Do I really need critical illness insurance?

Often, the notion is that since one already has health insurance, one does not need to get cover for critical illness. It seems redundant, doesn’t it? Also, there is free healthcare in public hospitals, so you can get the treatment you need.

Let’s start with defining what critical illness insurance is. This is a kind of insurance cover that will pay the equivalent of the face amount when you are diagnosed with a critical illness that is listed under the policy.

To make the case for getting cover for critical illness, let us look at these critical illness statistics:

Some 20% of men and 15% of women are diagnosed with a critical illness prior to retirement age.
Over 400 people are stricken by a stroke yearly. A quarter of the population who have hypertension and high blood pressure issues are actually in danger of getting a stroke – because the heart problem has not been identified and people are not getting the right medication.
Three-fourths of those who have a stroke may survive for more than a year.
Men (35%) and women (46%) can survive a cancer diagnosis for at least five years.

These are just some of the statistics that indicate the chances that we will be diagnosed with a critical illness. Other things to consider would be your lifestyle (do you eat right, do you exercise) and your family tree (what critical illnesses are prevalent in both your father’s and mother’s sides?).

We may argue that critical illness insurance is an unnecessary purchase. But we beg to disagree. Please take note of the following reasons:

Funds when you need it.
The one distinctive advantage of critical illness insurance is that you are the one who will receive the proceeds, not your beneficiaries. That means you get to use these funds on yourself.
Flexibility in spending.
When you are diagnosed with a critical illness, your expenses are not limited to doctor’s fees and medications. You may also need to spend for housekeeping or childcare services while you are recuperating or getting treatment. The proceeds from the critical illness insurance are at your disposal – you can spend it however way you like.
Improved quality of life.
Once you’re out of the hospital, you may need to hire a nurse to care for you at home. You may also need to install specialized equipment in your home. In addition, you can use your money to do something you’ve always dreamed of – like spend time travelling around the world.
Peace of mind.
This provides an additional cushion to prepare you for the unexpected events in your life – such as getting a critical illness.
Preservation of assets.
When you are diagnosed with a critical illness, you may have to look at your assets to help fund your treatment, rehabilitation and recovery. With funds from a critical illness cover, you don’t have to deplete your assets and you can still leave a heritage and inheritance to your loved ones.

Cover Details
Type of Insurance
Type of cover
Over what period?
Amount of cover
Type of premium
Personal Details
Title
First Name
Last Name
Date of birth
Do you smoke?	No Yes
Email address
Home phone
Work phone
Mobile Phone
Is this a joint application?	No Yes
App. 2: Title
App. 2: First Name
App. 2: Last Name
App. 2: Date of birth
App. 2: Do you smoke?	No Yes
House Number
House/Flat name
Street
Area
Town
County
Postcode