What is Critical Illness (CI)? Isn’t it already covered with my medical insurance plan? What are my risks? Why do I need CI insurance? How much CI insurance do I need? Can I afford it (or afford not to have it)?
Updated: July 20, 2017
If you have friends (or frenemies) who are insurance agents, they have probably asked you before on whether do you have insurance. And we answer (whether truthfully or not-quite-truthfully) that yes we have ‘many’ insurance policies. Well, most of us do have some basics covered with medical insurance (medical costs are pretty damn high & ever inflating!), some death (or if you want to call it life), total and permanent disability (TPD) & maybe some critical illness coverage (if we purchased our policy in the last decade).
When asked what insurance do you think the average Malaysian needs but does not have, most of us actually answer Medical insurance. Maybe this perception comes from seeing the long queues & packed wards in government hospitals. However, the truth is that the risk area whereby more than 90% of Malaysians are lacking is in Critical Illness coverage!!
However, the truth is that the risk area whereby more than 90% of Malaysians are lacking is in Critical Illness coverage!!
What is Critical Illness (CI) insurance?
As a simplified explanation, you receive payment (in part or full depending on severity) when you are diagnosed with any of these 36 Critical Illnesses:
- Cancer (63.8%)
- Heart Attack (9.4%)
- Coronary Artery By-Pass Surgery (5.9%)
- Stroke (5.5%)
- Kidney Failure (2.9%)
- Other Serious Coronary Artery Disease (2.7%)
- Brain Surgery (2.3%)
- Fulminant Viral Hepatitis
- Major Organ / Bone Marrow Transplant
- Paralysis / Paraplegia
- Multiple Sclerosis
- Primary Pulmonary Arterial Hypertension
- Heart Valve Replacement
- Loss of Hearing / Deafness
- Surgery to Aorta