Critical Illness Insurance can protect your income and financial stability.
Such illnesses such as cancer, stroke, heart attack or other debilitating illnesses can sometimes require recovery costs and even force a leave of absence from work.
Click on one of the below topics to unpack your Critical Illness Insurance:
Critical Illness 101
Why You Need it?
Pros and Cons of CI
Disability Coverage
Personal Health Plan
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How does critical illness insurance work?
Critical illness insurance is for costs not included in traditional insurance policies. The policy provides a lump-sum payment that can be used for non-medical expenses related to the illness, such as transportation, child care, and more.
The pricing of the policy is influenced by various factors, including the amount and scope of coverage, the age, gender, and health of the individual insured, and their family’s medical history.
How much critical illness coverage do I need?
Firstly, consider your income. What would be the potential loss of income if you or your partner could not work? Review your current expenses, such as your mortgage or rent, loans and debts, groceries and utilities, credit card payments, and other living expenses.
Finally, remember that you may have additional expenses, such as healthcare costs (hospital accommodations, drug expenses, etc.), travelling for treatments, childcare during treatment and recovery, and domestic help (live-in nurse).
Term Life Insurance vs Whole Life Insurance.
Term life insurance gives you protection for a predetermined period. For example, a 20-year term life policy locks in your premiums and coverage amounts for the entire 20-year term of the policy. After that, unless you cancel, the policy renews annually with new rates.
Permanent life insurance gives you coverage for your whole life, not just a period of time. It differs from the term life insurance because it typically accumulates cash value, and premiums usually don’t increase as your health and age change.
