Critical illness insurance provides the policyholder with medical coverage for a long-term critical illness that requires specialised and expensive medical treatment. If the policyholder is diagnosed with a predetermined critical disease, they will receive a large lump sum payment following a standard multi-day grace period.
Insurance companies will offer two options to purchase critical illness insurance. The Standard Critical Illness Insurance is a popular option, standalone from any other health insurance. Alternatively, policyholders of standard health insurance can purchase the Rider Cover for Critical Illness as an add-on to their existing health insurance policy.
As of 2019, critical illnesses are among the top reasons for death in the UAE. Three of the top leading causes are; ischemic heart disease, stroke, and chronic kidney disease. This is why citizens of the UAE should consider signing up for critical illness insurance.
What Is Covered In Critical Illness Insurance In The UAE?
Critical illness insurance plans will provide the policyholder with coverage against 36 identified critical illnesses that are not covered with regular health insurance plans. The list is provided below.
- Alzheimer’s disease and severe dementia
- Angioplasty & other invasive treatment for coronary artery
- Aorta surgery
- Apallic syndrome
- Aplastic anemia
- Bacterial meningitis
- Benign brain tumor
- Coronary artery by-pass surgery
- Fulminant hepatitis
- Heart attack of a specific severity
- Heart valve surgery
- HIV caused by blood transfusion and occupationally acquired
- Kidney failure
- Liver failure-final stage
- Loss of independent existence
- Loss of speech
- Lung disease – the final stage
- Major burns
- Major cancers
- Major head trauma
- Major organ and bone marrow transplant
- Motor neuron disease
- Multiple sclerosis
- Muscular dystrophy
- Paralysis – the loss of limb use
- Parkinson’s disease
- Primary pulmonary hypertension
- Progressive scleroderma
- Systemic lupus erythematosus with lupus nephritis
- Terminal illness
- Viral encephalitis
How Much Does Critical Illness Insurance Coverage Cost In The UAE?
One of the main reasons UAE residents opt-out of critical illness life insurance is the assumed high cost. However, the more important factor that should not be ignored is the high cost associated with a critical illness. It can be significant enough to disrupt one’s life and will often add unnecessary stress to an already difficult situation. The cost may surprise many people due to how affordable it is.
The average cost of critical illness insurance in the UAE ranges from AED 200 to AED 2500. The cost you pay will depend on your insurance provider and the total sum insured, which ranges from AED 200,000 to AED 500,000.
With Lifecare International, you will work one-on-one with a member of our personal health insurance team to guide you through the process and determine the most suitable plan for you. You will then be partnered with a Relationship Manager who will walk you through the insurance procurement process. If you are unsure if critical illness insurance is for you, you can contact Lifecare International, and they will assist you with any questions you may have to settle your doubt.
Benefits of Getting Critical Illness Insurance
While everyone envisions a healthy future with minimal health concerns, life does not always work out that way. Living with a critical illness can be quite costly and can significantly impact your life.
The best way to prepare yourself is to plan for the future while you are healthy and have more options. When you become ill, your insurance options will become limited; therefore, finding adequate coverage will become challenging.
For example, suppose you are diagnosed with terminal heart disease, and your doctor has a treatment plan to manage the symptoms. Your primary insurance may cover some of the costs of standard medication and procedures. Still, since critical illnesses require specialised treatment, you will face hefty additional fees that are not covered. The best way to handle this difficult situation is to be prepared with critical illness insurance so you can have peace of mind, and you can spend your time with family and loved ones.
Below are a few benefits of signing up for critical health insurance.
Guaranteed Tax-Free Lump Sum Payout
Following a multi-day grace period from being diagnosed with a life-threatening critical illness, your insurance policy will pay you out a tax-free lump sum. The policyholder and their insurance provider will predetermine the total amount. The best part is that the policyholder has no restrictions on spending it. Since critical illness is undoubtedly challenging to live with, having access to a lump sum payout can reduce stress and add some excitement to a challenging time in your life.
Lower and Affordable Premiums
Since critical illness insurance is designed to cover specific illnesses and diseases, the premiums will be less than that of a standard health policy.
Covers Up To 36 Critical Illnesses
With critical illness insurance, you won’t have worries about whether your diagnosis will qualify. If the policyholder is diagnosed with any of the 36 most common critical illnesses in the UAE, the total assured will be paid out without further inquiries.
Simple Claim Process-No Proof of Medical Expenses
With critical illness insurance, the policyholder is not required to submit supporting documents such as medical receipts, doctor’s bills, hospital stay invoices, etc. The only supporting proof needed to process a claim is the original medical report proving the diagnosis. It’s that easy.
Most policies will include accidental death benefits as an inclusion to critical illness insurance plans. Please keep in mind clauses and coverage will vary for each insurance company, so inquire on this enhanced protection to get a breakdown of what it will look like.
Critical Illness Benefits Can Replace Lost Income
Often, when someone is diagnosed with a critical illness, they will need to take time away from work or they may be faced with having to quit. This can add a lot of unnecessary stress when not financially prepared. With critical illness insurance, the lump sum payment can replace lost income to cover household & medical expenses. Ensuring you and your family are adequately protected will alleviate the financial stress accompanying a life-threatening diagnosis.
Critical illnesses are classified as some of the deadliest diseases to infect humans and are almost always life-threatening. They are often inevitable, and while we do our best and plan to live a long and healthy life, this is not always the case. It’s best to be prepared for the worst-case scenario, even if it means enduring a relatively small cost.
As mentioned above, Lifecare International has live agents available to speak with you to answer any questions or concerns you may have. They can also provide you with a few free quotes so you can take the time to decide which policy works best for you. There is no better way to protect you and your family from the financial burden that accompanies critical ailments. At the end of the day, prevention is always better than reaction.