Being permanently disabled may mean a drain on your income or bank account. Beside the initial medical treatment cost, there may still be recurring expenses needed for medicine, physiotherapies etc. If you are the breadwinner of the family or contribute most financially to your family, it is important to ensure that you protect your family and yourself financially against permanent disability and pre-mature death.

You may have drawn up a Will and had decided on the distribution of your Estate but your Estate may be significantly depleted due to outstanding medical expenses incurred prior to death. As a result, little or no money left behind to take care of your loved ones or survivors. In a worse scenario, your survivors may have to look for money to pay for the medical expenses you left behind when you are gone.

So what are the types of Insurance you need to consider?

Life insurance – Payout upon pre-mature death or Permanent & Total Disability.

Hospital & Surgical – Reimburses expenses for inpatient and some outpatient medical treatments.

Critical illness – Pays a lump sum upon diagnosis of designated critical illness.

Disability Income – Pays a monthly sum if unable to work due to disability.

Mortgage & liability insurance – Loan redemption upon death of life insured.

Long-term care – Severe disability. Pays a monthly sum if unable to perform at least 3 out of 6 activities of daily living (feeding, washing, dressing, toileting, mobility and transfer from bed to chair or vice versa) e.g. Eldershield etc.

Proper structuring of your insurance plans can not only prevent leakages from your Estate, it can also help you to create an instant Estate in the event of pre-mature death happening to you. Protect your Assets today while you are still healthy and insurable. The longer you delay the chances of being uninsurable increases as you age.

To know how to incorporate insurance into your Estate Plan or to identify the shortfalls in your insurance coverage, you can contact us for a complimentary 1st consultation.