Illness Insurance. No one in right frame of mind would tell you I want to get sick. However, can you predict for sure when would you be falling sick? Or worst still your illness is a critical one? For example heart attack, cancer, stroke, kidney failure and etc? With an illness insurance, you are able to get a lump sum of money from the insurance company. Based on the package that you purchased, the insurance company will indemnify you accordingly. You can be covered up to RM1 million or for some up to RM2 million.
This insurance serves many purposes. It could serve as an income replacement to replace a person’s income when a person loses the ability to perform a job after suffering from a critical illness. It can help the family as a debt cancellation for house loan, car loan and even personal loan. Do not let the family suffer just because of a critical illness. Besides this, it could be a backup for insufficiency in coverage or uncovered items on your medical insurance. For example, medical insurance allows for kidney failure operation and outpatient kidney dialysis but not operation to transplant a new kidney and supplements.
A real life example. Crystal’s aunt had kidney failure when she was only 38. She started dialysis which costs RM3,000 per month not to mention the pain of doing it three times a week. This would cost her RM36,000 per year and after every treatment, she felt tired. Thus she took stem cell supplement to help her lead a more balanced life after all the dialysis treatments. This stem cell costs her RM50,000 per set. After waiting for 2 long years, a matching kidney was found and the total cost for the kidney operation was RM300,000. Fortunately for her, she was covered by a RM500,000 illness insurance. With this, she was able to cover the whole cost of the kidney operations and the balance can be used for supplements etc.
There is no guarantee that you will enjoy the illness insurance coverage. Personally, I do not want to have to use it. However, buying a coverage? That’s a foregone conclusion; Yes. You should buy yourself an illness insurance coverage.
Jointly written by Crystal Teh and charles on 8 March 2014
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