As a periodic reminder, I see lots of threads from people who are evidently panicked about cancer (as a notable example) who think it's a good idea to buy insurance that might pay (for example) $100K if you get mid or late stage cancer. And/or they're even considering Early Critical Illness (ECI) insurance.
But those same people seem oblivious to the utterly catastrophic risk of becoming disabled, unable to work, and losing (as an example) $2 million or more of lifetime employment income.(*) While living in Singapore, a high cost country which is, shall we say, not known for its generous social benefits.
I don't get it! Priorities, people!
Maybe Critical Illness (CI) insurance is something you might still buy (I don't think so, but
maybe), but
surely CI must be a lower insurance priority than
Disability Income Insurance, right? Why is this not blindingly obvious to more people?
(*) How do you get to $2 million? It's equivalent to an average of about $5,555/month of income, inclusive of employer and employee contributions to CPF, for 30 years. Or $3,500/month of take home pay, before income tax, if you prefer to think of it that way.