I have blogged about the importance of having critical illness insurance before and because I get questions from readers now and then on whether early critical illness insurance is essential, I decided I should blog about it.

Please bear in mind that this is just my opinion and some might disagree.

Reader:
I’ve started my investing journey and I am quite amazed I’ve learnt quite a lot ever since I started reading your blog last year. I would like to seek your talking to yourself opinion. Is it essential to get an early critical illness term insurance? The premium is really high.

AK:
When we buy insurance to cover ourselves against critical illnesses, it is so that we get paid a lump sum of money if we should be diagnosed with one of the dread illnesses.

The difference between regular and early forms is that the latter will pay the insured once diagnosed …