Critical illness insurance

[Thriftville]

Hey buddies, do you think critical illness insurance is a good buy? please share your views. thank you!

[piggo]

No because odds are you'll die or wish you were dead, and that is covered by life insurance

[Drizzt]

i thought not all life insurance have CI?

[piggo]

Think its a rider plan, as in top up a little to be covered by their list of critical illnesses. So the odds are really lousy...

[Bibi]

There are available stand-alone CI plan. The only catch for the stand-alone plan is the insured has to survive 30 days upon detection of the CI. If the insured dies within the 30 days, sorry, no payout for you.

CI is good if the insured available cash is low. You need upfront cash for treatment before the claim from medical insurance can come in. Cash is also needed for the 10% co-insurance portion. You also need to cater for loss of income when you contracted CI (unless you already have income protection plan). Usually S$50k to S$80k is sufficient depending on your expenses. More important is to get a good as-charged medical plan. If you have the cash, purchase a rider to cover the 10% co-insurance portion will be ideal rather purchasing CI plan.

If you intend to seek overseas treatment, then a hugh CI payout is required. Our PM treated his cancer in USA le. Of course he is so rich i believe he dont need to purchase any insurance.

All above are only my personal view.