Family insurance

I felt good after buying all the basic insurance as mentioned in my previous posts. The comfort was dangerously misplaced. I am not protected until all my loved ones are protected. Out of love and duty, it is expected of me to fork out cash to pay for unexpected medical bills faced by my family members.

It was too late to raise insurance cover for my parents and parents-in-law. At their age, the health problems which they are genetically predisposed have surfaced. Pre-existing conditions are either not insurable or insurable at prohibitive cost.

The lessons learnt is to buy medical insurance early when you have a clean bill of health. Hence, I bought the best health insurance plans that I can afford for my children while they still have a clean health record. Make sure the health insurance policies are guaranteed renewable. Otherwise, the insurer can cancel it when health problems surface later. It will be terrible to lose cover at a time when you most need it. Like bankers who take away the umbrella when it starts raining, insurers may do the same in the name of profit. Don't give them the chance to do it.

By the way, travel insurance saved my family's finances. My father had a heart attack during a vacation in US when I was still in university. The operation would have severely damaged my parents' retirement fund had it not been for the insurance. So, don't forget to buy travel insurance on family vacation trip.