Randy

Financial Analyst at

29 Dec 2020

∙

Hi Seedly Community, Does young working adult really need Critical Illness / Early Critical Illness insurance ?

I am 27 yo, Currently have private IP healthcare and term plan (10x my yearly income with additional CI rider). I am asking whether there is some redundancy with my term plan. Thank you.

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Jiayee

29 Dec 2020

Salaryman at some company

To my understanding, CI is "critical" so you may not be able to work. As such, you need something to replace your income if you have expenses and liabilities and/or dependents. I get CI coverage now because:

Expecting liabilities and/or dependents within the next 3 years
Total premiums are much cheaper while young
Get it over and be done with it... one policy is generally more affordable than two policies unless you really want that standalone CI policy (mine is CI rider)

Hospitalisation plan (cover bill) and CI coverage (income replacement) serve different purposes, so no overlap.

I didn't opt for ECI because it's too expensive for me.

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