risks, the pure cost should be less than $2 a month (my guess only, as I do not have the data). The critical illness policy that you to pay a premium of $100 per month. Is it worth paying so much?
Although a Shield plan does not pay the full cost of the treatment for leukemia, it does cover a large part of the cost.
Advice: Do not over-pay on the cost of insurance. Make sure that you pay a fair premium. You need to save money for your future use also.
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