No one likes to think about it, I don’t either. But life has a way of surprising us when we least expect it. Imagine, for a moment, what would happen if tomorrow you were diagnosed with a critical illness. Would your savings be enough to cover the mounting medical bills? Could you maintain your lifestyle if you were unable to work for an extended period? These are the tough, uncomfortable questions we often shy away from asking, but they are also the most important ones.
Let’s start with the basics.
Critical illness insurance is not just another policy; it’s a safety net. While health insurance may cover a portion of your medical expenses, it doesn’t always cover everything —especially with sublimits, And then there’s the loss of income. What happens when you can no longer bring home a paycheck due to illness?
Critical illness insurance is designed to fill those gaps. It provides a lump-sum payment upon diagnosis of a covered condition. This money can be used however you see fit—whether that’s paying for treatments, or simply keeping your family financially afloat while you focus on recovery.
Strive to Protect Your Wealth: It’s Not Just About Accumulation
When we talk about wealth creation, most of us think about accumulating assets—saving, investing, and growing our portfolios. But there’s another equally important aspect of wealth creation that often gets overlooked: protection. What good is all the wealth you’ve worked so hard to build if it’s wiped out by unexpected medical bills or the loss of your income? Protecting your wealth is just as crucial as growing it.
Let’s do a small exercise, shall we?
Now, ask yourself some of these hard questions you tend to avoid:
- If you were diagnosed with a serious illness tomorrow, how long could you afford to be out of work?
- Would your family be financially secure if you were unable to contribute to household expenses?
- Do you have enough savings to cover the high costs of specialized treatments, or would you need to dip into your retirement fund, or worse, take on debt?
- Can your loved ones maintain their current lifestyle without your income?
These are difficult scenarios to consider, but they’re crucial. Critical illness insurance exists for moments like these—moments when life throws you a curveball, and you need all the support you can get.
I sat down with Mama Bima Kenya, a renowned Insurance Agent, and heard a deeper dive into the importance of critical illness insurance and how it fits into your broader financial plan. Have a listen to the episode here.
Critical illness insurance is about more than just money—it’s about peace of mind. It’s about knowing that if the worst happens, you’re covered. It’s about protecting your future and the future of those you love. So, ask yourself: Can you afford not to have critical illness insurance?