Money cannot buy us good health. But money can buy us good healthcare.
Illness costs more than death:
Between our lifestyle, diet, stress levels, and pollution, many of us have come to
accept that critical illness (CI) is an eventuality that we will have to face. But
unless we have an immediate family member who has been struck with CI, few
of us get the chance to understand how damaging the financial cost of a CI is.
A CNBC article quoted that ‘the fear of a hit to our wallet is much greater than our fear
of the Grim Reaper. And a 2020 survey conducted on critically ill patients and their
caregivers in Singapore revealed that (refer to figure below):
The evolution of our perspectives and the types of CI protection
A CI Salary:
Upon diagnosis of a CI, the insurer will pay a pre-determined amount of money every month. It serves as an income in-lieu of the pay from your job, as many patients will usually be on extended no-pay during the period of treatment and recovery
Many cancer survivors and patients with chronic illnesses, benefit from having more time to recuperate. In fact, experts estimate that an average person needs about 5 years to recuperate from CI, return to work and be sufficiently adjusted to his/her new lifestyle needs. So having a CI salary means we do not have to rush back to work when our bodies might not be ready yet.
In addition, our family will also have the option to take no-pay leave during the toughest period of our treatment, with no need to use our hard-earned savings.
Some of us may think that a CI lump sum payout will be sufficient to cover our monthly bills and commitments. But the reality of it is that the average working adult owns only 20% of the recommended CI protection amount.
We cannot prevent ourselves from falling ill. But we can prepare ourselves for it.
The key question is, are you only minimally prepared, or are you well prepared.
Peace of mind has no price tag.
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