Not to be confused with terminal illness, critical illness is classified as a life-threatening condition, and the chances of being diagnosed with critical illness will only increase with age. Being diagnosed with one will cripple most of your everyday routine, given the fact that various types of cancers, heart attacks and strokes are all classified as critical illness. This means that your household will be short of one provider for the family, which is worse if you are the sole breadwinner of the family. This is more the reason why to consider getting critical illness protection, as it is better to be safe than sorry, especially in a country like Hong Kong where the working force are known to put in more than what’s required for their job.
Critical illness insurance is a type of insurance policy that compensates policyholders with a lump sum of money after getting diagnosed with a specific illness included in the policy.
The illnesses covered will vary between insurers, but most of them will provide financial support for various types of cancer, heart attacks and strokes, which aren’t at all uncommon. The purpose of this article is to help you understand the importance of critical illness protection.
To stay financially healthy
Most critical illnesses, upon diagnosis, will require an exorbitant amount of money to treat. In most cases, one will have to almost empty their savings in order to do so, which isn’t an ideal situation to be in given the amount of commitments most working adults have. Availing critical illness insurance plans will ensure that does not happen, as it compensates a lump sum of money upon diagnosis.
To be prepared for the worst
While most critical illnesses don’t start off as fatal, it might eventually become so. This usually happens due to the lack of money for proper treatment, especially for illnesses like cancer which is known to require chemotherapy. Tackling the illness before it worsens is key, and critical illness protection plans have got that part covered at all times.
To ensure your family won’t be affected
Everything changes when you have commitments beyond yourself. The money you can save is only so much. If you are unfortunate enough to be diagnosed with a critical illness, your children will be affected the most, as their education requires not only money, but your undivided attention as a parent. Being critically ill isn’t going to make any of that happen.
The list goes on, but all of it all boils down to one thing – getting the best critical illness protection you possibly can. In a modern day life where our monthly commitments take up most of our money, it’s better to be safe than sorry. If you are thinking of availing a critical illness insurance plan in Hong Kong, we recommend Cigna. They have critical illness insurance plans that cover 53 different illnesses, advance cash benefits, just to mention a few. Visit Cigna to find out more.