facebookShould I get Critical Insurance for my mum? - Seedly

Gerry

24 Dec 2019

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Insurance

Should I get Critical Insurance for my mum?

I am thinking of getting CI insurance for my mum but she is currently 57 y/o, Non smoker, homemaker. She have DM type 2 but on nil meds/inj. what type of policies are suitable for her? I have tried searching for term but coz of her age, the premium is super ex.. She has a CI plan bought in 2009 under AIG. SA is 35k but it only covers major cancer, stroke or heart attack. It includes a mantainence sum of $3k (for 6 mths only) and it expires when she turns 70y/o. Is her current policy enough ?

Discussion (16)

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Is her DM officially recorded? If yes then you can possibly only consider those policies tailored to diabetes patients (if not it will normally excluded from the coverage).

You can consider saving and growing a cash pool instead of buying insurance.

Cedric Jamie Soh

24 Dec 2019

Director at Seniorcare.com.sg

I didn't get critical illness for my parents because the premiums are very high due to their age. (they are healthy)

They were 50s when I asked for a CI policies, and if I paid the CI for 10 years, the premium paid is more than the sum assured....

so... does not make sense to get critical illness insurance for them.

Loh Tat Tian

20 Dec 2019

Founder at PolicyWoke (We Buy Insurance Policies)

At her age, honestly speaking, the premiums will be sky high, and even up to 10% of sum assured will be paid yearly.

Which mean that once 10 years has passed, you effectively would have self-insured. Would only ask you to consider to buy a term to tie over.

I would believe CPF would be a better way to plan instead of getting CI plans and making sure income is stable for her instead.

Of course, these are based on the conditions listed. Any change or undeclared, unforeseen would not be considered. Hence these are just guidelines.

Hmmm, I do think CI is important. However due to her having DM type 2, insurers will be excluding her from several conditions due to pre-existing conditions; so it affects the payout if the one of the CI turns out to be related to DM Type 2

Elijah Lee

06 Dec 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi,

Her current policy does seem a little insufficient as you'd want at least 5 years of expenses a...

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