Any critical illness plans possible for elderly parents?

Hello! my parents are above 65 and are not covered for any critical illnesses :( am stressing out about it and looking around for any way to cover them even just abit. Am seriously considering the great eastern GREAT family care plan but I notice it doesn't cover stroke or heart attack. Any other plans out there that I can indirectly cover my parents under my plan w/o any medical assessment needed? So that I can add on more coverage on top of the GE plan or have them covered for more medical conditions.

Will also suuuuper appreciate any inputs on any other plans I may still be able to buy for them just to aid in their current retirement life (my siblings and I are paying for all their expenses as they have both retired) or to aid in possible other future medical expenses!

Thank you in advance!

4

Discussion (4)

What are your thoughts?

Learn how to style your text

Pang Zhe Liang

11 Sep 2023

Lead of Research & Solutions at Havend Pte Ltd

I understand your concern and I believe that it must be stressful to look at this situation and wanting the best outcome for your parents. Here is how I look at this matter.

Generally, there is a maximum entry age for most Critical Illness insurance policies. At your parents' age, even if there is a Critical Illness insurance policy that they can buy, the premium rates may not be at a very affordable level.

Next, I am of the view that the plan that you have mentioned is not designed to provide a comprehensive cover for your parents. Hence, it is not unusual on why it does not cover many of the common critical illness conditions.

Now, here is what I would suggest you to do for your parents: Firstly, ensure that they have a good healthcare insurance policy (e.g. integrated shield plan). To this end, a healthcare insurance policy will help to protect against bill shocks from large medical bill.

Secondly, conduct a cash flow analysis and asset management to determine what are the assets available to insure themselves. This is opposed to trasnferring the financial risk to the insurer.

Thirdly, check with your siblings and your HR on corporate insurance coverage to see if you can extend the coverage to your family members.

Summing up, you may speak to your Insurance Agent or get an independent assessment from another Advisor to help you to assess the situation. Thereafter, it becomes easier and clearer to plan for your parents' retirement while ensuring sufficiency in meeting their needs and goals.

Reply

Save