Nowadays, cancer, stroke and heart attack are very common and has a tendency of getting increasingly young.
When suffering from a critical illness, patients face not only physical and mental pain, but also heavy financial burden, lengthy treatment and the opportunity to lose income.
Critical illness insurance pays out a lump-sum upon confirmed medical diagnosis to help cover all or part of the costs associated with a specified critical illness.
The covered illnesses are:
- cancer
- kidney failure
- stroke
- heart attack
- multiple sclerosis
Thus, critical illness insurance not only allow patient relieve the financial burden but also focus on treatment.
Points to note
Pre-existing medical conditions will not be covered
May be refused cover if you consulted doctor about a health problem that later turns out to be critical, thus it is important to fully and accurately disclose the illness
Consider the survival period
Insurance companies have different defintions of the critical illness
