Insurance is important but should an unemployed person still take up insurance such as SAHMs? Insurance is supposed to help but at times like this wouldn't it be more of a financial burden?

From what you've shared in the question, it seems that you value insurance alot. The questions would then be how much of a priority is it for you? Is insurance a necessity for you (like paying for food & water to survive) or a "want" (like shopping for clothes that you don't necessarily need)?

It is great that you and your partner are planning ahead. If your concern is that you may have insufficient funds to sustain the CI policy, consider taking a limited pay option policy so that cashflow won't be a problem in the future.

I am sure your partner would be happy to pay for you if he understands the importance as well. Paying premiums may be burdensome, but going without coverage may potentially be even more burdensome. ​​​

Hi there,

There are stories where people stopped their insurance when they lost their jobs and was diagnosed with a CI after that. They lose their ability to work and they can't buy insurance after. They are more common than we think. The pressure will be on your partner if something happens. Thats why insurance is like an umbrella; we hope we wont need it but if we do, at least its there and the coverage is for our loved ones too. CI incidences are statistically more probable as people are living longer due to technological advances in medicine.

The most fundamental form of risk management for you is to get a form of coverage, especially if you're going to be a SAHM. There are a variety of CI options for you, whether its getting a multi-pay CI plan or getting a life plan. For your case, you can look at getting a life plan since there is a limited premium payment option. If not, a regular CI plan works fine.

Either ways, CI plans now come with waiver rides that waives off your premiums in the event you're diagnosed eg. AIA Power Critical Cover. I'll highly recommend that for a start since it offers comprehensiveness at a value. A good CI coverage will be 5x your annual salary and you can dial it up or down depending on your needs and Budget.

It'll be advisable to chat with a licensed financial advisor to explore your options. All the best.

Financial planning is an integral part of life. You can reach me here to find out more.​​​