It’s so expensive to get sick, especially if you’re diagnosed with critical illnesses like chronic kidney disease or kidney failure. Critical illnesses not only cripple your health and dampen your spirit, it’ll drastically affect your finances and your family’s, too.
Critical illness plans like FWD Insurance’s Set for Health and Fight Plan are designed to protect you from the high costs of getting sick so when the time comes, you’re ready. Here are all your questions answered.
How much critical illness coverage do you need?
If a certain disease runs in your family, you may already know the treatment costs. You may now be looking into critical illness insurance. But the question remains: how much coverage should you get?
Aside from the actual cost of treatments, here are other considerations you need to look into before buying that insurance plan:
- How much is your average income? Are you the breadwinner?
- Who will support your family in case the disease affects your capability to work?
- How much are your monthly expenses? How many are you in the household?
- Do you have other debts that you need to pay?
- How much savings and assets do you have? How many years can they cover for you and your family?
- Do you already have life insurance?
- How much state benefits will you get? In the Philippine setting, do you have enough SSS or GSIS contributions?
What illnesses does the critical illness insurance cover?
Before you buy, take note of the critical illnesses that the plan covers. Check if the diseases that run in your family are in the list. Remember you’ll more likely to get it if other family members got it.
FWD Set for Health, for instance, covers against 42 major and 15 minor critical illnesses until you reach the age of 75. It is one of the most comprehensive critical illness plans in the market, if not the most, as it offers protection against three unrelated major critical illnesses. So you get three times protection for the price of one.
Some of the illnesses it covers are:
- Major cancers
- Major organ failures
- Heart and blood illnesses
- Neuro-muscular illnesses
- Bacterial meningitis
- Major burns
- Occupationally acquired HIV/AIDS
There are more, which you can view here.
In the case of cancer, critical illness plans may not cover some types and stages. To fill that need, FWD designed Fight Plan, which gives protection against all types of cancer.
With its easy-to-pay options for a minimum of PHP 6,000 yearly, FWD’s Fight Plan not only guarantees you cancer protection of up to PHP 2 million, but also ensures 15 years of coverage.
Can you get critical illness cover for pre-existing conditions?
Different insurance companies have different sets of policies when it comes to pre-existing conditions like diabetes and epilepsy. Some will not be covered.
FWD Insurance aims to give you more protection. If you are diabetic or epileptic, these are their considerations in assessing your application for critical illness insurance:
- Severity of your disease
- How well you are managing the symptoms
- Other diseases that you may have
Critical illnesses are now considered financial expenses that you should prepare for. Don’t let the possibility of getting sick stop you from living the life you’ve always wanted. Talk to our financial advisors if you want to know more.