What is Critical illness insurance?
Critical illness insurance is an insurance policy where the insurer is contracted to simply make a large sum single payment in cash if the insured person is diagnosed with one of the illnesses mentioned on a predetermined list. In UAE the most commonly diagnosed critical illnesses for people less than 65 years are cancer, heart attack and stroke. Critical illness insurance is often overlooked because people consider it to be unnecessary or too expensive. But in reality, this policy is relatively cheap and the policyholder will receive an outsized payout during the recovery process. This policy helps them in taking extra time off from work and also to seek a better treatment facility.