CRITICAL ILLNESS INSURANCE REVIEW SERVICE (COMPLIMENTARY)
Start Your Critical Illness Insurance Planning With GEN
Life is unpredictable, and a critical illness can strike without warning, leaving you not only physically and emotionally challenged but also facing significant financial burdens.
At GEN, we recognise the vital importance of safeguarding both your health and financial well-being.
Our Critical Illness Insurance Planning service is tailored to provide you with the peace of mind and financial security you deserve.
WHAT IS CRITICAL ILLNESS INSURANCE PLANNING?
Critical Illness Insurance Planning revolves around creating an emergency fund to address the unavoidable liquidity or money needs arising from critical illness diagnosis.
This includes:
The financial demands triggered by a critical illness diagnosis can surge into hundreds of thousands of dollars or even more, depending on your individual circumstances. Unless you possess an ultra-high net worth, accumulating such funds within a short span of time can significantly impact your financial stability.
WHY TRUST GEN FOR YOUR CRITICAL ILLNESS PLANNING?
At GEN, we go beyond conventional insurance offerings. Our promise is to provide a planning experience that instils confidence and security.
We assure you of:
BENEFITS OF COLLABORATING WITH A GEN PLANNER
CRITICAL ILLNESS INSURANCE FAQ
Critical Illness Insurance is a type of insurance that provides a lump-sum payment to the policyholder if they are diagnosed with a specified critical illness or medical condition covered by the policy. This payment is designed to help cover medical expenses, living costs, and other financial burdens during recovery.
The specific illnesses covered can vary from one policy to another. However, common covered conditions often include cancer, heart attack, stroke, organ transplants, major organ failure, paralysis, and coronary artery bypass surgery. It’s important to carefully review the policy to understand the covered illnesses.
Regular health insurance typically covers medical expenses, doctor visits, hospital stays, and prescriptions. Critical Illness Insurance, on the other hand, provides a lump-sum payment upon diagnosis of a covered critical illness, which the policyholder can use as they see fit. It can help with non-medical costs such as mortgage payments, debts, and living expenses.
Anyone concerned about the financial impact of a critical illness should consider this insurance. It’s especially important for individuals with dependents, loans, mortgages, or those who want to ensure financial stability in the event of a serious health issue.
If you’re diagnosed with a covered critical illness and meet the policy’s criteria, you must submit a claim to the insurance company. This usually involves providing medical documentation and diagnosis proof. Once the claim is approved, you will receive the lump-sum payment.
Yes, the payout from a Critical Illness Insurance policy is generally unrestricted. You can use it to cover medical expenses, household bills, mortgage payments, transportation costs, or any other financial needs you might have during your illness and recovery.
Many policies have a waiting period, known as a “survival period.” This means that the insured person must survive for a certain period after diagnosis before the claim is paid out. The length of the survival period varies between policies and can range from 15 to 90 days.
Most insurance companies have a minimum and maximum entry age for purchasing Critical Illness Insurance. The ideal time to buy it is when you’re relatively young and healthy, as premiums tend to be lower. However, age restrictions can vary between insurers.
Pre-existing conditions are usually not covered by Critical Illness Insurance. The policy typically covers only new, unforeseen medical conditions that arise after the policy has been issued.
No, they are different. Critical Illness Insurance provides a lump-sum payment upon diagnosis of a covered critical illness, while Disability Insurance provides ongoing income replacement if you become disabled and are unable to work due to illness or injury.
The cost (premium) of Critical Illness Insurance depends on factors such as your age, health, the coverage amount, and the specific illnesses covered. Generally, the younger and healthier you are when you purchase the policy, the lower your premium is likely to be.
Yes, you can cancel your policy, but the terms for cancellation and any potential refunds can vary between insurance providers. It’s advisable to understand the cancellation terms before purchasing the policy.
Whether Critical Illness Insurance is worth it depends on your personal circumstances, financial situation, and risk tolerance. It can provide valuable financial support during challenging times, but it’s important to carefully assess your needs and compare policies before making a decision.
Remember that this FAQ provides general information, and it’s crucial to read and understand the specific terms and conditions of any insurance policy before purchasing. Consulting with a financial advisor or insurance professional can help you make an informed decision.
