Is Critical Illness Insurance Worth It? Real Stories That Make You Think

If you have a crystal ball that tells you you wont get any CI before 65 then by all means, do away with it." - AivernT

This quote from the r/singaporefi. subreddit resonated with me, and it aligns with the dilemmas many of my residents in the UAE, when considering critical illness (CI) insurance.

They assume that their employer-provided health insurance is sufficient, this is far from the truth. 

Because the medical Insurance aims to cover the cost of treatment and recovery, and the purpose of critical illness insurance is to mitigate loss of income by paying out a cash lump-sum. 

It helps you focus on healing without the added stress of money, enabling you and your family to maintain your lifestyle without dipping into savings or taking on debt.

A Heart Condition That Changed Everything

One Reddit user shared a deeply personal experience: they were diagnosed with a heart condition in 2022 and were able to claim a payout from their CI insurance.

This financial support allowed them to quit their job and focus entirely on their health. The relief of not having to worry about money while facing such a serious health issue underscored the true value of CI insurance for them.

Here is another example, the story of a man who suffered a heart attack in his 30s. He fortunately had critical illness insurance and it paid out, helping him recover and maintain his lifestyle. Now in his 50s, he and his family continue to benefit from that foresight.

Here is a person, who bought critical illness insurance because a couple of his friends had heart attacks and were able to claim on their critical illness insurance. 

Did you know? -Cancer and Heart Attack are the leading casues of Critical Illness Claims in the UAE!

Source: Zuirch - Benefits paid report 2024

Every year Zurich International Life published their benefits paid report and according to the 2024 report, the following is the snapshot of the ages of claims. 

A Friend’s Battle with Kidney Failure

Another participant in the discussion shared a story about a friend who was diagnosed with kidney failure, despite having no family history of the disease. Thankfully they had critical illness insurance and it the claim was paid. 

Without this coverage, the friend would have faced significant debt while unable to work, as their parents were also not in a position to help financially. This story highlights how CI insurance can provide critical support during life-altering health crises.

The Peace of Mind Factor

These real-life stories bring home a vital message: to consider Critical Illness Insurance at earliest. The peace of mind and financial security it offers in times of severe illness is invaluable. 

From my perspective, the real value of CI insurance lies in its ability to protect your financial well-being when life throws you a curveball. 

Remember, CI insurance isn’t just about covering hospital bills—it’s about ensuring that you and your loved ones can maintain your quality of life during a difficult time. If you’re considering whether CI insurance is worth it, think about these stories and how having that extra layer of protection could make all the difference.

As your financial advisor, I recommend discussing your options and determining the right coverage for your needs. It's not just about preparing for the worst; it's about protecting your future.

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