3 reasons why young people shouldn’t skip critical illness coverage
My client was 21 when she first discovered cysts in her ovary. An athlete since young, she never imagined this to happen. Today, she worries about her condition worsening and how her lifestyle could change.
So, why exactly do you need critical illness insurance when you’re young, healthy, and with no family history? As a fellow young adult, here are 3 reasons why I believe you should not forgo your safety net against critical illnesses.
1. The odds are critically high
Studies show that 1 in 5 Singaporeans has a lifetime risk of cancer. Yet even with statistics, no one can predict when critical illnesses will strike. We are now more likely to survive them with better detection and treatments. The question is whether we are financially ready when they occur.
2. It pays to delay
Ever thought about what else is expensive? It is losing our income when we are unwell. Realistically, this is 3-5 years of sustaining our living expenses, family needs, and long-term rehabilitation costs. Without payouts from critical illness coverage, we would be draining not only our savings but those of our loved ones.
3. We buy coverage with our health
Granted, critical illnesses typically occur later in life so why buy insurance in our youth? That is because good health makes us insurable. It gets trickier when medical conditions pop up over the years so we should avoid that.
You might have just begun building your career and pursuing your life goals. The last thing that should happen is watching these derailed by an unexpected medical crisis. While health is on your side, I urge you to speak to a trusted consultant to plan for your critical illness coverage, because your life is worth it.
Financial Services Consultant