How Late is Too Late to Plan for Your Future?
When you’re young and have so much life ahead of you, it’s often easy to convince yourself that you are invincible. And whether that looks like driving a little too fast or not worrying about your financial future, it can be very dangerous to live carelessly at any age.
Typically, younger individuals are a top target group for critical illness protection and benefits, especially in relation to their life stage’s responsibilities. After all, you haven’t had the time to save up a significant amount of money in case of a medical emergency but the chances of developing a critical illness is lower than older age groups. However, with the average lifespan of a Singaporean at 83 years old, individuals of all ages should consider investing in critical illness insurance right now as opposed to waiting.
Despite the risks, millennials have continued to be unconcerned about critical illness coverage, with an alarming amount of 20 – 34-year olds who are currently not covered. When surveyed, only 44% indicated they planned to purchase it later in life (Straits Times 20183). So, why are individuals opting to wait to get insured against critical care – and what are the dangers associated with putting it off?
Many Singaporeans note that both affordability and accessibility act as gate keepers to investing in critical illness coverage. Issues such as identifying the right plan to work within their budget or not understanding where to begin when researching critical illness plans prohibit many Singaporeans from protecting themselves and their families – and for some, that risk is too great (Straits Times 20183).
What’s at risk for individuals who opt not to invest in critical illness coverage at the right time? First – there’s the issue of not being able to cover related medical costs. Many health insurance plans do not provide the necessary financial coverage that may occur with a chronic illness over time.
It’s also important to understand that an individual experiencing a critical illness will need time to recuperate, leaving them with a loss of income, accrued personal expenses, and monthly bills to consider. Critical care insurance offers a lump sum payment that can be used as needed by the diagnosed individual (Smart Wealth 20204).
Another crucial factor to consider is that coverage costs will increase with age due to your increased risk of developing a critical illness – so the sooner (and younger) you are able to find a plan that fits your needs and budget, the more you may end up saving on plan costs in the end (Globe Life 20192).
Critical illness coverage is not just for those at later stages in life – it can affect all ages at any time. Rather than waiting until something happens later in life, it’s important to start researching and understanding your options so you can be ready if and when the time comes.
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