In real life, we must have seen many examples of people becoming poor due to illness. A well-off family had to borrow money from everywhere or even sell its property because someone in the family had a serious illness. However, the money raised was just a drop in the bucket. But it is different with critical illness insurance. With the insurance company to cover the cost, you don’t have to worry about the economic risks brought by the serious illness.
Although many people know the importance of critical illness insurance, they are not sure how old they should be covered. So, is it better to cover critical illness insurance up to 70 years old? Or is it better to cover it for life? Let’s take a look today.
1. Is it a good idea to choose a critical illness insurance coverage age of 70 ?
Is it a good idea to choose a critical illness insurance coverage age of 70 ?
There are pros and cons. Let’s first look at the benefits of choosing a critical illness insurance coverage age of 70 :
The biggest advantage of critical illness insurance that covers you up to age 70 is its low price. For the same coverage amount, the premium for coverage up to age 70 is much cheaper than for lifetime coverage. Therefore, critical illness insurance that covers you up to age 70 is more suitable for friends with limited budgets.
Let’s talk about the disadvantages of choosing a critical illness insurance coverage age of 70 :
The biggest disadvantage of choosing a critical illness insurance coverage age of 70 is that there is no coverage after the age of 70. After all, the incidence of critical illnesses increases with age, and the probability of critical illnesses after the age of 70 will become higher and higher. If you suffer from a critical illness at this time, it will cause a great financial burden on your family, especially your children, who will not only have to pay money, but also take care of you.
2. Is it a good idea to choose a lifelong coverage age for critical illness insurance?
Is it a good idea to choose a lifetime coverage age for critical illness insurance? Let’s first look at the advantages of choosing a lifetime coverage age for critical illness insurance :
The biggest advantage of choosing lifetime critical illness insurance is that you don’t have to worry about the financial losses caused by critical illness for the rest of your life. No matter when you get a critical illness, you can enjoy protection. Moreover, long-term insurance has cash value. The cash value of lifetime critical illness insurance is usually reset to zero at the age of 105. If no insurance occurs before the age of 105 , the cash value can be refunded.
Let’s take a look at the disadvantages of choosing a lifetime coverage age for critical illness insurance :
Lifelong coverage means a higher probability of claims, so the premium will be more expensive than coverage until age 70 .
Conclusion
So, is it better to choose critical illness insurance that covers you until you are 70 years old? Or is it better to choose lifelong insurance? In fact, it mainly depends on your budget! If your budget is sufficient, it is recommended that you choose lifelong insurance to give yourself more comprehensive protection.
If your budget is not enough, you can choose coverage until you are 70 years old, transfer the risks of the main stage of your life, and then when your budget is sufficient in the future, you can add a critical illness insurance that covers you for life.
