I already have insurance through my work, do I still need to get critical illness cover?

If your employer is offering you insurance coverage as part of your employee benefits, that’s good news!

It means that you will get coverage and since a portion of this is paid for by the employer and are bought as group policies, what you need to pay will be considerably less. This is when you compare it to what you will pay if you bought an insurance policy as an individual plan.

However, the insurance packages provided by the employer may vary from one employer to another. The usual insurance coverage you can expect would be some life insurance and health insurance. There will also be some cover for employee compensation. It may be quite uncommon for employers to offer critical illness cover as a standalone policy.

You should check with your Human Resource Department to see what kinds of insurance illness cover are provided. It may be that critical illness insurance is already included as a rider to your life insurance or health insurance policy.

Depending what your company is offering, the employer may pay part of the premiums, but may still offer other kinds of cover at the option of the employees and also at their own expense.

One thing to note is that an employee benefit insurance package may only offer low levels of coverage. You should study your financial and family situation to check what levels of life, health, disability and income protection insurance that you need. Then, you can compare what you actually need with what you actually have. After that, you can buy the additional insurance cover according to your budget.

Now, if you already have some level of coverage through your employment but don’t have critical illness cover, you can further strengthen your employee benefits insurance package by adding a critical illness insurance policy.

This will provide you with another level of protection when you are diagnosed with a critical illness and are forced to give up your job. Your employer’s health insurance will help to take care of hospital expenses, but only up to a certain point. After the employer’s health insurance coverage is no longer effective, you may have to shell out money for the cost of your treatment. The lump sum you can get from the critical illness policy will help when this time comes.

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