Critical Illness Insurance

What is Critical Illness?

Critical illness insurance policies protect you in the event of a major life-threatening medical diagnosis in the future. With critical illness insurance, you will receive a one-time lump sum payment when an illness that is covered is unexpectedly diagnosed. You can use this benefit to cover medical expenses, living expenses, or any other costs incurred as a result of the illness.

The covered illnesses typically include cancer, heart attack, stroke, and organ transplant, among others. The benefit amount and list of covered conditions vary depending on the policy. Critical illness insurance can be a lifesaver for those who are at risk of a serious illness. It can provide financial security, allowing you to focus on recovery rather than worry about the costs associated with treatment.

Things to keep in mind while opting for a Critical Illness Policy

When opting for a Critical Illness policy, there are a few things to keep in mind. First, make sure that the policy covers the illnesses that you need it to. Some policies will only cover certain illnesses, so it's important to read the fine print carefully. The next thing to consider is the amount of coverage you need. You should make sure that the policy provides the amount of coverage necessary to help you and your family in the event of illness.

Additionally, make sure to ask about any exclusions or limits in the policy - this will help you to understand exactly what your policy covers. Finally, it's a good idea to consult with an insurance broker who can get you the right plan after comparing policies from different providers before making a final decision. Taking the time to find the right insurance broker and policy is a great investment and assures you peace of mind in the long run.

Difference between Critical Illness and Health Insurance?

Critical illness insurance and health insurance are two different types of insurance policies designed to cover different medical expenses. Critical Illness policies supplement your existing health insurance policy with extra funds that meet the demands that come with critical health emergencies. This type of insurance will cover the costs of treatments, medications, and other related expenses.

The main difference between Critical Illness and Health Insurance is that health insurance policies protect you in the event of a medical emergency that requires hospitalization, by covering the cost of treatment. On the other hand, a critical illness insurance policy provides financial aid in the form of a lump sum payout, in the event, you are diagnosed with a critical illness

Why should you choose Critical Illness cover from Gargash Insurance?

Insurance brokers are experienced professionals who are specially trained to understand the complexities of critical illness insurance. They are knowledgeable about the different types of cover available and can help you compare different plans to decide which one is best for you.

An insurance broker like Gargash Insurance will enable to get you a better deal and rates,  than if you buy directly from an insurer. They can use their expertise to negotiate the best possible price and coverage, while also making sure that your policy meets all your requirements. In addition, they can provide you with advice on how to manage your policy and make sure you get the most out of it. So, if you're looking for critical illness insurance, make sure to go through an insurance broker. It can save you time, money, and help you get the protection you need.

FAQs

Will I need to undergo medical tests as part of the application process?

The application process for a critical illness plan can vary from company to company. Generally, most insurance providers will need you to declare any pre-existing medical conditions during your application process and some will require medical tests as well. Your insurance broker will help you understand this process during your consultation. 

How much coverage will I need?

The coverage you decide for your critical illness plan will foremost include your specific medical needs. It is good to consider your family history of illnesses, as this can be something you will have to look out for in the future and prepare accordingly. You should also consider the optional covers offered by insurance providers and check which of them are beneficial for you. All these factors will decide the premium amount and subsequent cover for your plan. Check with your insurance broker to know more.

What illnesses are covered under critical illness insurance?

30+ illnesses are covered by most insurance policies. They can include Cancer, Alzheimer’s, heart attacks, liver failure, kidney failure, organ transplant, open heart surgery, third-degree burns, and others. Please note, this list of illnesses could vary from provider to provider. It is best to consult your insurance broker to learn the exact list of diseases covered in your policy.

What is generally not covered by critical illness insurance?

While most insurance providers will have their own list of exclusions, some of the factors that are generally not covered in a critical illness insurance policy include:

• Critical illnesses diagnosed during the waiting period of the policy
• Cosmetic surgery
• Dental care treatment
• Illnesses developed because of alcohol, tobacco, or drug intake
• Infertility treatments

You should check with your insurance broker to get the full list of exclusions in your critical illness plan.

Are there any eligibility criteria for purchasing this policy?

The general eligibility criteria for a critical illness insurance plan include:

• The age range for eligibility is often between 18 and 59 years old, plus or minus a few years on either side. As a result, everybody who qualifies for a standard health insurance plan in the UAE is also qualified for a critical illness policy.
• Please keep in mind that not all critical illnesses will be covered by these plans. A critical illness plan typically only covers a specific list of pre-defined ailments. This pre-defined list may vary depending on the insurance company and the policy.
• Age, any pre-existing medical conditions, and the illnesses you are purchasing coverage for affect your eligibility for the plan. Depending on these variables, the premium rates may also increase or decrease.
• For seniors (70 years and above) and children (below 18 years), most companies do not provide the same critical illness coverage as their regular plans. These distinct packages can be purchased separately.
• An additional set of eligibility guidelines may be established by insurance firms, and these guidelines may only apply to the plans the company offers. Before choosing a plan, make sure to consult with your insurance broker to understand your policy specifications.

What is the age limit for a new policy in a critical illness plan?

As per the guidelines set by most insurance providers in the UAE, the age limit for purchasing a new critical illness insurance policy is between 60-70 years of age. Anyone between the ages of 18 to 59 is eligible to buy a critical illness insurance plan. But the final age limits can vary from insurance company to company.

That is why it is important to check with your insurance broker to get the final details for the same.

How to Claim a Critical Illness Insurance Plan?

The general process for claiming your critical illness insurance policy is to contact your insurance broker at the time of need. They will then collect the necessary list of documents and apply for a claim in your stead. Once your documents are verified, your claim will be processed for approval.