SMS reply on whether is Critical Illness plan a duplicate if already have a Hospitalization Plan
Started by TEA ENG PENG
0 points
TEA ENG PENG
Hi Xxx, thank you for asking.
Your Hospitalization Plan from me is to cover medical bills.
However the plan from NTUC is more to cover your living expenses in the event of losing your earning capacity due to critical illness.
The reason you find it useless is probably because you feel that $100k payout is insignificant or you belong to the prvillege group where you do not have to worry about living expenses.
Typically people buy such plans is for leverage regardless wealthy individual or not. Because you will realize that you pay less than $2k a year but you can create instant money of $100k when needed and you will always get more than your premium paid.
So even among my wealthy client who can self insured, they find it is a better use of their money than putting in the bank or any investment because no investment generate this amount of guaranteed return instantly when needed.
If you are not in sync with this idea, then the plan is of no use to you.
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0 points
TEA ENG PENG
Hi Xxx, thank you for asking.
Your Hospitalization Plan from me is to cover medical bills.
However the plan from NTUC is more to cover your living expenses in the event of losing your earning capacity due to critical illness.
The reason you find it useless is probably because you feel that $100k payout is insignificant or you belong to the prvillege group where you do not have to worry about living expenses.
Typically people buy such plans is for leverage regardless wealthy individual or not. Because you will realize that you pay less than $2k a year but you can create instant money of $100k when needed and you will always get more than your premium paid.
So even among my wealthy client who can self insured, they find it is a better use of their money than putting in the bank or any investment because no investment generate this amount of guaranteed return instantly when needed.
If you are not in sync with this idea, then the plan is of no use to you.