Showing posts with label A Guide to Critical Illness Insurance. Show all posts
Showing posts with label A Guide to Critical Illness Insurance. Show all posts

Thursday, February 7, 2019

A Guide to Critical Illness Insurance

We always think that serious illness only happens to other people, but unfortunately it is not so, and sometimes the diagnosis can be serious - for example, cancer, kidney failure or weak immune disease. Just to make you more happy ... Treatment for such situations is often long and costly, affects the quality of life and prevents us from continuing for a while.

Whether it is a work breadwinner or a family in the house, it can be a financially financial, as well as an emotional toll on the family. All the costs included in all health insurance are not included, especially if you have family history of these situations, or there is unpaid medical leave, but there is a special insurance to help you cope. The Expat Insurance team lowers us.
What is Critical Illness Insurance?

This is an add-on or "rider" which can be taken on the existing life insurance policy. If you come with an illness, you will receive a payment to cover your medical bills and to keep you safe.
Why is it so important?

Treatment for severe diseases is expensive! Although the management of illness is usually done under health insurance policies in Singapore, but when you go through treatment and recovery, there is no loss of income from it. Management and recovery from cancer is a long process. First of all, in addition to surgery, there are sometimes treatments to consider. Until then, the cost of clinical trials, rehabilitation, surveillance and ongoing follow-up of the doctor happens until you return to the clear and healthy self. These costs can be added very quickly and can be an important financial burden if no plan has been made to accommodate them.

Apart from this, if you live abroad, you do not have the only opportunity to help friends and family. The lack of these support networks is an often overlooked factor. If you had returned home, you might need to spend more money to help.
Expat Insurance Critical Illness Insurance Patient and Family
Get help with your medical bills
What are the different types of covers?

There are basically two types of cover - serious illness (which only stops one-time payments) and multi-pay coverage (which will make a one-time payment but also make additional payments). Which is best for your family, it will depend on your family history, medical coverage and financial recovery and the cost of treatment. For serious illness cover, as the name suggests, a one-time payment will be made when you are diagnosed with advanced stage disease (for example, in case of cancer, after phase 3).

Those with a history of serious illnesses or who lack adequate emergency savings should consider multi-stage / multi-pay coverage. There are many types of multi-payment options, but they often pay for example many times, if cancer is treated and reappears. Depending on the policy, you can usually use your cover before reaching important steps.
Who needs it?

Everyone! Whether you are young or old, single or dependent A good rule of thumb is that if you have a person who is financially or dependent on you, then critical illness cover is a must. If you were admitted to the hospital yesterday, how would your family cope? Making adequate plans is important, so if this happens, then there will be only one thing to worry about those for whom you are responsible and those you love most.