October is National Cholesterol Month in the UK. You might think that doesn’t have much to do with financial planning but anything that poses a risk to your health also poses a risk to your finances. That’s why medical insurance is so important!
Cholesterol: how to protect your body
Cholesterol is a fatty substance that our bodies need to function properly. It’s found in our blood and is essential for building cell membranes, producing hormones, and aiding in digestion. There are two types.
‘Good’ cholesterol (high-density lipoprotein or HDL) helps remove the excess cholesterol from the bloodstream, but ‘bad’ cholesterol (low-density lipoprotein or LDL) can be harmful when it builds up in arteries and can cause blockages.
You can protect your body by keeping bad cholesterol levels in check with regular exercise and a healthy diet. Bad cholesterol comes from foods that are high in saturated and trans fats. Cutting down on meat, dairy products, processed baked goods like cakes and pastries, fried foods, processed snacks, palm oil and coconut oil could help lower your levels. If you smoke, you can also do your body a big favour by giving up.
While we all know that we should eat healthily, exercise often and not smoke, often those things are easier said than done and we fall short. In addition, some individuals have a genetic predisposition that can cause them to have high cholesterol levels, regardless of their diet and lifestyle.
That’s why in addition to taking steps towards a healthier lifestyle, you should also protect your wallet from the risks posed by heart disease and stroke resulting from excess cholesterol.
Cholesterol: medical insurance to protect your health and your wallet
Heart disease and stroke are the top two causes of death globally, according to the WHO.
And, contrary to popular belief, youth is no guarantee of immunity. The incidence of both stroke and heart disease in young people has been rising in recent years.
The only good news when it comes to stats for these two diseases is that the likelihood of dying from them has reduced massively.
Of course, surviving a serious illness is better than the alternative but can still be devastating, and not only in terms of your physical wellbeing.
Stroke and heart attack survivors will often struggle financially as their ability to work and provide for a family is massively reduced, often at the same time as healthcare bills skyrocket.
Any illness that requires ongoing medical care, including a hospital stay, surgery, doctor visits, tests and medication, such as statins to manage cholesterol, gets expensive very quickly. You may think that you have a robust emergency fund, but it will deplete very fast if you are unlucky enough to suffer a stroke, heart attack or other serious health issue.
To mitigate these potential financial consequences, it’s crucial to have comprehensive medical insurance that covers all members of your family. With insurance, the risk is transferred to your insurer, and they will pick up the tab for all your healthcare costs, giving you peace of mind. You’ll be able to focus on getting well without the stress of wondering how the mortgage and bills will be paid.
Additional insurance cover for total peace of mind
And while we’re considering worst-case scenarios, if you want rock-solid protection for you and your family, you should also consider critical illness cover and income protection. If high cholesterol leads to temporary or permanent disability that affects your ability to work and earn a living, your financial stability will be hugely compromised.
Critical illness cover is an insurance policy which will pay out a tax-free lump sum if you are diagnosed with one of a list of specific medical conditions or injuries listed on the policy. Usually these would include cancer, stroke, heart attack and debilitating illnesses such as multiple sclerosis. Most policies will also pay out if you are permanently disabled as a result of either injury or illness.
Income protection replaces lost income in the event of a long-term illness or injury/accident. It differs from critical illness cover in that rather than receiving a lump sum the insured receives a percentage of their gross salary or take-home pay on a monthly basis. These benefits are received either until you have recovered and can work again or until retirement. Payments are usually tax-free.
Comprehensive insurance cover for expats in Asia
Infinity specialises in providing insurance solutions for expatriates in Asia. We can find the policies to meet your needs at the best possible prices as we work with all the major insurance providers but are tied to none.
A leading provider of expat financial services and wealth management services across Asia.
