Question: For someone in their 60s and no more dependent, which other insurance is a must have and what are the nice to have?
Insurance for medical
For someone in the 60s with no dependent and assume no liabilities, the two important insurances that are a must have are
- Medical insurance similar to an integrated shield plans and
- Long term care similar to Careshield Life.
However, recently there was some changes to the integrated shield plans and Medishield Life itself in which it will no longer cover off-label cancer drugs.
So, as you know drugs on a whole has to be approved by MOH, by the government. So, a cancer drug is meant for a specific organ, for a specific purpose. However, if the cancer drug is used for another organ or another purpose, it’s called off label. In other words, a drug or treatment that is approved for one organ may not be approved for another organ or for another purpose. However, this does not mean it is not workable.
Many oncologists prescribe off label cancer drugs for certain very rare cancers. The issue is that off label cancer drugs prescription will no longer be covered by the integrated shield plan.
I read the newspaper, there’s one individual who forked out $20k a month for cancer treatment which will no longer be payable by the integrated shield plan next year.
Hence, I suggest getting a separate cancer plan.
What you can consider is perhaps enlarging your estate size in order to pass it on to the next generation.
I am not talking referring to just real estate. I am referring to the assets that you leave behind when you pass away.
Let’s say you have 2 million dollars worth of assets that you leave behind if you pass on. You can increase this amount to say 3 million. That is when insurance comes in, where you can set aside maybe a few hundred thousand dollars, into a life insurance plan, and when you pass on, instead of leaving behind 2 million, you can actually perhaps leave behind 3 million or even 4 million for the next generation, to give your family and children a head start in their life.
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