Critical Illness

With Over 1.4M confirmed cases of Coronavirus in the United States alone, a Critical Illness claim is something you cannot afford to neglect.

What is
critical illness
insurance?

Critical illness insurance is a type of insurance product that compensates the policyholder if he/she is diagnosed with a specific illness that is covered by the insurance policy. The payout is generally granted as a lump sum or structured as a regular income based on the ongoing medical condition and treatments of the policyholder. Critical illness insurance is also known as critical illness cover, catastrophic illness insurance, critical care insurance, or dread disease policy.

Why You Should Include Critical Illness Insurance In Your Financial Plans

Critical illness insurance is often an overlooked segment of the insurance market. However, it is one aspect of financial planning that must be examined carefully. In case of a serious health emergency or illness, the cost of treatment and care may cause a disruption in your work and lifestyle, not to mention your ability to care for yourself and your family. Although a standard health insurance policy should suffice for protection in case of health-related problems, most serious or life-threatening illnesses carry a high cost in terms of treatment – cost that a basic insurance policy cannot cover. A critical illness coverage is better equipped to provide financial protection in case of a serious health condition.

Critical Illness insurance, also referred to as Critical Care insurance or Critical Illness coverage, provides a lump-sum cash benefit to help cover expenses associated with a qualifying serious illness such as global pandemic like Covid-19 cases, or more serious terminal conditions like Cancer.

A critical illness can strike at any time, and it can ruin lives as well as bring a huge financial burden on families or loved ones. A primary health insurance plan may cover some costs for a critical illness, however often the patient will still face other challenges such as paying everyday living expenses while out of work. A critical illness claim is something that families cannot afford to neglect.

How Does Critical Illness Insurance Work?

Critical illness insurance offers the policyholder coverage throughout the term of the policy as long as the premiums are paid. The coverage ceases once the term of the policy ends. The coverage may be purchased as part of a life insurance policy or separately.

The purpose of critical illness insurance is to provide the policyholder supplemental protection to cover for medical emergencies and illnesses. In general, these types of illnesses and conditions come with higher medical costs than other types of medical issues and treatments. With critical illness coverage, the additional expense incurred after traditional health insurance is maximized will still be covered. The
payout benefit from the policy may be used to pay for:

  • The cost of medical treatment
  • The cost of recuperation care and therapies
  • The cost of transportation and other expenses related to the policyholder\'s mobility
  • Day-to-day expenses

Some policies may also provide protection for mortgage repayment in case the policyholder is diagnosed or passes away as a result of the illness. The insurance company may create a structured payment scheme that will pay back a percentage of the outstanding debt. Should the policyholder die, the outstanding mortgage debt will be repaid in full. Some insurance companies may instead pay the full sum once the illness is diagnosed but will cease payments upon the death of the policyholder.

Insurance companies that offer critical illness coverage typically provide a list of included diseases and conditions. Each of these illnesses come with certain criteria that define whether or not a policyholder is qualified for payout. If the policyholder\’s illness is deemed unacceptable based on the criteria, his/her claim may be denied by the insurance company.

What is Covered by
Critical Illness Insurance?

It is important for policyholders to know exactly what illnesses are covered by critical illness insurance since coverage varies from one insurance company to the next. This is a component of the insurance policy that must be examined thoroughly, especially when comparing different policies or insurance plans.
In general, the most common illnesses that qualify for coverage include:
  • Heart Attack
  • Cancer Stroke
  • Coronary bypass surgery
  • Organ transplants

Other conditions that the policy may cover include:

  • Aortic surgery
  • Benign brain tumor-Heart valve replacement
  • Alzheimer\'s disease
  • Paralysis-Motor neuron disease
  • Occupational HIV infection
  • Multiple sclerosis
  • Illness-relevant surgeries
  • Parkinson\'s disease
  • Loss of limbs
  • Kidney failure
  • Kidney failure
  • Blindness
  • Aplastic anaemia
  • Bacterial meningitis
  • Severe burns

Looking at the scope of this insurance, we would recommend
Critical Illness insurance to:

  • Families
  • The elderly

How to find the best critical illness insurance plan

There is no one-size-fits-all insurance plan because certain factors affect your decision making process. These include your age, number and age of dependents, predisposition to certain serious illnesses, lifestyle, and current finances. The rule of thumb, however, is that you purchase the best protection necessary that you can afford. This coverage should be enough to support your care and treatment and ensure that your finances do not suffer from overburden if you need to stop working. On the other hand, if you have a type of health insurance that could provide financial protection and/or enough savings set aside for such emergencies, it may be possible to purchase a smaller coverage.

There are also other factors that will ultimately determine the best plan for you, such as:

Covered critical illness

Consider this carefully if you are especially susceptible to certain diseases and conditions. Keep in mind that the more covered illnesses are included in the plan, the higher the critical illness insurance rates will be.

Current health condition

Your health is a good reference to use for choosing the best type of critical illness plan. Consider your level of fitness and medical history. Insurance companies typically assess their client\’s health condition. If you have pre-existing illnesses, these are likely to be either excluded from the coverage or come with a higher premium. Your current state of health will also determine your level of coverage and the cost of the premiums you will be required to pay.

FamilyYoung and single individuals or those who are retired without dependents and debts do best with critical illness plans. Married individuals with dependents, however, will do better with a life insurance policy that carries a critical illness cover.

Traditional vs. severity-based protection

Traditional critical illness coverage comes at a higher premium than severity-based insurance. Severity-based cover is preferred by some individuals because it often covers more illnesses. However, the payments you receive will be computed based on the severity of the illness. The less severe it is, the lower your payouts.

Is Critical Illness Insurance Worth Getting?

Critical illness often comes with a significant financial cost. While a person may rely on medical insurance, even the best ones do not always cover the full cost of the treatment and the subsequent loss of income that may come thereafter. Critical illness is also unpredictable. It may vary in severity and could pose a heavy financial burden on the policyholder.

Having critical illness insurance is akin to having an extra barrier of protection against financial loss in case a serious illness occurs. It does not only provide you with protection for your health and well-being in that you can rely on a source of income at a time when working is not an option but it can also offer peace of mind in knowing that your expenses will be covered. You can also be assured that your finances will have a certain level of protection. That way, you can focus on your treatment and recovery.

Imagine one day:

Trouble strikes: You or a loved one is discovered to have contracted COVID-19, displaying symptoms of breathlessness and a high fever
You require immediate hospitalisation: You are taken by an ambulance right away to the nearest hospital where you are treated and quarantined.

This is where:

CleverPolicy steps in to help: Your 2-week hospital stay is completely under a Critical Illness claim, and reduced your out-of pocket costs, which drastically helped ease the financial stress of this event to you and your family.
You receive your money, fast and easy: Thanks to your claim you now have your money back.

Your Total Cost would be [Total Cost]
..Luckily, for you CleverPolicy has your back.
Saving you [Savings].
Cost less than a cup of coffee at Starbucks.
You deserve the peace of mind.

With Over 1.4M confirmed cases of Coronavirus in the United States alone, a Critical Illness claim is something you cannot afford to neglect.

What is Critical Illness Insurance?

Critical illness insurance is a type of insurance product that compensates the policyholder if he/she is diagnosed with a specific illness that is covered by the insurance policy. The payout is generally granted as a lump sum or structured as a regular income based on the ongoing medical condition and treatments of the policyholder. Critical illness insurance is also known as critical illness cover, catastrophic illness insurance, critical care insurance, or dread disease policy.

Why You Should Include Critical Illness Insurance In Your Financial Plans

Critical illness insurance is often an overlooked segment of the insurance market. However, it is one aspect of financial planning that must be examined carefully. In case of a serious health emergency or illness, the cost of treatment and care may cause a disruption in your work and lifestyle, not to mention your ability to care for yourself and your family. Although a standard health insurance policy should suffice for protection in case of health-related problems, most serious or life-threatening illnesses carry a high cost in terms of treatment – cost that a basic insurance policy cannot cover. A critical illness coverage is better equipped to provide financial protection in case of a serious health condition.

Critical Illness insurance, also referred to as Critical Care insurance or Critical Illness coverage, provides a lump-sum cash benefit to help cover expenses associated with a qualifying serious illness such as global pandemic like Covid-19 cases, or more serious terminal conditions like Cancer.

A critical illness can strike at any time, and it can ruin lives as well as bring a huge financial burden on families or loved ones. A primary health insurance plan may cover some costs for a critical illness, however often the patient will still face other challenges such as paying everyday living expenses while out of work. A critical illness claim is something that families cannot afford to neglect.

How Does Critical Illness Insurance Work?

Critical illness insurance offers the policyholder coverage throughout the term of the policy as long as the premiums are paid. The coverage ceases once the term of the policy ends. The coverage may be purchased as part of a life insurance policy or separately.

The purpose of critical illness insurance is to provide the policyholder supplemental protection to cover for medical emergencies and illnesses. In general, these types of illnesses and conditions come with higher medical costs than other types of medical issues and treatments. With critical illness coverage, the additional expense incurred after traditional health insurance is maximized will still be covered. The
payout benefit from the policy may be used to pay for:

  • The cost of medical treatment.
  • The cost of recuperation care and therapies.
  • The cost of transportation and other expenses related to the policyholder\'s mobility.
  • The cost of transportation and other expenses related to the policyholder\'s mobility.

Some policies may also provide protection for mortgage repayment in case the policyholder is diagnosed or passes away as a result of the illness. The insurance company may create a structured payment scheme that will pay back a percentage of the outstanding debt. Should the policyholder die, the outstanding mortgage debt will be repaid in full. Some insurance companies may instead pay the full sum once the illness is diagnosed but will cease payments upon the death of the policyholder.

 

Insurance companies that offer critical illness coverage typically provide a list of included diseases and conditions. Each of these illnesses come with certain criteria that define whether or not a policyholder is qualified for payout. If the policyholder\’s illness is deemed unacceptable based on the criteria, his/her claim may be denied by the insurance company.

 

Survival Period

All critical illness policies include a survival period. This refers to the period between the time the diagnosis of the critical illness is made and the payout of the benefit. In most policies, the survival period is set at 30 days but the length of time will depend largely on the insurance policy.

What is Covered by Critical Illness Insurance?

It is important for policyholders to know exactly what illnesses are covered by critical illness insurance since coverage varies from one insurance company to the next. This is a component of the insurance policy that must be examined thoroughly, especially when comparing different policies or insurance plans.

In general, the most common illnesses that qualify for coverage include:

  • Heart Attack
  • Cancer Stroke
  • Coronary bypass surgery
  • Organ transplants

Indemnity insurance comes with a wide variety of benefits, including closing gaps in coverage

  • Aortic surgery
  • Aplastic anaemia
  • Loss of limbs
  • Kidney failure
  • Deafness
  • Occupational HIV infection
  • Blindness
  • Benign brain tumor-Heart valve replacement
  • Multiple sclerosis
  • Severe burns
  • Parkinson\'s disease
  • Alzheimer\'s disease
  • Paralysis-Motor neuron disease
  • Paralysis-Motor neuron disease
  • Illness-relevant surgeries

Looking at the scope of this insurance, we would recommend
Critical Illness insurance to:

  • Families
  • The elderly

How to find the best critical illness insurance plan

There is no one-size-fits-all insurance plan because certain factors affect your decision making process. These include your age, number and age of dependents, predisposition to certain serious illnesses, lifestyle, and current finances. The rule of thumb, however, is that you purchase the best protection necessary that you can afford. This coverage should be enough to support your care and treatment and ensure that your finances do not suffer from overburden if you need to stop working. On the other hand, if you have a type of health insurance that could provide financial protection and/or enough savings set aside for such emergencies, it may be possible to purchase a smaller coverage.

There are also other factors that will ultimately determine the best plan for you, such as:

Covered critical illnesses

Consider this carefully if you are especially susceptible to certain diseases and conditions. Keep in mind that the more covered illnesses are included in the plan, the higher the critical illness insurance rates will be.

Current health condition

Your health is a good reference to use for choosing the best type of critical illness plan. Consider your level of fitness and medical history. Insurance companies typically assess their client\’s health condition. If you have pre-existing illnesses, these are likely to be either excluded from the coverage or come with a higher premium. Your current state of health will also determine your level of coverage and the cost of the premiums you will be required to pay.

FamilyYoung and single individuals or those who are retired without dependents and debts do best with critical illness plans. Married individuals with dependents, however, will do better with a life insurance policy that carries a critical illness cover.

Traditional vs. severity-based protection

Traditional critical illness coverage comes at a higher premium than severity-based insurance. Severity-based cover is preferred by some individuals because it often covers more illnesses. However, the payments you receive will be computed based on the severity of the illness. The less severe it is, the lower your payouts.

Is Critical Illness Insurance Worth Getting?

Critical illness often comes with a significant financial cost. While a person may rely on medical insurance, even the best ones do not always cover the full cost of the treatment and the subsequent loss of income that may come thereafter. Critical illness is also unpredictable. It may vary in severity and could pose a heavy financial burden on the policyholder.

Having critical illness insurance is akin to having an extra barrier of protection against financial loss in case a serious illness occurs. It does not only provide you with protection for your health and well-being in that you can rely on a source of income at a time when working is not an option but it can also offer peace of mind in knowing that your expenses will be covered. You can also be assured that your finances will have a certain level of protection. That way, you can focus on your treatment and recovery.

Imagine one day:

Trouble strikes: You or a loved one is discovered to have contracted COVID-19, displaying symptoms of breathlessness and a high fever
You require immediate hospitalisation: You are taken by an ambulance right away to the nearest hospital where you are treated and quarantined.

This is where:

CleverPolicy steps in to help: Your 2-week hospital stay is completely under a Critical Illness claim, and reduced your out-of pocket costs, which drastically helped ease the financial stress of this event to you and your family.
You receive your money, fast and easy: Thanks to your claim you now have your money back.

Your Total Cost would be [Total Cost]
..Luckily, for you CleverPolicy has your back.
Saving you [Savings].
Cost less than a cup of coffee at Starbucks.
You deserve the peace of mind.

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