A real life case :
“A recent catch up with a friend, age 39, a CPA formerly with KPMG, reminded me how vital it is to have a plan that pays you a monthly income.
JJ is suffering from Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). It is an acquired immune-mediated inflammatory disorder of the peripheral nervous system and it is a chronic disease (not a critical illness). CIDP is believed to be due to immune cells, cells which normally protect the body from foreign infection, but here they begin to incorrectly attack the nerves in the body instead. As a result, the affected nerves fail to respond, or respond only weakly, to stimuli causing numbing, tingling, pain, progressive muscle weakness, loss of deep tendon reflexes, fatigue, and abnormal sensations. The likelihood of progression of the disease is high. There is no known cure.
A guy known for his good physique is now a scrawny chap who is incapable of working a job. My heart goes out to him ... he is uninsurable (insurers rejected him totally). At 39, he has no livelihood, depending only on his wife's income. His AIA agent unfortunately didn’t know about disability income plans. His existing insurance coverage did not pay a single cent for CIDP. What's even worse was that when he was about to upgrade to an 'as charged' shield plan, the disease strike and AIA rejected it. He will be facing some huge hospital bills in the years to come."
If you've not engaged a certified financial planner representing an independent financial advisory platform to review your entire financial holdings in the past one year, this, perhaps, is the appropriate time to do so.
