Wednesday, September 08, 2010

Critical illness insurance - is it essential?

Many people are troubled by this question - is it essential to get critical illness insurance?

My answer is, "buy critical illness insurance, only if you can get it at a low cost, such as the cover provided by the SAF insurance scheme. Do not pay a lot of money for this cover".

Why?

Read this FAQ - http://tankinlian.com/admin/file.aspx?id=173
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3 comments:

Research said...

Thanks for taking the time to discuss this about Critical ILLNESS LIFE INSURANCE, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me.

September 08, 2010 11:37 AM
a salient whisperer said...

I guess if one can make a claim, then it will certainly be worth it.

I am thankful as I have made a partial claim and survived my condition, then from a $&cents pespective, it is certainly worth buying.

But where Mr Tan is coming from, the probability or chance of someone contacting a Major illness is not high enough to justify us paying a high premium for it. Typical whole life Major Illness plans are one of the most expensive. So unless we can get something inexpensive, sometimes, we are better off taking our chance and put our hard earn money for better use. It boils down to oppotunity cost and choices we make based on our value system.

I sometimes find that "like-minded" people like Mr Tan, myself included, have a hard time sharing these types of concept with others because the value system is different. Many people's approach is still, 'how will I get the most out of this or that." What we do not realised is that 'how much we get out' is very dependend on our worldview and values.

So thank you Mr. Tan for your hard work in sharing. As with education, it will get through, just takes time.

September 08, 2010 12:15 PM
zhummmeng said...

You need it when you are bringing up your family because this is the most crucial and devastating time if you kenna. Yes, you are more vulnerable but not necessary you can kenna when you are old but this is the least critical time and a medical H&S can take care of it effectively in a B1 or B2 wards or even C ward.
Never buy a WL or limited pay WL they are scams insurance agents promote to rob you of the commission.
The crap about being covered for LIFE after paying for 10 or 5 years is a scam schemed by insurance companies to benefit themselves. You are covered for life means the insurance companies are paid for life too, revenue and income for the companies for life and bigger salary for the CEOs and commission for the agents.
Will you be covered for life? is the company sincere about it? No, NO.....the insurers know that very few of you will keep beyond 65 because the mortality charge will kill your cash value and more importantly you most likely to need cash to fund your retirement.
Secondly, another layer of protection FOR the insurers is a roadblock set up at age 60 when you are seduced or conned with a bait like 5% more to cash value if you convert to annuity..it means they try to stop you? why? the insurers have to pay more if there is a claim..you see the picture?
There is no sincerity and honesty.

September 08, 2010 12:28 PM

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