With long-term care, is critical illness insurance still necessary?

Whether or not it is still necessary to take out critical illness insurance when you have long-term medical care is a question that many people struggle with. After all, purchasing insurance not only involves a considerable amount of money, but also needs to consider factors such as the coverage of the protection and the payment cycle of the premium. When purchasing insurance, we need to weigh various factors and make decisions based on our actual situation.

First, the characteristics of medical insurance and critical illness insurance.

Medical insurance is a kind of insurance for accidents and illnesses, which is mainly used to pay for medical expenses.Cancer insurance It usually has a more flexible coverage, and different coverage amounts and additional services can be selected according to individual needs, including outpatient, hospitalization, surgery, emergency and so on. Premiums are usually calculated according to factors such as age and sum assured, and need to be paid annually, with coverage periods of up to several decades optional.

Critical illness insurance is a type of insurance for specific illnesses and is mainly used to provide a larger sum of money to help patients cope with the treatment of major illnesses and living expenses. It usually covers only some of the major diseases specifically listed, such as malignant tumors and heart diseases, etc. The scope of coverage is narrower, but the amount of benefit is higher. Premiums are usually higher, but the coverage period can be chosen to be as long as several decades.

Second, the insured advice

So, why should you consider buying critical illness insurance when you have medical insurance that covers you for 20 years? Here are some reasons:

1. From the perspective of protection, medical insurance and critical illness insurance have their own advantages.Term Life Insurance Medical insurance is mainly used to cover medical expenses and can help us cope with sudden accidents and illnesses. Critical illness insurance, on the other hand, provides a larger sum of money that can be used to cover treatment costs as well as living expenses. Purchasing critical illness insurance can provide more comprehensive financial protection, not only to help us pay for medical expenses, but also to help us cope with the reduction of income during the period of illness and the increase in household expenses.

2. From the perspective of coverage, medical insurance has a wider scope of coverage and can cover a wide range of medical expenses, including outpatient, hospitalization, surgery and emergency. However, it does not cover all diseases, especially some major diseases, such as malignant tumors and heart diseases. Purchasing critical illness insurance can make up for the shortcomings of medical insurance and provide specialized protection to ensure that we have greater financial support when facing major illnesses.

3. In terms of the level of protection, medical insurance is mainly used to pay for medical expenses, which is a kind of "compensation-type" insurance; while critical illness insurance provides a larger sum of money, which is a kind of "compensation-type" insurance. Purchasing critical illness insurance can supplement the medical insurance coverage and raise the level of insurance protection to a certain extent, ensuring that we have sufficient financial protection in the face of major illnesses. 4.

4. From the perspective of premiums, medical insurance premiums are usually relatively stable and need to be paid annually, and will gradually increase with age. Critical illness insurance, on the other hand, has higher premiums but the coverage period can be chosen for a longer period of time, thus providing relative stability. Purchasing critical illness insurance can spread the risk and avoid excessive financial pressure due to the risk of a single insurance product.

Of course, the decision to purchase critical illness insurance also depends on individual circumstances. For example, if you have already purchased a medical insurance policy with a higher sum insured and are already well covered, you may not need to purchase critical illness insurance. However, if your family's financial situation is relatively weak, or you are concerned about the high risk of major illnesses you may face in the future, then purchasing critical illness insurance may be a wise choice.

Thirdly, in conclusion

In conclusion, with long-term medical insurance, whether you still need to buy critical illness insurance depends on your personal financial situation, insurance needs and risk tolerance. When purchasing insurance, we should consider all factors thoroughly and make a wise decision based on our actual situation. Purchasing insurance is not only responsible for ourselves and our family, but also a kind of protection for the future.

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