Critical Illness Insurance
Your odds of surviving a critical illness is much higher than you think, consider:
75% of men and 77% of women who develop cancer survive
Over 80% of heart attack patients admitted to hospital survive
95% of hospitalized heart attack victims survive the first attack
75% of stroke victims survive the initial event
Consider the benefis:
A tax-free lump-sum benefit payment
You can use the tax-free lump-sum however you want.
Upto 33 illnesses or procedures
You get a set benefit amount following the diagnosis of a covered critical illness or operation (up to 33 illnesses or surgical procedures, depending on the policy)
Options that can be added
i. Premium refund when the policy matures, if no benefit was paid or if death is due to another cause
ii. Reimbursement of fees for some homecare services
Avoid placing financial strain on your loved ones
Avoid placing financial hardships associated with the diagnoses of a critical illness on your family and friends.
FAQ- Click to expand
1. What types of Illnesses are covered?
Illnesses covered differs depending on the provider, but the most commonly covered illnesses are: Cancer, Alzheimer's Disease, Heart Attack, Parkinson's Disease, Stroke, Coma, Coronary Artery Bypass Surgery (CABG), Loss of Speech, Paralysis, Severe burns, Multiple Sclerosis, Occupational HIV, Kidney Failure, Loss of Limbs, Blindness, Motor Neuron Disease, Deafness, Benign Brain Tumour, Major organ transplant and Angioplasty
2. How long am I likely to be covered for ?
This is agreed by you when you take out the policy and usually depends on a couple of factors. Those wishing to cover the cost of a mortgage for example may tie the term to the remaining years on a mortgage account, while others cover themselves until retirement.
3. What factors can affect my premium ?
Several factors are taken into account when deciding your insurance premium. These include your age, gender, weight, whether you are a smoker, as well as the medical history of your family and any existing illnesses or underlying conditions you may have, or have had in the past.
4. I’ve already been diagnosed with multiple sclerosis. Will that be covered if I apply ?
Not likely. Insurance companies could not possibly stay in business if people discovered they were ill and then attempted to obtain immediate insurance and payout. Subsequently, pre-existing conditions are usually excluded from coverage. The same applies for heart disease, gynaecological issues, and other types of conditions that could eventually lead to serious illness. In this instance, you may be eligible for a critical illness policy that would cover other types of illnesses, but MS would be excluded from your policy.
5. How much does the critical illness cover cost?
The cost of a Critical Illness policy depends on the amount of cover you need, your personal details (especially your health and age) and the optional extras you select.
6. Why do you need to consider a new Critical Illness policy if you already have one?
Because older policies were often limited in the illnesses they covered; your own circumstances may have changed; you may now need to increase the sum insured.
7. What if I never make a claim?
Most policies offer a "return of premium" feature whereby you will get most or all of your premiums refunded to you after a specified period of time, usually 10 to 15 years.
8. I have life insurance, why do I need this?
Life insurance pays a benefit when you die. Critical illness insurance is about you surviving a serious illness and recovering. It will provide you with money to use for treatment, recovery, debts, rehabilitation, or any way you see fit.
9. Does it matter how old I am when I apply?
Typically, coverage is available from ages 0 to 65. The younger you are, the lower the cost, and less medical evidence is needed.
10. Do I have to have medical tests done?
The amount of medical evidence you have to provide depends on your age and the how much coverage you want. Most plans require a paramedical, blood and urine test.
11. Do I have to spend the cash on my health care?
The critical illness benefit is tax free money that can be used for any purpose.
12. What if I want to go to a private clinic or to the United States for treatment?
Freedom of choice is one of the major benefits of this plan. Critical illness insurance provides you with the cash to make these options available to you. This gives you control over your treatment, recovery, and rehabilitation.
13. What if I need help finding the right treatment?
Most Critical Illness insurance plans offer a service called Best Doctors which will help you locate the top professionals and medical facilities relating to your particular illness or condition.
