I Recommend Getting ECI Coverage For Yourself Early, Here’s Why

By February 20, 2021 February 23rd, 2021 Articles

I Recommend Getting ECI Coverage For Yourself Early, Here’s Why

“You should be covered for critical illness!”, they all say, and there is good reason for that. What if you are one of the unfortunate ones who have to face the hardships of dealing with an unexpected illness? Statistically, 1 in 4 Singaporeans may develop cancer in their lifetime. Life comes at you unexpectedly and therefore, it is important to be covered for Early Critical Illness (ECI).

You should be covered for critical illness. Being covered ensures that you will not face any unforeseen risks or adverse financial situations. However, being covered for just “Critical Illness” is not sufficient especially in this new era that we are in. With advanced medical technology and a higher awareness for regular health screenings, it is now possible to detect critical illnesses at its early stages and in some cases, even before it even develops to a level where it is irreversible.

In a scenario where one is diagnosed with early stages of thyroid cancer, one would think that just being covered for critical illness is enough. However, the claim will not be able to go through because the critical stage of cancer is not reached. In this case, the current critical illness policy only covers major critical illness thus to receive a pay out, one would need to be diagnosed with a severe or terminal stage of critical illness.

Let’s look at how much a hospital bill costs. We have seen real claims reach amounts of $100,000 just for treatments. With the current compulsory co-insurance structure imbedded into most Integrated Shield Plans, that could be a $5,000 out of your pocket expenses already.

Would you be able to work while you are undergoing regular treatments in the hospital? Would you want to work? Would you want to worry about feeding your family, paying for your mortgage so that you and your family would still have a house to live in?

Or would you rather be fully focused on the road to recovery? Every person I know who is battling or has beaten ECI has never said that they didn’t need that extra pay out. Not one ever regretted getting covered for ECI when they were healthy.

To those who are reading this, know that this is coming from someone who experienced first-hand how critical illness can affect you and your loved ones. I would hate to have you experience what I have. Consult your financial advisor to work out a strategy to get yourself sufficiently covered. There are many options out there that would most definitely fit your needs and your budget.

Don’t wait till it’s too late, get yourself sufficiently covered for ECI today.

– Aisyah (@ai3yah), Financial Services Consultant