Do I need Critical Illness Insurance?
Dear Cheryl&Mack,
Lately, I've been thinking about whether to get critical illness insurance.
I’m struggling because I think critical illness is worth it, but I’m not sure.
I have the savings if I get sick, so I don’t know if spending the money on the policy is a good financial move.
What are your thoughts?
Signed,
Unpredictable
Dear Unpredictable,
Here’s the thing, I knew a girl, let's call her Emily.
Emily was always so full of life, dreaming big dreams. When she got that devastating cancer diagnosis, it was a huge shock.
The medical bills started piling up, and the stress was overwhelming. But thankfully, her parents had taken out a critical illness insurance policy for her when she was young.
It was like a financial guardian angel. It allowed her to focus on her health and her loved ones instead of worrying about money.
Emily’s critical illness insurance didn’t just cover medical expenses. She used it to explore alternative treatments and pay her mortgage, and her husband could take time off to be with her. It was more than just money—it was a safety net that let her concentrate on healing.
So, my answer to “But I have savings for emergencies. Wouldn’t that be enough?”
Having savings is fantastic, but think of critical illness insurance as an extra layer of protection.
Your savings might cover some costs, but what if the expenses exceed expected?
Or what if you need to take extended time off work? Insurance can help bridge that gap.
Plus, you wouldn’t have to dip into your savings, which you can keep intact for other essential things once you’re healthy.
Critical illness can be very inexpensive. It’s a fantastic financial move. You're preparing yourself for the worst-case scenario - and unfortunately, sometimes the worst case happens.
Reach out for a more accurate quote.
Good Luck!