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A critical illness is a medical or natural condition that is life-threatening to an individual. The insurance industry typically provides coverage for 36 serious diseases, but there are 42 critical illnesses gathered which include Alzheimer’s disease, coronary artery disease, Apallic disease, Bacterial meningitis, Blindness, Benign brain tumour, brain surgery, cancer, cardiomyopathy, chronic aplastic anaemia, coma, deafness, encephalitis, end-stage liver failure, end-stage lung disease, AIDS, fulminant viral hepatitis, heart attack, heart-valve surgery, HIV infection due to blood transfusion, kidney failure, loss of independent existence, loss of limbs, loss of speech, major head trauma, major organ or bone marrow transplant, medullary cystic disease, motor neuron disease, multiple sclerosis, muscular dystrophy, paralysis of limbs, Parkison’s disease, poliomyelitis, primary pulmonary arterial hypertension, serious coronary artery disease, stroke, surgery to aorta, severe kidney complications, terminal illness and third degree burns. Thus, you can buy insurance policy for critical illness cover Malaysia here.
According to the Department of Statistics Malaysia, there are 4 main critical illness that affects Malaysian each year which are Ischaemic Heart Disease (17%), Pneumonia (11.4%), Cerebrovascular diseases (8.3%) and Malignant Neoplasm of Trachea, Bronchus and Lung (2.5%).
The cost of critical illness treatment in Malaysia can vary as it has different pricing for public hospitals and private hospitals. Although public hospitals provide cheaper treatment, private hospitals provide better quality treatments. Therefore, it is important to plan accordingly to get yourself covered with critical illness insurance. A variety of internal and external causes of critical illness exist, ranging from personal lifestyle choices to social and environmental issues. Late detection of a deadly disease is a quite common occurrence in Malaysia, with more than 60% of patients discovering they have the big C at Stage 3 or 4. As the saying goes, prevention is preferable to cure. Despite being diagnosed with a critical illness, people in the terminal stage have a 6 to 12 month chance of survival. Therefore, it is important to get yourself insured before a critical illness strikes upon you.
There are some benefits of getting yourself insured with the critical illness insurance which includes:
- The number of plans with its increasing value of sum are assured
- This is the maximum amount covered by a critical illness insurance policy. The premium will be higher the significantly greater the basic sum assured.
- The percentage of payout per coverage
- This is a portion of the payout from this insurance policy if you are detected with a severe illness.
- Additional payout
- This is a portion of the payout you will receive in addition to your basic sum assured from this insurance plan if you are detected with a particular critical illness as defined by the insurer.
Features to focus on when purchasing a critical illness insurance
- Waiting period
- This is a time frame that must be followed after the policy is activated. You are not permitted to file a claim during this time period, which will be denied by the insurer.
- A 30-day waiting period is standard market practice for 36 critical illnesses, and up to 90 days for special critical illnesses. The best part is that there are products that have no waiting period after the policy starts and in between claims.
- Survival period
- This is the time you must wait before filing a claim for a critical illness with which you have been diagnosed.
- If the life assured does not survive this period, the beneficiary may or may not receive the sum assured, depending on the product terms and conditions.
- Premium rate
- The premium rate for critical illness insurance is either assured or non-guaranteed, depending on the plan.
- The premium for a term plan is guaranteed at policy entry age and will increase in accordance with the relevant age band.
- The insurer has the right to change your premium rate at any time and must notify you within 90 days of the change.