A Critical Illness Insurance policy is designed to pay a lump-sum benefit to the policyholder in the event he or she is diagnosed with a critical illness that is listed in the policy.
The critical illness benefit is available for the policyholder to pay living and treatment expenses if they are diagnosed with a critical illness. Even when there is comprehensive health insurance in place, there are many expenses associated with a critical illness that are not covered by health insurance.
Who Would Benefit from Critical Illness Insurance?
Since the benefit for the critical illness cover is paid directly to the insured, virtually everyone would benefit from having this cover. Even individuals who have great health insurance plans will find there are gaps in coverage when you consider treatment for a critical illness. Some of those expenses not covered are as follows:
- The cost of travel to and from a treatment facility.
- The cost of childcare while in the hospital or treatment facility.
- Lost wages while away from your job.
- The cost of household support services while receiving treatment such as, laundry, pet care, and other household services.
- Holes in health insurance coverage created by deductibles and copays.
What Is Covered?
The critical illnesses covered under the policy will be listed in the policy terms and conditions and/or on the brochure. There are more than 50 critical illnesses covered in most Hong Kong Critical Illness polices, and it is important to note that they do not have to be terminal. Some of the most common illnesses covered are:
- Alzheimer’s disease diagnosed before age 65
- Bacterial meningitis
- Benign brain tumour
- Brain damage
- Cancer (excluding less advanced cases)
- Chronic liver failure
- Permanent deafness
- Heart attack
- Kidney failure
- Loss of independent existence
- And much, much, more
Any person whose family history includes chronic or critical illnesses should consider purchasing Critical Illness cover either as an additional option in a life insurance policy or as stand-alone cover. It is not uncommon to be feeling perfectly well one day and then wake up the next with symptoms of an illness such as Leukemia. Even if you have comprehensive health insurance, consider all of the family needs that will not be met and covered by the policy.
For more information and policy details, contact your Trusted Union insurance advisor to get the advice and information needed to make an informed decision.