Singapore’s top causes of death are all health-related, with cancer topping the list.
So, it makes a lot of sense to protect yourself with critical illness insurance, which offers a payout if you are diagnosed with a serious illness covered by your policy.
But it can be difficult to decide when is the right time to start buying critical illness insurance. As a young working adult, you might feel healthy enough to not prioritise this type of insurance. On the other hand, waiting till you’re older means you run the risk of falling ill while you are still uninsured.
Figure out your insurance needs and priorities
Your insurance needs will vary based on your life situation, so it’s a good idea to sit down and think about the areas in which you are facing protection gaps.
Critical illness insurance is highly recommended for working adults whose households would suffer a fall in income if they were no longer able to work. The payout from your critical insurance policy can be used to supplement your household income, replace your lost income if you are not able to work and pay for medical expenses. Bear that in mind as you examine your insurance needs.
For young adults with limited finances, hospitalisation insurance is likely to be the highest priority. After purchasing hospitalisation insurance, you can then consider other types of insurance such as critical illness insurance.
If you are a young couple with kids, your top insurance priorities might include hospitalisation insurance, critical illness insurance and investment-linked life insurance in order to build your savings while protecting your family.
If you are the sole breadwinner of your family, you might be considering plans like critical illness insurance and term life insurance, both of which can safeguard your household’s income if you are no longer able to work.
Buy critical illness insurance as early as you can afford to
Critical illness insurance is best bought earlier than later, as you need to purchase it before you are diagnosed in order to benefit.
So when is the right time to buy? First, take a look at your finances and determine how much you can set aside for insurance.
Then, according to the priority list of insurance types you have drawn up earlier, you should be able to see which insurance policies you are already able to afford, and which will have to wait until you have greater financial means.
Protect yourself as early as possible with HL Assurance’s Early Protect360
HL Assurance’s Early Protect360 pays out for early and advanced stages of top critical illnesses including major cancers, heart attack and stroke. Purchase now and receive a free teleconsultation with a doctor from the comfort of home.
When is the best time to purchase Early Protect360? The answer is: as early as you can. The premiums are cheaper the younger you are, so it’s a good idea to buy it as early on in life as possible. By protecting yourself early, you are also removing the risk of falling sick before you have purchased critical illness insurance.
Click here to find out more about how HL Assurance’s Early Protect360 can offer you financial protection from serious illnesses.