Barry Choi
Budget Travel and Personal Finance Expert at Money We Have
1.What type of Critical Illness insurance do you own?
I actually depend on my employer short and long term disability insurance plans. Both plans are quite generous and would cover me in the event I had a critical illness.
2.What factors did you consider when determining the coverage amount?
Since it’s my employer plan, I really have no say; I’m automatically enrolled as a full-time employee. That being said, I recognize that if I ever leave my current employer I would definitely need to reconsider my insurance options.
3. Do you think people underestimate the importance of Critical Illness insurance and if so why?
It’s very easy to underestimate our insurance needs. Cancer, heart attacks, and strokes aren’t exactly things we think about at a young age, but they can strike us at anytime. If they do and we’re unable to work, we need to figure out a way to generate an income and critical illness insurance can help us with that.
4. What are some limitations or exclusions should people watch out for?
With any insurance policy we always need to read the fine print. Pre-existing medical conditions is probably the biggest problem when trying to make a claim. Just remember only our physician or surgeon can give us a proper medical opinion.
5. If you had to choose between Critical Illness and Life Insurance which one would you choose and why?
This is a hard one since they both cover different things. I guess if I had to choose just one, I would go for life insurance simply because it would make me sleep better at night.
Barry Choi is a personal finance expert, media personality, and blogger at Moneywehave.com. A completely self-taught, do-it-yourself investor with no formal training, Barry has been featured in The Globe and Mail and The Financial Post. During the day, he’s a Director for CityNews, Toronto, where he specializes in personal finance, travel and news. You can follow Barry on Twitter @barrychoi.
