Hello, the time to renew my health insurance policy is near and I have been pondering adding on critical illness cover. However my hesitation lies in the fact that there’s a very good chance that I won’t need it.
So to combat this I am on the hunt for a good investment plan which also offers critical illness cover. Are there any such good investments? I have heard about term life plans which offer this benefit. The main goal for me is to make sure I get my money back if I don’t end up needing the cover.
Please share your recommendations and suggestions.
With my limited knowledge, I wish to let you know, not to mix investment with insurance. Do not treat Insurance as an unnecessary expense. Your quote “very good chance that I wont need It” God willing you will not need it, however, it is for this CHANCE that you take an Insurance.
All experts are of opinion that Insurance should be treated separately from Investments and you should not worry too much about the premium you pay.
One more thing, if you cancel your existing health insurance, you might lose out on the continuity benefit as well. In fact, experts advise users to take a separate health insurance policy irrespective of the fact that the individual is covered by the employer.
Disclaimer: Please do your own research and talk to professionals in this field before canceling the existing health policy you hold. Good Luck or should I say God Luck.
The only person who do not need Insurance is someone who has so much wealth that any amount of hospitalization or medical bill are peanuts for her/him. If you are one among them, then, I agree with you, the insurance cost is an absolute waste of money.
Hi @neha1101, thanks for your input. I am very aware of the fact that insurance shouldn’t be seen as an investment, and for the same reason I am not about to cancel my insurance policy. I am just looking to expand my coverage for critical illnesses like cancer which are not covered by my health insurance.
I could pay extra to add cover, but I was wondering if there was a better way to do the same.