Critical Illness Cover FAQ
How do I make a claim for critical illness?
Once you are diagnosed with a critical illness that you know is covered by your critical illness policy, you need to notify your insurance company about this. The insurance company may require further proof such as:
- Diagnosis from a doctor who specializes in the illness being diagnosed
- Tests that show support for the diagnosis. For instance, a biopsy may be required to confirm a cancer diagnosis.
Mind you, the specific definitions of the critical illness will be outlined in the policy.
Am I free to spend the proceeds of the critical illness cover the way I want to?
Yes, once the money is paid out to you, you can spend it however way you wish. The primary purpose is for you to spend it to receive treatment that will further prolong your life and improve the quality of life. However, you can also spend it to pay for your household’s needs (seeing that your illness may prevent you from continuing with employment), have your house equipped with medical facilities or even spend it on your dream trip.
How and when will my claim be paid?
The payout will be made as a lump sum based on the amount insured. The check for this payout is usually sent out to you within 30 days after your claim.
What’s the difference between critical illness insurance, terminal illness insurance and long term care insurance?
Critical illness insurance is similar to terminal illness insurance. However, the list of covered illnesses will be different. The illnesses for terminal illness insurance usually pertain to those where you are not reasonably expected to survive for more than a year after the date of diagnosis.
Long term care insurance is exactly that – it will pay for the expenses involved in your long term care should you need it. This includes payment for a health care provider or caregiver who will help you with daily living activities that you may not be able to do due to a disability or a medical condition.
Critical illness usually pays out a lump sum while long term care policies are paid computed on a monthly or daily basis.
What is the waiting period? How does it work?
Oftentimes, the diagnosis of a covered critical illness is precipitated by a circumstance where your life is in critical condition (i.e. you had a major stroke). The critical illness insurance requires that the Insured should survive or outlive the waiting period for the payout to be given.
Why have critical illness cover when you already have life insurance?
If you get critically ill, chances are, you can still survive and even recover. Today’s medical advances will help in that. However, you will need considerable funds for you to get the treatments you need. This is where critical illness insurance can come in. This will prevent your family’s finances from becoming depleted and the critical illness payout will help in providing for your family’s needs at this difficult time.
What can I do if my critical illness cover has already expired?
You can opt to renew the cover – if the critical illness insurance has an option for renewal. If you don’t have a renewal option, you will need to apply for a new coverage.
Do I need critical illness cover for my children?
It depends on your assessment. However, there are some critical illness policies that actually provide children’s cover for free. So when you are covered with this type of policy, you can actually also have coverage for your kids, subject to the terms and conditions of the policy.
Does Critical Illness cover also include all types of cancer?
No, some cancers are not covered by the policy, especially those cancers that usually fall at the early stages and are not considered “critical”. The early stages of breast cancer, ductal carcinoma in sit (DCIS) and non-malignant tumors are excluded from the cover.
Is it necessary to get critical illness insurance when I already have health insurance coverage?
Health insurance will be a big help to your recovery, but only up to a point. Your health insurance has maximum limits, that when reached, will mean that further expenses falling under a certain category will no longer be payable. There are also expenses that are not covered by health insurance – for instance, your incidental expenses, your loss of income during your hospitalization and so on. Also, critical illness cover will help pay for your household’s daily needs as well as pay off loans.
Will I be able to claim for more than one covered critical illness?
No, once the payout is made for one covered critical illness, the policy will be considered terminated and no other further payouts will be made.
I already have been diagnosed with heart disease. Can I still buy critical illness cover?
The chances of your getting cover are quite small. Many critical illnesses are linked to heart conditions. The same goes with other pre-existing conditions such as multiple sclerosis, gynecological conditions and other conditions that will likely result in more medical complications.
Does critical illness cover have any exclusions?
Yes. Critical illnesses that result from these are excluded:
- Illegal or criminal activities
- Abuse of illegal drugs, alcohol and other addictive substances
- Complications from AIDS or HIV
- Attempted suicide or self-inflicted injury
- War, riots and civil commotions
- Failure to follow reasonable medical advice
Can I buy Critical Illness cover for both me and my spouse?
Yes, you can get a joint critical illness cover so that if either of you get critically ill, you can have the funds you need.
Can I change the amount of coverage once the policy is issued?
Yes, you have the freedom to change the level of coverage for your critical illness policy, subject to the terms and conditions of the policy. However, it is definitely easier to decrease your coverage than to increase it. Adding to your coverage amount may mean additional underwriting.
To protect yourself and your family, save up to 35%, please fill the critical illness cover + life insurance form on the right now.
Recommended useful information to read:
- Dos and Don’ts when making critical illness insurance claims
- What you should know about your critical illness cover: the exclusions to your policy
- Things to consider before getting a critical illness insurance policy
- Are you at risk? Critical illnesses you may be susceptible to
- Save up on premiums: factors that affect your critical illness insurance premiums