What is critical illness insurance and how critical is it? Critical illness insurance offers several benefits that can provide financial security and peace of mind for the policyholder and their family in the face of a severe medical condition. While you can do your best to prevent disease and serious illnesses, you never know what life has in store. Find out how a critical illness insurance plan can give you the ultimate peace of mind and security.

What is Critical Illness Insurance?

Critical illness insurance is a type of insurance policy that provides financial protection in the event the policyholder is diagnosed with a serious and specific medical condition or illness, like cancer. If the policyholder is diagnosed with one of the covered illnesses listed in the policy, they receive a lump-sum payment from the insurance company. This lump sum can be used at the insured’s discretion, whether it’s to cover medical expenses, replace lost income, pay off debts, or fund lifestyle adjustments during their recovery period.

It’s important to note that it differs from disability insurance. Disability insurance provides income replacement when the insured is unable to work due to injury or illness. Conversely, critical illness insurance pays a lump sum upon diagnosis of a covered illness, regardless of whether the insured is able to work.

This type of insurance is valuable for individuals who want to protect themselves and their families from the financial burden that can arise from a severe illness. 

What’s Covered?

The covered illnesses depend on the policy. CHUBB’s critical illness insurance covers the following illnesses and diseases in adults:

  • Alzheimer’s disease
  • Aorta surgery
  • Benign brain tumour
  • Blindness
  • Cancer
  • Cancer Recurrence
  • Coma
  • Coronary artery bypass surgery
  • Deafness
  • Dismemberment
  • Heart Attack

For a full list of what’s covered, click here.

    The Benefits

    There are countless benefits of having critical illness insurance.

    Financial Protection

    The lump-sum payment can be used to cover various expenses, such as medical treatments, medications, experimental therapies, travel for medical care, or any other costs associated with the illness. 

    Income Replacement

    The lump-sum payment can also help replace the lost income of the insured person. This is especially valuable for primary breadwinners, self-employed individuals or those without a disability insurance policy.

    Debt Repayment

    The payout can be used to pay off debts, such as a mortgage, credit card balances, or personal loans, reducing financial strain during the illness and recovery process.

    Lifestyle Adjustments 

    Dealing with a serious illness may require lifestyle adjustments, such as modifying the home for accessibility or hiring a caregiver. The insurance payout can help finance these changes. Plus, it may help families maintain their lifestyle even with the lost income.

    Flexibility & Control

    Since the policyholder has control over how to use the lump-sum payment, they have the flexibility to allocate funds based on their specific needs and priorities.

    Coverage for Various Illnesses 

    CHUBB’s insurance covers a wide range of illnesses and diseases. This broad coverage ensures protection against various health risks.

    Supplement to Health Insurance 

    Even with health insurance, there are often out-of-pocket expenses and limitations on coverage. Critical illness insurance can complement health insurance by filling in the gaps and providing additional financial support.

    Peace of Mind

    Finally, it’s peace of mind. When you have a critical illness policy, it can provide the emotional reassurance you and your family need. This peace of mind and guaranteed protection allows you and your family to focus on recovery without the added stress of financial burdens.

    Inquire Today

    If you’d like to know more about why it’s good to have a critical illness insurance policy, get in touch with us. CHUBB’s critical illness insurance offers flexibility and affordability so you can get the coverage you need. You can protect your savings while you protect your family and their future.

    Get your free, no-obligation quote today.