Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied.
You are free to spend the money as you wish, such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
Why Would I Need Critical Illness Insurance?
Facing a critical illness can be one of the most difficult challenges in life. A critical illness can strike anyone at any time, and the odds of surviving are better than ever with today’s medical breakthroughs. Being diagnosed with a critical illness can be devastating for you and your family. Even though your world may seem to have come to a sudden halt – the reality is that life goes on. Your bills will still arrive and your mortgage will have to be paid.
- Cash to pay for medical treatments not covered by your health plan.
- Cash to pay your mortgage while you are recovering.
- Cash to pay bills – from car payments to insurance premiums.
- Cash so you can travel for treatments not available locally.
- Cash to pay for experimental treatments (not covered).
- Cash to replace a spouse’s income while caring for the insured.
Types of Critical Illness Insurance
There are two types of critical illness insurance policies offered by insurance companies, basic and comprehensive.
Basic critical illness insurance policy covers 5 most common conditions which make up 85% of all claims. It’s a Non- Medical Simplified Plan which only require 4 medical questions to be answer, Online option ‘quote and apply’ available for individuals up to age 65.
|Cancer||Coronary artery bypass surgery|
|Heart attack||Aortic surgery|
Comprehensive critical illness insurance policy covers up to 25 illnesses or conditions. Each insurance company has its own unique offering of covered illnesses or conditions. The most common insurable illnesses or conditions included in a comprehensive critical illness policy are as follows.
|Alzheimer’s Disease||Loss of Independent Existence|
|Aortic Surgery||Loss of Limbs (dismemberment)|
|Aplastic Anaemia||Loss of Speech (muteness)|
|Bacterial Meningitis||Major Organ Transplant on Waiting List|
|Benign Brain Tumour||Major Organ Transplant|
|Blindness||Motor Neuron Disease|
|Cancer (life-threatening)||Multiple Sclerosis|
|Coma||Occupational HIV Infection|
|Coronary Artery Bypass Surgery||Paralysis|
|Deafness||Parkinson’s Disease (primary idiopathic)|
|Heart Attack||Severe Burns|
|Heart Valve Replacement||Stroke (CVA)|
Your Premium and Plan Options
With the Critical Illness Plan, your premium will depend on your age, gender, health and options that you choose, including the lump-sum benefit amount, term, optional coverages, and more. Comprehensive critical illness insurance plan allow you to choose several options from term and permanent plans and add riders as per chosen plan:
Insurance companies allow you to customize your critical illness insurance policy to suit your individual needs with our optional benefit riders.
Return of Premium Riders (ROP)
Offer you a choice of return of premium riders designed to return some or all of the eligible premium paid if you don’t suffer a critical illness.
Return of premium at withdrawal or expiry: Full and partial withdrawals are available on each of the option dates and a policy expiry benefit is built-in to each of these riders.
Return of premium at expiry: Eligible premium is returned on the policy expiry date if the policy is maintained.
Return of premium at death: Eligible premium is returned if you die from any cause.
Loss of Independent Existence Rider
A lump sum benefit is payable to you if this optional rider is included in the policy. If you elect this rider, the Loss of Independent Existence is included as an insured condition under the policy, increasing the number of critical illness insured conditions from 24 to 25.
Disability Waiver of Premium Rider
If you’ve been totally disabled for 90 days, insurance companies will waive the premium while your total disability continues.
The insured person must survive for 30 days following the date of diagnosis.