6 Dec - 5 min read
In life, we face a number of unanticipated ups and downs. Positively, it could be winning a lucky draw or reconnecting with an old friend; on the other hand, it could be losing your phone or unfortunately being diagnosed with a serious medical condition.
Following a medical diagnosis, a few issues may arise, not to mention, an endless list of concerns, such as job loss, unemployment stress, household expenses, and high medical costs.
Due to these well-known and unnerving reasons, insurance is often advised to cushion these worries and act as a financial safety net, if ever an unfortunate event occurs.
Most of us are familiar with medical insurance coverage, which essentially covers the high costs of medical treatment and hospitalisation; critical illness coverage plans, on the other hand, offer policy owners a lump-sum payout in the event of a life-threatening critical illness diagnosis such as cancer, heart attack, and stroke.
While public hospitals do offer more affordable medical treatments, private hospitals tend to be more favourable as they provide higher quality treatment and care with significantly less waiting time, at a steep cost that will continue to rise.
The cost of treatment for most critical illnesses can vary from RM4,000 for one chemotherapy cycle to RM75,000 for stroke treatment. It is important to note that these costs are exclusive of medical post-treatment care, which is essential to a patient’s road to recovery.
When it comes to buying insurance, especially medical, life, and critical illness insurance, typically the younger you are, the better – as good health justifies lower insurance costs and lower premiums.
The older you are, the more expensive your premiums will be as it is assumed that you are more likely to develop health problems such as diabetes or heart diseases, especially since there have been reports that heart diseases are now occurring in younger individuals – thus reiterating the importance of acquiring insurance in case of an unprecedented medical emergency.
Taking these concerns into account, Allianz Prime Care+ is a unique critical illness plan that provides extensive coverage of more than 150 critical illnesses, such as heart attack, cancer, Parkinson’s Disease, and stroke.
For individuals below the age of 19, Juvenile Coverage will be included in their Prime Care+ plan, which consists of additional coverage for 7 critical illnesses, namely:
One of the key features of a Prime Care+ plan is the Early to Advanced stages wide critical illness coverage.
Upon diagnosis, you will be able to seek early treatment to improve the chances of recovery as well as support any lifestyle changes. This can include acquiring home medical equipment or paying for outpatient treatments.
If diagnosed with an early stage critical illness, 50% of the Prime Care+ Insured Amount (up to RM250,000) will be payable and can be claimed twice under a different Critical Illness category.
If diagnosed with either an intermediate or late-stage critical illness, a lump-sum payout of 100% of the Insured Amount will be payable.
Policyholders who are unfortunately inflicted with diabetes-related critical illnesses such as amputation, kidney failure, retinopathy, and diabetic coma will receive a lump-sum payout in addition to their respective Prime Care+ Insured Amount.
An additional cancer recovery benefit will also be payable to respective policyholders if diagnosed with early, intermediate or advanced-stage cancer to assist with recuperation and recovery after cancer treatment.
Lastly, a catastrophic critical illness benefit shall be payable to help policyholders and their loved ones alleviate their financial struggles if the policyholder is unfortunately diagnosed with either of the following 6 catastrophic illnesses:
While no one wishes to be struck with a serious medical crisis, it’s better to be prepared for the unpredictable, now than later.
The entry age for Allianz Prime Care+ plan is from 16 years. If Allianz Prime Care+ is part of a Life Assured plan, then the minimum entry age would be 15 days old. Policyholders are covered till the age of 100 years and the respective Insured Amount is dependent on the amount discussed with the servicing agent, as well as other factors such as age, sex, health status, smoker status, etc.
Check out Allianz Prime Care+ at their website or contact an Allianz servicing agent to learn more about Allianz’s most comprehensive Critical Illness plan.
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