Monday, July 26, 2010

If I have comprehensive medical insurance cover, do I still need a insurance policy with major illness protection?

If I have comprehensive medical insurance cover, do I still need a insurance policy with major illness protection?


Some people think think that as long as they have medical insurance cover, they do not need to purchase any insurance plan with critical illness cover. You may want to revisit and reconsider if you have the same thinking. The purpose of the two is distinct.


A comprehensive Medical Insurance cover (such as a upgraded as-charged shield plan with rider to cover deductibles and co-insurance) is mainly for the purpose of paying for medical bills
Depending on companies and plans, there may be some form of daily hospital cash benefit if you select a lower ward or hospital that you are eligible for. 


A Major Illness (or Critical Illness) cover is mainly for the purpose of income replacement should a person not be able to work either temporarily or permanently due to the illness. It is also for paying any added expenses that may arise from the illness, this could be in the form of having to visit hospitals regularly for treatments and having to take a cab instead of the bus when making such trips.


Hence, even if you have a comprehensive medical insurance to take care of all medical expenses, you may still need a major illness cover if you want to ensure that you replace your income and is able to pay for any added expenses that may arise.


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1 comment:

  1. You can cover comprehensive medical insurance with the help of affluent training, but we still need a insurance policy. Mass affluent training must be required to fulfill the other planning requirement. Medical insurance to take care of all medical expenses.

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