Insurance is
the mathematical value of your time if you
get it, and the measure of your loss, if you
lose it. - Benjamin David King
A person may look the very picture of health. Yet it is no longer common to hear that some debilitating disease has struck him. In every office, one hears some story like that. Lately, we are shocked by the stories of apparently healthy people keeling over after a morning run.
Health cannot be guaranteed. Even the most health-conscious of persons realises that every year, we deteriorate that little bit more. The irony of it is that people can die of diseases that they can't pronounce!
Insurance companies offer a comprehensive range of products that cater to different needs and budgets. Usually offered as additions to existing policies (i.e. called ''riders''), they alleviate the financial drain of an inevitable illness.
The Hospital And Surgical Benefit (popularly referred to as ''H&S'') provides the reinbursement of hospital expenses in accordance with the purchase schedule. In many cases, this may mean 100% of all expenses. If an insured chooses a higher class of treatment, then he would have to pay the difference of what was already provided in the policy and the actual costs. The obvious benefit is that the largest component is already borne under the Schedule.
The Hospital Benefit (''HB'') provides for an income for every day that the insured remains hospitalised. This is particularly attractive for the self-employed or those without Medisave or Medishield cover. The amount may range from $80 to as much as $200 a day.
Various companies also offer against listed Major Critical Illnesses. If an insured is unfortunate enough to contract one of the listed 30 or so illnesses, payment of the sum assured is immediately effected, on the presentation of proper documents. This benefit may be purchased as a ''rider'' or as a ''stand alone'' policy.
A popular joke today is that the biggest killer in hospitals is not a disease but the hospital bill!
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