We all know that life is uncertain. And to prepare for the future and unforeseen events it may bring, we're told constantly that insurance is crucial.
One of the reasons for this is that if you are struck with a disease such as cancer, or suffer a stroke or heart attack, you will be considered a person with "impaired health". Insurance can help give financial security, while you focus on recovery.
My Paper spoke to Ms Willni Low, a senior financial-planning consultant at Tokio Marine Life Insurance Singapore (TMLS), on the topic.
What is considered "impaired health"?
While "impaired health" may not be a commonly-used insurance term, at TMLS, its meaning may span from injury from an accident requiring surgical procedures or hospitalisation, to early stages of critical illnesses, and even to total and permanent disability.
In this age of rising medical costs, it is prudent to secure some financial protection before any incident - illnesses, accidents or occurrences of physical impairment.
Not all risks are insurable, and it may be difficult for one already with impaired health to purchase insurance policies.
What are some considerations to keep in mind when selecting a policy to cover impaired health?
One may consider the following factors:
If you are outgoing and engage in a lot of outdoor activities, you may want to consider a personal accident policy.
Some medical conditions may be hereditary. One may want to consider getting some advice on critical-illness and medical-expense insurance.