If you think any of the four sounds like you, consider contacting your adviser to find out more about critical illness coverage.
3 in 4 of those diagnosed with critical illness stop working fully or partially and according to AIA Health Matters Survey in 2016, treatment and recovery of critical illness takes an average of 3.5 years. Yet there still lies an 80% critical illness protection gap per person in Singapore. CI plans serve as income replacement when one takes time off from work to recover without financial worry.
Today we share with you four types of people who absolutely need critical illness insurance.
1. Family history of critical illness
Certain medical conditions such as coronary artery disease and osteogenesis imperfecta are hereditary by nature. Put bluntly, should you have a family history of CI, you might be at greater risk of being diagnosed as well. A CI plan would safeguard your assets and protect you against potential expenses if it were to occur.
2. Sole Breadwinners
Evident from your role in the family, this is perhaps the most telling sign of necessity. With dependants relying on your single income source, more people are at risk should there be a loss of income due to critical illness. Sole breadwinners usually require the income replacement to minimise financial strain during an emotionally and physically draining critical illness recovery.
A saying goes, “One without dependents also has no one to depend on”. Singletons have to provide for themselves more proactively, especially in the case that they lose their income. Early critical illness plans may provide the financial means to recover worry-free (from money constraints) or engage caregivers during the process.
Entrepreneurs and freelancers alike encounter their sets of financial challenges. The keyman of the business may be performing well, but would have to take a step back in the case of critical illness. The long-term cut in revenue may cause financial strains which can be supplemented by the critical illness pay out.
The hustler is bound to experience some form of financial anxiety during this time which is worsened should he be the sole breadwinner of the household. Early critical illness plans reduces his financial strain due to loss of income, allowing for a worry-free recovery.
We hope this article sheds some light on people who require critical insurance the most. Millennial Finance’s process begins with reviewing your financial circumstances, concerns and goals before recommending a suitable plan for you. Contact us today to schedule an appointment.
Something about this article that was not clear or do you have a question pertaining to critical illness insurance? Let us know below or drop us a message!