Why CI Coverage Was The First Insurance I Bought For Myself
Having Critical Illness (CI) coverage is one of the most important coverages to me because of the huge financial risk that it poses if anything were to unexpectedly happen to me. This is also to prevent myself from being a financial burden towards my family.
Many believe that if anything unfortunate were to happen, they will have enough to sustain both themselves and their loved ones. However, why risk throwing your life savings into something that could have been prevented, simply by having an insurance coverage?
My mum was diagnosed with Stage 3 Colon Cancer when I was just 7 years old. I had just migrated to Singapore that year and being so young, I remember asking my dad everyday “Why isn’t mummy coming home again today?”
This incident affected my family’s income and my dad had to be the sole bread winner of the family. My dad had a heavy financial burden on his shoulder as he had to ensure that we always had food on the table, and a shelter over our heads.
My family was struggling financially during that period. My mum did get herself a small insurance coverage of $15,000 before the year she was diagnosed.
The reason why she decided on such a small coverage was because she felt that there wasn’t any need to get covered for CI and thus just having a basic coverage would suffice. Without a good amount of insurance pay out, my family had to bear the financial consequences.
We always tell ourselves that “We’re still young, we’re healthy, nothing will happen”. But accidents always happen when you least expect it. Hence, it is very important to ensure that you are sufficiently covered.
When I first joined the industry in 2018, I knew right away that CI coverage was the most important insurance that I needed. This is because I want to be sure that if anything were to happen in the future, I will be prepared for it and I can focus on the road to recovery instead of having to worry about the aftermath and the consequences that it might bring to the people around me.
-Sherill Gan (@sherillgan), Financial Services Consultant