Getting sick is not just a huge hassle. It can be expensive. Even with a simple case of a common cold or flu, there are things you need to do or buy just for you to get better. There’s a feeling of regret because you think your time and your money could be better spent on other more important things.

It’s entirely a different story when you talk about more serious illnesses, such as heart attack, stroke, or cancer, among others. Just thinking about you or any member of your family being critically ill is worrisome because aside from its accompanying emotional burden, it can be financially devastating.

Let’s get real. Hospitalization and medical treatment are not cheap. If you are caught unprepared, all the bills and related expenses can wipe out your savings in an instant and may even leave you burdened with debt.

Preparing for the worst

There is no fast and easy way to deal with any critical illness. You need to use a combination of preventive and preparatory measures so that you won’t be caught off guard when the worst happens. Switching to a healthy lifestyle might help in reducing the chances of acquiring a critical illness. However, keep in mind that no matter how fit and healthy you feel, it is still important to prepare yourself financially in case critical illness strikes. That’s where critical illness insurance comes in.

Importance of Critical Illness (Trauma) Insurance

A critical illness plan is a policy that pays the insured a lump sum following the diagnosis of an illness covered under the plan. A lump sum payment from your Critical Illness (Trauma) insurance can provide a financial buffer to help:

  • cover medical expenses not necessarily covered by the government
  • replace your income while you are unable to work
  • allow your partner to stop work to care for you
  • provide period of recuperation before returning to work
  • pay down debts to reduce financial pressure
  • change your lifestyle such as changing jobs or reducing the number of hours worked

The range of conditions covered under living insurance include things like heart attack and other organ disorders, major head trauma, severe burns and permanent blindness, strokes and degenerative diseases like Multiple Sclerosis and Parkinson’s.

One insurer cites the following as the most common causes of Trauma claims.

  • Cancer 62%
  • Circulatory diseases (e.g., heart disease) 24%
  • Nervous system disease 5%
  • Others 5%
  • Accidents 4%

None of these common conditions is cheap to treat or recover from, which makes Trauma insurance all the more prudent a purchase.

We bet you didn’t know this yet

The chance of you needing to claim on a Critical Illness insurance is one in three.

The Bottom Line

They say an ounce of prevention is better than a pound of cure. The same may be true in terms of preparing for the cost of curing and managing any critical illness.

You hope never to get into this kind of medical situation, but in case you do, being prepared for any medical expenses may help ease your worries and allow you to focus on what matters most – your recovery.

So, whenever you feel the need of knowing more about critical illness insurance, help is at hand. TALK TO US NOW!