01/11/2025
When buying Critical Illness (CI) insurance, the terms and type of cover do matter. Sometimes older policies are broader in cover, sometimes narrower. Older policies also only cover major / advance CI and do not include early or intermediate stage CI.
To mitigate the above:
1. Do regular financial reviews and implementations over the years - every few years if there is no obvious change in your circumstances, or whenever your financial responsibilities or financial means change. Eg when you get married, when you have children, when your income increases, planning ahead / towards retirement, when you have sudden financial gain, etc.
2. Diversify your insurance and investment plans across different providers, as each may have different covers, terms, financial standing and strengths. Eg instead of getting all your insurance plans from Insurer X, you may also want to check and spread it out to Insurer Y and Z. For financial consultants like myself, it is possible to source and arrange it for my clients under one roof, as we work with more than 160 product providers across life and general insurers, investment firms, Trust companies and banks.
3. For CI cover specifically, include early and intermediate stage CI so that it does not have to be life-threatening before it is claimable.
"But no insurance agent, at point of sale, would sit down with you for one hour to read through the 70-over pages," he said.
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