Folks,

I believed this topic has been quite popular among those people who has ever experienced or have friends/relatives who had contracted major illness before. The most popular question that people asked would be whether can they claim from insurance?

Well the question is easy to answer by just asking two questions: Have you bought a major illness plan and what stage of the major illness is the person in now? Very often people would have thought that they have bought one or two illness plan because their agent told them their saving plan got inlcuded. So often than not, these are the people who will end up with very low coverge because the nature of saving plan is not meant for coverage and its not for whole life. So even if major illness rider was added, its also for short term (20 or 25yr) Agent simply just add the major illness to make the plan looks attractive. Personally an average person coverage for major illness can range between $150k to $400k and whether they will get more really dependable on their income and how importance is major illness coverage worth to them.

Of course all agent will tell you that fact finding is very important and you should follow as accordingly to what you need but however to be realistic, we all have unlimited wants and limited resources. Until we can find more resources to fill up our needs, all things have a limit. So to me although a fact find is important but it is not the most important thing. The important issue is whether client has a comprehensive coverage first. Then from there, bit by bit i will increase their coverage accordingly to their affordibility.

Back to the second question that i would ask: What stage of the critical illness are you in? This is very important because for anyone who last purchased an illness plan was 2 years ago, i can quite certain to inform them that they are not covered if they ever diagnosed with early stage critical illness. For all the old trad or ILP, all the critical illness coverage definition must be in critical stage which means its stage 3 or 4 of cancer for example.

There was one newspaper article few years back that featured a woman who was diagnosed with early stage major illness but wasnt able to claim because her plan was meant for critical major illness coverage. Because of such issue, all insurance companies have came up a plan that specially catered for early stage illness and i STRONGLY urged everyone to upgrade a little bit to enhance your overall coverage. Typically such a plan would paid out 50% upon early stage and the maximum coverage can range from $100k to $150k. Imagine with $50k or $75k to treat your illness, you can go through all the treatments without worrying about the cost.

Therefore after reading this article, i urged you to dig out your policies and check with your adviser to ask if you can upgrade your illness coverage. Dont let them lead you to buy anything else. If you are not sure, you can always email me: peterlim_agent@yahoo.com.sg to ask and i will be happy to assist.

Take care and God bless you! Cheers =)

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