As you progress further into adulthood, it’s easy to get overwhelmed and live a day at a time, not wanting to think about next year, or even the next week. That being said, it’s important to think of the future and plan ahead financially for life’s ups and downs. Life is getting more complex from day to day, which makes planning all the more necessary, especially if you have a family to take care of. Some people think this means they have to get medical insurance and make the mistake of thinking that this coverage is enough to face the uncertainties of life. While medical insurance is a necessity, you should also consider the advantages of getting critical illness (CI) insurance.
Why Choose Critical Illness Insurance?
Critical illness (such as cancer, heart attack, or stroke) often strikes when you least expect it. When thinking about this situation financially, the main thing that comes to mind is the treatment. Treating a critical illness is expensive. The cost of treatment for cancer varies from RM56,000 to RM395,000 depending on the type. A heart bypass surgery can cost you up to RM70,000 and treatment for stroke ranges between RM35,000-RM75,000.
In addition to medical costs for treatment, you would also have to prepare for other factors that add to your financial burden, including:
- Loss of income either temporarily or permanently, resulting in a strain on the finances of loved ones
- Having to keep up with payments of pre-existing living expenses on top of treatment costs
- Paying for lifestyle changes such as diet/mobility changes, nursing costs, therapy costs, or additional equipment costs to keep the patient comfortable
- Emotional trauma and stress for you and your family
Because of all these costs that need to be taken care of, you should protect yourself with CI insurance so that you do not find yourself in financial difficulties should a critical illness strike. Nevertheless, you may be wondering if you should still take on a CI insurance plan if you already have medical insurance.
The answer is yes, because a CI insurance plan complements your medical insurance. CI insurance plans provide a lump sum payout when you are diagnosed with a covered critical illness. You can use this lump sum payout for alternative treatment costs which medical insurance doesn’t cover. More importantly, you can use the payout to cover the unexpected financial issues as mentioned above, such as loss of income and the cost of lifestyle changes.
When Should You Get CI Insurance, And What Should You Look Out For?
So, maybe you’re still young and feel it’s not necessary to sign up for a CI plan till you’re older. Critical illness only happens to the elderly, right? Wrong! Cancer, heart attack, and stroke don’t wait till you’re old to strike, thanks to our hectic and indulgent lifestyles, together with genetic predispositions. Just this year, it was found that Malaysians as young as 37 are at risk of being diagnosed with heart attacks, making us the nation with the youngest age group of those at risk in Asia.
Therefore, sign up for a CI plan early in your life once you start earning income to ensure you always have your bases covered. An additional benefit to this is that the earlier you begin protecting yourself with a CI insurance plan, the more affordable your premiums will be, which is excellent for your bank account. Some of the things you should keep an eye out for when choosing a CI plan in terms of benefits include:
- Coverage for both early and late stages of critical illness, because you shouldn’t be denied claims for catching something early on
- Allowing multiple claims for different stages of a critical illness
- Coverage for re-diagnosis of prevalent critical illnesses such as cancer, heart attack and stroke (for example, if you have a second heart attack several years after the first one)
The last item on the above list is the tricky bit; most CI insurance plans do not cover for re-diagnosis, only providing a payout for the first occurrence. However, that doesn’t mean such a plan doesn’t exist: enter PRUMy Critical Care (PMCC) solution.
PRUMy Critical Care Solution: Keeping You Covered Through Good Times and Bad
The PMCC plan is offered by Prudential Malaysia, and has the following CARE features:
- Comprehensive critical illness coverage that allows multiple claims up to 400% of rider sum assured. Multiple claims are allowed for different stages of critical illnesses.
- Additional Special Benefit coverage on Diabetic-related conditions and Joint-related conditions
- Re-diagnosis of 3 major critical illness before the age of 85, with coverage for cancer, heart attack, and stroke
- Early to late stage critical illness coverage up to 160 conditions such as coronary heart disease, cancer, kidney failure, liver failure, lung disease, and so on.
PMCC consists of PRUWith You as its basic protection plan, bundled with Total Multi Crisis Care as the main critical illness rider. This means that besides the critical illness benefits, you also get the benefits of the PRUWith You plan as well, which guarantees a payout in the event of death and total permanent disability. Watch the video below to see an example of how PMCC can positively impact your life and those of your loved ones:
If you are ready to protect your loved ones and yourself from financial struggles brought on by critical illness, then consider signing up for PMCC now. For more information on PRUMy Critical Care, visit the PMCC website to find out more!