How much coverage is enough?
Found a study done.
https://www.lia.org.sg/media/1332/protection-ga...
still reading through.
but it states, "CI recovery period is assumed to be 5 years"
Anyone has any idea how this figure of 5 years is obtained? Best if there is backed by a medical journal or a study.
probably many of us (including my old self) trusted whatever agents tells us at face value.
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Hariz Arthur Maloy
16 Feb 2020
Independent Financial Advisor at Promiseland Independent
It defers from CI to CI. You may recover from a Heart Attack in 2 years, but you may never fully recover from a stroke. Organ failures affect you for life and adds costs of chronic care every year till the day you die. A coma may only last 48 hours but alzheimer's is probably forever.
The rule of thumb of 5 years is not just about period of recovery but also balanced with premium costs.
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I think the 5 year recovery period you are looking for is a proxy for the 5 year survival rate, frequently used for cancer diagnosis, but seems it is also used when diagnosing other illnesses.. Based on US states, for stage 3 cancer, the 5 year survival rate is about 50%, ie 50% chance the patient will not live beyond the 5 years.
Just a guess though.