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Do You Need Critical Illness Insurance

Updated on November 13, 2013

Critical Illness Insurance

People who have critical illness insurance will be paid a sum of cash if they get diagnosed with any of the illnesses listed in the policy. These conditions include, but are not limited to, HIV, an organ transplant, and terminal illnesses. It is not, however, a cancer insurance. Since it covers a wider range of critical illnesses aside from cancer, critical illness insurance costs more.

There are some policy requirements that vary with each provider. Some, for instance, might require that a specialist give the diagnosis to the policyholder. There policy might also require the policyholder to survive for a number of days after being diagnosed. When all of the required conditions in the policy are met, you would be paid tax-free lump sum cash. A proper diagnosis is enough to make a claim - you do not have to be hospitalized. Some policies even pay you multiple times. When a claim is made, the plan is terminated. However, if you do not get diagnosed or if you died, your premiums will not be reimbursed.

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How different is it from a normal health insurance?

Like other types of insurance policies, the cost of critical illness insurance is assessed depending on different factors, such as gender, age, and family history. Unlike a health insurance, critical illness insurance is not renewed yearly, but rather at long durations, most often a period of 20 years. The aims of the two insurance policies are also very different. While a normal health insurance aims to help you pay your medical expenses, the other's aim is to give you financial support while you are recovering from a critical illness.

Because of different technological advances in the medical world, you are very likely to survive major diseases if you had proper treatment. However, proper treatment is still expensive. Critical illness insurance was designed to cover expenses that a health insurance cannot, and these expenses are not limited to your medical fees.

Who needs Critical Illness Insurance?

While it is ideal for people on who are around thirty who with a mortgage or a family or other dependents, those in the same criteria and have a history of critical illnesses in their family need it most. If the breadwinner of a family suddenly gets sick and need a bypass surgery, for example, the expenses involved are not limited to the surgery but also the lost wages. With critical illness insurance, the family would have money while the patient recovers.

Therefore, it offers peace of mind. When someone with many dependents gets a life-threatening disease, he does not have to worry about the financial aspects of his sickness, which could also lead to faster recovery.

What kind of cover should I get?

There are two types of premiums in this insurance plan: flexible premium and guaranteed premium. With a guaranteed premium, your monthly payment is fixed, while in a flexible premium, the monthly payment can be changed after every five years. At the start of the policy, the flexible premium is generally cheaper at the start, but in the long run, it might be more expensive since the company can change how much you have to pay.

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Guestbook Comments

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    • XODM profile imageAUTHOR


      6 years ago

      @LynetteBell: Thanks for the comment

    • LynetteBell profile image


      6 years ago from Christchurch, New Zealand

      I hope you don't mind me commenting...your articles would be easier to read if there was a bit of 'white space'. For example a line gap between paragraphs.

      I think critical insurance is VERY important:)

    • Rural Farming profile image

      Rural Farming 

      6 years ago

      hey hadn't thought of that


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