critical illness insurnace
What is Critical Illness Insurance and why you need it?
Major Ailments like Cancer, Stroke or organ failure can keep a person away from work for months or...
Life Insurance, Critical Illness Insurance
Critical Illness Insurance is a living benefit that helps you protect against loss of income on the diagnosis of a major illness covered by the policy.
It pays a cash lump sum when claimed, enabling you to focus on your health and well-being instead of worrying about bills and payments.
It helps you maintain your financial self-dependence, even when you are unable to earn an income due to a major ailment or accident.
You can use the claim proceeds for the following and more...
- Living expenses until you fully recover and can return to work.
- To pay for expenses not covered by your medical insurance policy
- Children's school/college fees
- Children's Marriage
- Paying off a Mortgage/Buying a property
- Early Retirement for Self and or Spouse
- Immigrating to another/back to home country
Moreover, health insurance covers only until you are employed. In the event of a job loss, the visa, the medical card, and other benefits are canceled.
Four reasons why you must have critical illness insurance?
- Financial Protection and Income Replacement:
Critical illness insurance provides a financial safety net and helps you protect against loss of income when diagnosed with a major illness. It allows you to focus on recoupment from Illness instead of worrying about bills like rent, school fees, and other financial obligations. - Supplement to Health Insurance:
Critical illness insurance complements your health insurance coverage by providing additional financial support for expenses not covered by regular health insurance. It can help cover deductibles, co-payments, out-of-network /experimental treatments, alternative therapies, and other costs that may not be fully covered. - Protects your Financial Goals
Critical illness insurance helps you protect significant financial goals like Retirement and Children’s Education, Property investment, Business Startup, etc.,. People's careers are typically cut short, especially when diagnosed with a critical illness in the later stages of their career Eg: after age 50. Critical illness benefit can help you realign your finances in such unfortunate event. - It keeps you financially independent, even when struggling with a major illness.
How much cover must you have?
Having at least 3 to 5 years of annual income is recommended as critical illness coverage.
It will help you sustain yourself in the UAE or any other part of the world; without an income when struggling with a dreaded disease like cancer, heart attack, etc...
Limitations of Critical Illness Insurance in UAE
Generally, critical illness plans don’t provide insurance coverage for the following:
- Claims within the first 90 days of policy commencement
- Ailments or conditions caused by self-inflicted injury, active participation in war or warlike activities, or engagement in any criminal activities.
- It does not cover any pre-existing conditions.
Critical Illness Insurance in UAE
Leading insurance companies in UAE like Zurich Intentional Life, Friends Provident, Metlife, Salama, LIC International, and Arab Orient are providing a comprehensive critical illness benefit via two major plan types;
The Story of Have-nots
A recent survey by UAE’s leading insurance provider, Zurich International Life, reveals that 80% of UAE residents do not have critical illness coverage...
Are you one of them?
If yes!!!
What are you waiting for?
Do you know that you can buy a critical illness plan for as low as AED100 per month?
How I can help?
I can help you determine the ideal life cover and critical illness benefit required to address your protection needs. Explore various options and finalize the best critical illness insurance for you and your family.
