(27-03-2013, 09:50 PM)choozm Wrote: [ -> ]Hi yeokiwi, brattzz, AlphaQuant,
Thanks for your replies. I have updated my post with my personal info.
Quote:About myself:
Male, non-smoker, age 37, single. No dependent.
Thank you!
The likely aftermaths of getting critical illness are
1) Pass away within a year or two. High Probability.
2) Recover fully and able to work in the same capacity. Low probability.
3) Survive but unable to work in the same capacity and requires personal care(helper, nurse etc). Low probability.
Scenario (1), if you have enough saving, it should not be a problem. Your kin will enjoy the critical illness payout.
Scenario (2), the critical illness payout helps to offset the cost but without it, you still can get on with your life.
Scenario (3), critical illness payout helps but it probably will not be enough.
Other scenario???
In your case, the third scenario is probably the one that will affect you the most. But, for this scenario, the insurance that is going to help most is in fact disability insurance. Critical illness payout will help to cushion the financial burden for scenario 3 but unless you buy a lot, it is not going to help in the long run.
Scenario 2 and 3 are low probability events though. But I think scenario 3, even with low probability of occurrence, is necessary for anyone, with or without dependents, to take up a disability insurance to guard against it. I noted that you have disability insurance but you may like to revise whether is it enough??
As for critical illness insurance, I think if it can help to cover part of the cost of medication and one or two expensive surgical operations, it should be good enough.
But anyway, I am not a certified financial planner, advisor or whatever. So, my advice does not worth much.