Are you adequately covered?

 “one can die but can’t afford to be sick”.  This is so true especially in a country like Singapore where the medical cost is heading north and advance technology is readily available.

Stress needs to be added on the importance of life insurance coverage that every individual should have. Coverage here refers to a payout in an event of Death, Total Permanent Disability (TPD) and Critical Illness (CI). There is always a misconception in many people that their insurance covers all 3 of the above.  However, may I urge you to check your coverage again and make sure that your coverage includes Critical Illness. Many plans come with coverage on Death and TPD, but Critical Illness is often not included. And that is the major coverage one should be looking out for. The cost of treatment in an event any of the 30 major illness strikes upon, would easily be a high 5 digit figure.  That has the potential to drag your whole family’s finance downhill. Personally, this is what happened to my late grandfather who died from nose cancer and the medical cost has laid a huge burden on the family.  Common illness woman find themselves battling are like breast cancer, and for guys – stroke or colon cancer.

Here’s a list of the standard 30 major illness across insurance companies:

ALZHEIMER’S DISEASE	LOSS OF SPEECH
APLASTIC ANAEMIA	MAJOR BURNS
BACTERIAL MENINGITIS	MAJOR CANCERS
BENIGN BRAIN TUMOUR	MAJOR ORGAN TRANSPLANTATION
BLINDNESS (LOSS OF SIGHT)	MOTOR NEURONE DISEASE
COMA	MULTIPLE SCLEROSIS
CORONARY ARTERY BY-PASS SURGERY	MUSCULAR DYSTROPHY
DEAFNESS (LOSS OF HEARING)	PARALYSIS (LOSS OF USE OF LIMBS)
ENCEPHALITIS	PARKINSON’S DISEASE
END STAGE LIVER DISEASE	POLIOMYELITIS
END STAGE LUNG DISEASE	KIDNEY FAILURE
FULMINANT HEPATITIS	STROKE
HEART ATTACK	SURGERY TO AORTA
HEART VALVE SURGERY	TERMINAL ILLNESS
HIV DUE TO BLOOD TRANSFUSION AND  OCCUPATIONALLY ACQUIRED HIV	ANGIOPLASTY & OTHER INVASIVE  TREATMENT FOR CORONARY ARTERY

Well even if you have your critical illness coverage done, does it covers early stage dread disease? Technology today has made detection of an illness possible at an early stage.  Hence moving along with market demand, in recent years, early stage dread disease policies are made available in the market. Read the article in the link below about Theresa who was diagnosed with ductal carcinoma in situ (DCIS) in her right breast which is stage zero, early stage breast cancer. The condition is considered non-invasive which does not fall into the category of critical illness. She was upset that her critical illness insurance policies did not pay out the claims. The air we breathe, the food we partake daily has exposed ourselves to the risk of illness.

 Love yourself and your family to get yourself insured today!

http://www.asiaone.com/Health/News/Story/A1Story20100831-234887.html

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special thanks to my peers, and those whom I just got to know you through your comments for supporting and reading my post. Hope this little financial blog of mine has helped you guys gain greater financial knowledge =) will continue blogging!♥♥♥

It’s 2 weeks to CNY!! So looking forward to time with family and friends. And my favourite BA GUA!! :):):):)

God Bless You!