We never know when the worse can happen. One day we could be living normal loves when suddenly we’re told that we have a critical illness that can possibly take us away from the people we love.
Critical illness insurance is designed to protect you and your family from the impact of illnesses such as cancer, heart attack and stroke, and provide financial security in the face of a crisis. It gives you financial independence when you need it most. You need insurance not only because you are going to die but because you are going to live.
In the Middle East, the average age is 48 for critical illness claimants. One can even get a heart attack as early as 29.
These testimonial from Gary, an expat and insurance claimant is a story of strength and resilience we can all learn from:
PRIVATE MEDICAL INSURANCE VS. CRITICAL ILLNESS COVER
It is not unusual for people to be confused between critical illness cover and private medical insurance (PMI). While PMI might cover some or all of your medical bills, there tends to be an annual limit and you might also be required to co-pay a percentage of the bills. But it’s not just about the medical bills.
You may have to reduce your working hours, or stop working, which would result in a loss of income. In a report by Macmillian4 , almost one in three (30%) people living with critical illness experienced a loss of income as a result of their diagnosis. A third of critical illness survivors (33%) stopped working either permanently or temporarily, depending on recovery times.
Hidden healthcare costs
A significant proportion (41%) of people living with critical illness incur costs for other healthcare needs. These range from prescription medicines not included in personal medical insurance, clinical psychological services, physiotherapy, speech and language therapy, occupational therapy and dietetics.
Over a third (37%) of people incur costs for replacement clothing due to rapid weight loss or gain, specialised equipment, and home modifications, such as wheel chair access.
Some costs are difficult to quantify, such as regular trips to medical appointments, travel for specialised treatment, wigs or hairpieces due to hair loss, and increase in household bills such as utilities, groceries and telephone