02 July 2011

Health Care Insurance & Term Insurance - Important to Your Family

I have a friend whose father is in hospital recently. His dad has been in the hospital for couple of weeks. Luckily his dad is recovering soon and he managed to pay the bill by using his medical card.

In Singapore, we do have the medishield which helps us to cover some of the medical expenses in hospital. We can enhance the insurance by upgrading it to medishield plus or other insurance plan.

As a breadwinner and with family burden that you need to commit, I would suggest that you can purchase at least the health-care insurance for yourself especially you are still young and your savings cannot support for the huge bills of the medical expenses if something happens to you.

A well risk-management can assist you to reduce the financial losses due to unforeseen circumstance. You should purchase a term insurance to protect yourself too. Term insurance here covers the critical illness, Total Permanent Disability and gives you no cash value at the end of the insurance plan. I still believe that having a term insurance + healthcare insurance should be able to support you from protection perspective, while you have another wealth accumulation portion that you can look into investing - such as doing your own business or invest in Shares/Stock, Unit Trusts and properties.

I do believe in risk management to a certain extend. However, to live comfortably, you will need to use the power of time & speed of money growing to achieve it.

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