Why do you need critical illness insurance in Singapore in your 20s?
At the age of 20, when an individual is at the peak of their health, there seems to be hardly any need for critical illness insurance . However, in reality, having a critical illness insurance plan is a smart choice that one can make. Critical illness can strike anyone at any age. At the age of 20 when life is filled with aspiration and dreams, stumbling upon a critical illness can throw your entire life off the track. Having a critical illness insurance plan provides a peace of mind knowing that financial burden can be minimized in times of medical emergencies. Therefore, it is never too early to get yourself covered.
Towards better financial planning
Reports have shown that an average Singaporean lives a longer life but the majority of the time is spent in ill health as compared with about 30 years ago. Another report from The Straits Times highlighted the increase in the number of cancer patients in Singapore every year. These reports not only highlighted the rising health concerns in Singapore but also emphasized the need to make better financial plans so that health-related challenges can be handled better. Getting a critical illness plan in your 20s is a step towards better financial planning ensuring optimum financial security.
Critical illness insurance plans in the 20s are cheaper
Premiums for critical illness plans are comparatively cheaper for a young person. An individual getting a critical illness insurance plan in their 20s can enjoy cheaper premiums because these premiums are covered under the low-risk insurance category. With growing age, chances of encountering a critical illness become higher, hence increasing the premium amount.
A proactive approach
Buying critical illness insurance in your 20s can be a proactive step toward financial security. Most critical illness insurance coverage can be up to 99 years of age. This indicates the fact that getting coverage at the age of 20 came to be beneficial in the long haul. In general, the chances of you having existing medical conditions at a young age is low hence getting a critical illness insurance plan when you are in pink of health provides a more comprehensive coverage.
Critical illness insurance and its coverage
Most of the critical insurance plan covers 37 critical illnesses as defined by the Life Insurance Association of Singapore. These 37 critical illnesses, including major cancers, heart attacks, kidney failure, stroke, terminal illnesses, and other life-threatening health issues, can create major challenges in the normal functioning of life. In most cases, it is the financial burden of treatment that adds up to the trauma. With a critical illness insurance plan, financial security can be obtained while an individual heads towards gradual recovery. It is important to understand that none of the critical illnesses being mentioned above is age-specific. So planning to get insurance early is always a wise decision.
Starting early with critical illness insurance can bring huge benefits. Critical illness treatment is expensive and may cause you to compromise on your other life plans. Having a critical illness plan early will get life going without worrying about the financial burdens in the event of an unfortunate diagnosis of critical illness.
