What is Critical Illness Insurance and Who Needs It

Maintaining an active lifestyle is the key to preserving your health as you age. A diet of unprocessed whole foods helps ensure your body gets the nutrition it needs while regular exercise improves your mood and physical mobility. These days it’s also important to get annual health check-ups so you can screen for critical illnesses like cancer and heart disease. You can also give yourself peace of mind by getting critical illness insurance. Learn about critical illness insurance and find out if you need it in this article.

What is critical illness insurance?

Critical illness insurance is a type of health insurance that provides coverage for specific life-threatening illnesses. The critical illness disease list typically includes cancer, heart attacks, strokes, and other severe conditions that require extensive and expensive treatment. The insurance offers a lump-sum payment to the policyholder upon diagnosis of a covered illness, which can be used to cover medical expenses.

Who needs critical illness insurance?

Read on to know who can benefit the most from a critical illness policy.

Primary breadwinners

Sole earners supporting their family should always be insured for peace of mind. If a critical illness results in loss of income, the right insurance policy can provide valuable financial support for both the policyholder and their family.

Self-employed individuals

Unlike salaried employees, self-employed individuals may not have access to employer-provided health benefits, making critical illness insurance crucial for their financial security.

Individuals with financial obligations

If you have significant financial commitments like a mortgage, a business loan, or any other outstanding payments/balances, a critical insurance policy may be beneficial. You can get coverage of up to ₱500,000 which can be used not only for medical expenses but other financial obligations too.

People without adequate savings

Insurance can be a lifeline for people when critical illnesses strike, especially when they don’t have a reliable emergency fund to fall back on. The best critical insurance policies can offer coverage worth ₱500,000 with annual premiums as low as ₱145.

People with limited health insurance

Health insurance is important but it’s not always all-inclusive. Not all policies cover expenses like tests and check-ups, alternative treatments, or therapies. However, critical illness insurance lets you pay for services that aren’t covered by your primary health insurance.

Critical insurance offers many benefits. It helps bridge any gaps in your primary health insurance policy, offers a financial safety net when you’re faced with major illnesses and offers a versatile payout that you can use for both medical and non-medical expenses such as rent, groceries, and more.

Contact Information:

Name: Sonakshi Murze
Job Title: Manager
Email: [email protected]