In the UAE region, the most commonly diagnosed critical illnesses are cancer, heart attack and stroke with statistics showing a 50% chance likelihood of having one of these conditions before the age of 65. Are you prepared to handle any sort of critical illness that comes your way? Can you comfortably afford to survive a serious illness and its aftermath? Would your loved ones be able to cope financially if you were no longer able to work? These and many more are questions you ought to ask yourself to prevent unforeseen problems.
Nobody likes to consider the possibility of suffering from any kind of critical illness. Nonetheless, you need to think about the financial consequence of surviving a critical illness or accident.
Critical illness insurance UAE is usually overlooked as people assume it is unnecessary or too expensive. You may be surprised to know that it is relatively cheap, and you will receive an outsized payout during your recovery process, thus allowing you to take extra time off work and seek better treatment.
What is Critical Illness Insurance?
Critical Illness Insurance is an insurance policy where the insurer is contracted to simply make a relatively large single payment in cash if the policyholder is diagnosed with one of the precise illnesses stated on a predetermined list from an insurance company. Like other insurance policies, it offers a degree of financial security. Only this time it is focused on covering a policyholder if they become critically ill.
Knowing how much critical illness can cost a family, many people are signing up for critical illness insurance UAE. People need to be insured in case they are unable to work due to ill health. If you’ve got a family that solely relies on you for financial support, it is smart to get yourself insured so that your family is provided for if you become seriously ill.
The good news is that the insurance lasts a lifetime. Provided you keep paying your premiums, you would be covered throughout the policy term and your payout would be able to cover the extra cost while you are recuperating.
Benefits of critical illness insurance in the UAE
No doubt suffering from a critical illness is difficult, however the stress and financial burden of trying to keep up with bills and other expenses can make these unfortunate times even harder. Wouldn’t it be better to have a backup plan?
If you were to ever fall ill and become unable to work, there are some financial benefits you will enjoy from critical illness insurance. Let’s take a look at these benefits.
- The rate of payout is high and tax-free: Before making any decision to sign a critical illness insurance agreement, make sure you check their rate of payout.
- You enjoy the freedom to spend the payout as you like: Critical illness insurance gives a customer complete control over how he/she wishes to utilize it. Unlike life insurance, where income protection is due to the death of the policyholder, you can enjoy critical illness while you are still alive.
- You could generate more income with the funds: Hoping one would never need to make a claim is what we would wish for. Nevertheless, once you make a claim, investing some funds after settling all of your expenses may be a good idea. With this, you could generate future income for your children.
- You enjoy peace of mind: This policy allows you to enjoy peace of mind since you don’t have to source for funds for medical bills and household expenses. All you need to do is relax and focus on your medical treatment.
Critical Illness Insurance versus Health Insurance
More often than not, people tend to confuse health insurance for critical illness insurance, or use the terms interchangeably. A medical insurance policy protects you by covering your cost of treatment in case of medical emergencies. On the other hand, a critical illness insurance policy provides backing in the form of a large sum of money once you are diagnosed with a critical illness.
While the thought of getting just one health insurance policy that matches all medical requirements may not be a bad idea, ideally one should also have a health insurance plan that covers life-threatening illnesses since the typical health insurance policy doesn’t cover those major illnesses.
Let’s look at some other differences between these two policies.
- Health insurance policies are designed for individuals, as well as entire families. Meanwhile, critical illness insurance policies are planned for people based on the sum insured, not for just senior citizens.
- Critical insurance policies contain affordable premiums. On the other hand, health insurance policies are comparatively higher because they offer comprehensive coverage.
- A health insurance plan typically incorporates a waiting period of 30 to 90 days, and might not be applicable in the case of accidents. Nonetheless, in the case of critical illness insurance, a waiting period isn’t constant. It differs from one health insurer to another and the sum issued can be claimed only after diagnosis of the illness.
Although both insurance plans concern health, they both have unique features and provide different benefits and coverage.
What are the 30 critical illnesses?
As I stated earlier, critical illness insurance UAE is a benefit plan that pays you a large sum of money if you are diagnosed with any of the critical illnesses that are covered. Mentioned below is a list of illnesses covered by critical illness insurance policy:
2. Life-threatening cancer
3. Heart attack
4. Alzheimer’s disease
6. Parkinson’s disease
9. Loss of speech
10. Multiple sclerosis
11. Coronary artery-bypass surgery
12. Chronic lung disease
13. Kidney failure
15. Loss of limbs
16. Occupational HIV infection
17. Motor neuron disease
18. Benign brain tumor
19. Severe burns
20. Major organ failure on waiting list
21. Major organ transplant
22. Bacterial meningitis
23. Aplastic anemia
24. Loss of independent existence
26. Medullary cystic disease
27. Systematic lupus Eryth. w. Renal Involvement
28. Muscular Dystrophy
30. Major burns
As noted at the start of the article, the most commonly diagnosed critical illnesses are cancer, heart attack and stroke. If you feel vulnerable, it may be worth considering purchasing the best critical illness insurance plan and stay protected against various critical ailments.
Kindly contact Lifecare International to find out more about their Critical Illness Insurance UAE policies. Even if you don’t feel that critical illness insurance is for you, our trained advisers will be happy to assist you to find the most suitable insurance policy to cover you at the most affordable price.