Most people know the important of medical card but not many know it is equally important to have more critical illness.
What is critical illness?
Critical illness in general referring to 36 critical illnesses that commonly happen to Malaysian such as cancer, heart attack, stroke, etc
A very common question that always forwarded to me is
Why should I need more critical illness coverage as I already have a medical card with big coverage?
Do you have the same thinking as well?
If you do, continue reading this article as I will explain to you in a very simple way why you need to have more critical illness coverage.
Please read the following story
MR A is a manager working in a factory. He is 45 years. Once day, unexpectedly Mr A suffered stroke and was admitted to a private hospital. Mr A own a medical card from GE with a annual limit of 120k. He stayed about two weeks in the hospital and the bill came out to be 30k. So, Mr A bill was all paid by GE and Mr A family is very thankful about this.
Question now is how long can a stroke patient fully recover?
3 months, 6 months, 12 months, 24 months or more. No one knows.
Mr A is expected to be on medical leave for 2 years or more. This is where the problem start.
2 years of medical leave means Mr A has to be on leave without any income because labour law clearly stated that medical leave more than 6 months is considered unpaid leave. How is Mr A family going to survive without his income?
Mr A have 500k life policy with only 100k critical illness coverage.
Mr A family need rm10k a month, that simply means they need 120k a year, 240k for 2 years. 100k coverage is not even enough to cover one year expenses. Mr A family realise that the 500k life coverage only claimable in event of death or total disability.
From the above story, what have we learn:
1) Medical card only used to pay hospital bill and not living expenses in event of major critical illness.
Having medical card alone is not sufficient. It is like a human with hands but without legs.
2) Life policy cannot carry out the function similar to 36 critical illness policy. So, having high coverage of life policy is still not complete in this context.
By now, I hope everyone can understand why critical illness cover is equally important as medical card.
The next questions are:
1) How much 36 critical illness fund do you have and how long it can cover your family expenses if you are in a situation similar to Mr A?
2) Why still procrastinate?
What is critical illness?
Critical illness in general referring to 36 critical illnesses that commonly happen to Malaysian such as cancer, heart attack, stroke, etc
A very common question that always forwarded to me is
Why should I need more critical illness coverage as I already have a medical card with big coverage?
Do you have the same thinking as well?
If you do, continue reading this article as I will explain to you in a very simple way why you need to have more critical illness coverage.
Please read the following story
MR A is a manager working in a factory. He is 45 years. Once day, unexpectedly Mr A suffered stroke and was admitted to a private hospital. Mr A own a medical card from GE with a annual limit of 120k. He stayed about two weeks in the hospital and the bill came out to be 30k. So, Mr A bill was all paid by GE and Mr A family is very thankful about this.
Question now is how long can a stroke patient fully recover?
3 months, 6 months, 12 months, 24 months or more. No one knows.
Mr A is expected to be on medical leave for 2 years or more. This is where the problem start.
2 years of medical leave means Mr A has to be on leave without any income because labour law clearly stated that medical leave more than 6 months is considered unpaid leave. How is Mr A family going to survive without his income?
Mr A have 500k life policy with only 100k critical illness coverage.
Mr A family need rm10k a month, that simply means they need 120k a year, 240k for 2 years. 100k coverage is not even enough to cover one year expenses. Mr A family realise that the 500k life coverage only claimable in event of death or total disability.
From the above story, what have we learn:
1) Medical card only used to pay hospital bill and not living expenses in event of major critical illness.
Having medical card alone is not sufficient. It is like a human with hands but without legs.
2) Life policy cannot carry out the function similar to 36 critical illness policy. So, having high coverage of life policy is still not complete in this context.
By now, I hope everyone can understand why critical illness cover is equally important as medical card.
The next questions are:
1) How much 36 critical illness fund do you have and how long it can cover your family expenses if you are in a situation similar to Mr A?
2) Why still procrastinate?
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