Is a whole life insurance needed? This must be a common question people ask when they are thinking about health insurance. Unlike critical illness insurance that limits the type of disease and the degree of illness, whole life and health insurance does not limit them. It does not matter what your illness are, as long as you are hospitalized in a hospital that is registered in the policy, you have the right to get reimbursement for medical expenses. Existing restrictions, such as those in critical illness, are only on the payment budget.
Therefore insurance for some critical illness in financial planning is optional or not mandatory. You don’t really need this kind of insurance. The reason is because the first protection from the risk of illness is in the form of health insurance. This insurance product covers all types of diseases and does not distinguish the degree of disease. So a whole life insurance will be the next protection, functioning to anticipate the risk of someone losing a job due to suffering from a critical illness or the illness makes you only have a life expectancy remaining one year by the doctor diagnose.
If you already have a health insurance facility from the company you are working for, and already feel sufficient with its coverage, then you do not need additional health insurance, like a whole life insurance. However, if you feel that insurance that is given by your company does not meet your expectations, then additional health insurance to cover these deficiencies may be purchased. Examine how urgent you will need insurance for whole life. If you don’t think you will need it, then one of the family members may need it. Consider many factors that may happen in the future, because nobody know what is going on in the next few years, or even in the next few hours.