As such, many are grossly under insured and with medical costs not spared from inflation; a $50,000 or $100,000 coverage in the 90's is really miniscule in today's context.That is why I took a painstaking 3 hours (with my minimal HTML knowledge), trying to create this simple calculator for you to see why it is important to update your dread disease or critical illness cover.
Some might argue that you already have a company insurance or a "shield plan" Well the latter is to cover the bills for a hospital stay and as for company's insurance, the chances of you staying with the company till you kick the bucket is rare these days as staff turnover is normally between 2-3 years with the Gen Y crowds and when you leave, you can't bring the firm's insurance with you. A critical illness insurance is often still needed as in most cases (eg. cancer), the staff will at most be kept with the company for 6 months or so and in the real world, will finally be asked to leave as paying for an employee who is often not in the office does not make economic sense.
So, if you were to use the dread disease adequacy calculator above, you will understand if after the money from your insurance has been exhausted (most of the time, when major illness strikes; one will attempt to find many alternative ways to recover; like going overseas or try alternative EXPENSIVE treatment), do you have a financial back up plan? Feel free to try on the calculator and give me a buzz if I made a point or if you are concerned. Just contact us here.
As at 08 January 2016, TMLS or Tokio Marine Life Insurance has launched a rider to take care of your recovery costs. Check out the details here!