The Importance of having Critical Illness Cover

It is true that health declines with age. However, in today’s time where various stressors coupled with poor health habits and pollution is prevalent, we hear a lot of stories of people being diagnosed of critical illness like heart ailments, cancer, kidney failures, paralysis, etc. Gone are the days when only the old people get sick. A 35-year-old man who is on his prime years can have a heart attack. Statistics would show that heart attack patients could more often than not survive however it would take them a long time to recover physically. They will need long term recuperation & home services care or even therapy in case of paralysis. All these medical treatments would equate to serious amount of cash. With this, patients tend to lose all their savings, end in neck-deep debts and obviously would alter their family’s lifestyle for the worst, not to mention that this would cause more emotional pressures that further affects their health.

How do you avoid such scenario?

Most people think that a health insurance is already enough to protect them when they fall seriously ill. However, what people do not know is that a health insurance is designed only to cover for short term hospitalization expenses, and it has a coverage limit. When the limit is reached, patients pay from their own pockets. Further, a health insurance policy doesn’t support long term treatments and doesn’t shoulder the costs of travel if there’s a need to seek advanced medical treatments.

Financial experts would recommend getting a critical illness policy as an addition to the mandatory health insurance. Either to have it under a standalone policy or a rider to another health insurance, the most important thing is to have it to ensure the financial assistance during unforeseen medical emergencies. Unlike life insurance where you only get paid when you die, the critical illness policy is a living benefit. When the insured individual is diagnosed with a pre specified critical illness, the insurance provider pays out a lump sum that the patient can use whatever way he likes. The amount could be used not just on hospitalization but to cover ongoing expenses like mortgage or tuition fees and could make up for the overdue debts and lost income due to illness.

When is the right time to buy the policy?

In most cases, health insurance policies are now a mandatory benefit to the working class, being you as a principal member and your family as beneficiary. If your company doesn’t provide this benefit, it is best to buy this now to avoid the financial & emotional distress caused when you fall sick. As for the critical illness policy, it is highly recommended to apply as early as possible when you are young and healthy. The rule of thumb for every insurance policy is the younger you are, the lesser is the premium and higher the chances that you could rip the benefits of the policy. Applying for a critical illness policy is also suggested especially for people with a family history of critical illnesses. This is like buying for peace of mind, that if something very likely happens, at least you are ready & you can save your family from further devastations.

For further details on how you can get a free consultation on the best life insurance and critical illness for you, please contact Hiren Naker at +971 55 744 1088 or email [email protected] .

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