Let me tell you, medical cards only cover you for hospital admission and some accidental outpatient. It doesn’t give you Income protection, no death benefits, no Indemnity benefit, and so many others. What if you fall sick and cannot work for 2-3 months?
Sure your medical card will cover the hospital bill... how about your other bills? Electric bill, water bill, car loan, house loan, your food? You will start to tap into your savings to sustain those Commitments. Another thing is that, when you passed away, your loans do not just GO AWAY!
Either you bought insurance like MRTA that covers your house loan in the event you pass away before finishing the loan payment, or the loan will just go to your next of kin. In most cases your spouse or children. This is why you need Life insurance or Hibah.
So when you pass away prematurely, and the loans go to your family, they will use the insurance payout to pay off the loan.
Now let’s talk about other insurance options other than medical or life insurance. You heard about the benefits of both enough.
Critical illness insurance and Personal accident insurance.
Critical illness insurance provides a payout in the event you are diagnosed with, of course, critical illness. For example, Cancer, stroke, heart attack, Organ failure, Blindness, Deafness, Paralysis of the Limbs, Brain tumor, AIDS, any terminal illness, and the list goes on.
As an example, I brought up earlier. What if you are diagnosed with Cancer? What usually happens is that you take unpaid leave for 2-3 months from your work.
To get the treatment. Okay, fine, the medical card will cover the expenses. Other bills? This is where Critical illness insurance will come in handy. The payout for this insurance will help you sustain your life even when you cannot work for 6 months and up to 2-3 years. Take the time to recover and get better from your illness.
Personal Accident is more niche insurance, as it will cover you only for accidental means. This includes Road accidents, domestic accidents, and burns.
It will also provide an Indemnity benefit. That means if you cannot work for a certain period due to an accident, like broken bones for example, the insurance will give a certain amount of money for you to use. This insurance will benefit Delivery Riders and heavy industry workers the most. As those occupations have a higher risk for accidents.