You may survive, but can you thrive through a Life threatening Illness?

Published on November 18, 2020

You may survive, but can you thrive through a Life threatening Illness?

Nobody plans on getting sick, but it does happen. Just have a look around you now and see how 2020 has been ravaged by the Covid-19 pandemic. We are still in the middle of it, and don’t know the lasting after effects of the disease on the patients who recover yet. You may not be able to predict the future, but can be certainly prepared for it.

You can start by living a healthy lifestyle, eating a balanced diet and generally trying to manage stress. But these don’t guarantee anything. A Critical Illness insurance however guarantees a financial cushion in case of a diagnosis of an illness listed in the policy.

As per a Zurich Middle East report, the average age of a Critical Illness claimant is 48 years.

Below are some of the detailed stats as per Zurich Middle East report released in March 2020.

Most people I come across,  believe their employer provided Health Insurance is sufficient for treating any illnesses. However there are 2 main problems with this hypothesis. 

One, there is a limit on the amount of cover provided in your health insurance. Most of my clients are unaware of the coverage they enjoy as part of their benefits. I have seen enough instances where the initial costs of laboratory tests etc. pretty much exhausts the limits of their health insurance.

Secondly, most employers are reducing costs when it comes to the amount of premiums they pay for the Health insurance coverage for their employees. This is due to the challenging economic environment and is something that an individual employee cannot control. 

Let’s say your Health Insurance is enough to pay for your treatment. But does that mean you will be able to get back to work immediately after, or will you be able to work at your full capacity as before.

A good Critical Illness cover, takes care of these, by paying you a lump sum amount on diagnosis. This ensures that the family can continue their lifestyle. It might also be able to take care of other expenses that may arise due to your inability to go to work.

I had a client whose wife was diagnosed with a Critical Illness. While she was unwell, their 2 young kids needed to be taken care of. Hence the husband had to quit work and take care of them. The amount of money received from the insurance helped the family tide through this period.

There are innumerable examples where the money received from an insurance plan, helps manage the stress levels of families during difficult times.

If you are healthy today, then please reach out to a Financial Advisor and get yourself protected. Because to be able to get this cover, you need to be healthy today. Tomorrow if you develop High blood pressure or any other Lifestyle disease like Diabetes, you may not be able to get a Critical Insurance cover or it might be prohibitively expensive.

If you would like to know which illnesses can be covered under these policies, please reach out to me.

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