Tan Kin Lian's Blog: Tips on critical illness insurance

Sunday, September 04, 2011

Tips on critical illness insurance

A critical illness policy is one of the most popular policy, but is not well understood. The insurance agent tells the consumers about the cost of critical illness and the need to buy life insurance to protect against this event. Everybody will have to suffer a critical illness one day, and that will lead to death. But, is insurance the best answer? Read this article to learn about how to make the right decision.

4 comments:

Anonymous said...: Don't be a sucker and rush in to buy those dubious early payout CI insurance.Ask yourself. What is the probability of detecting first stage cancer? Statistically how many cases of early stage cancer diagnosed? If they were detected they were detected by ACCIDENT.
Don't be conned by unscrupulous agents and insurers who exploit your fear.These products use scare tactics. Yes, there is early stage but not easily discovered unless you are willing to spend lots of money on yearly full check ups NON STOP.A full check up will cost $1k at least.Can you do it every year? What if you did after 10/15 years and never discovered will you give up? How many can afford? Are those who cannot afford doomed to get first stage cancer?
Those who can afford just save and invest $1K every year for 10 years at 8% return the end value is $15.5K. If first stage doesn't happen continue to save and invest
until old age . You will be surprised these salesmen would have you conned.
My advice is buy reasonably huge cover of $150K plus 5 times your salary and use term insurance .
Have a H&S medical if should an early stage discovered. H&S is adequate.
Remember that your early years of your life are MOST important. Make sure you have enough cover and ONLY TERM insurance can provide, NOT wholelife or its dubious variations. Please don't be conned and frightened into buying these rubbish plans which only seek to fleece and rip you off. Be wary of the conmen and conwomen disguised as financial consultants.

The Insider; September 06, 2011 12:06 AM
Anonymous said...: Ntuc has entered the fray with a early payout product known as vivoscare to replace the vivolife.; September 06, 2011 7:22 PM
Philip Chua said...: It's always better to be prudent and to be safe than sorry.

Medical cost of treating early stage critical illness can be highly expensive and it can wipe out a person's saving if you are not well covered.

I just read about this lady not able to claim for her critical illness insurance due to early stage cancer.

=> http://healthinsurancesingapore.com.sg/category/critical-illness-insurance

I always believe in having adequate insurance. Everyone should have adequate insurance for for themselves but for the sake of their family and loved ones..; October 09, 2012 12:16 AM
Unknown said...: I am interested in income/disability insurance. My spouse to be has an illness that affects his vision. He is afraid he may lose his vision completely in the next ten years. What sort of insurance should we be looking for? Are there any road blocks that might prevent us from obtaining insurance at this point?
CriticalIllness Cover; October 27, 2012 3:35 PM