Health and fitness

Critical illness: everything it covers, including costs

It is 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, but they’ll also drastically affect your finances and your family’s, too.

By Sheen Moringa

Critical illness plans like FWD Life Insurance’s Set for Health 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 specific 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:

  1. How much is your average income? Are you the breadwinner?
  2. Who will support your family in case the disease affects your capability to work?
  3. How much are your monthly expenses? How many are you in the household?
  4. Do you have other debts that you need to pay?
  5. How much savings and assets do you have? How many years can they cover for you and your family?
  6. Do you already have life insurance?
  7. 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?

Check what critical illnesses are covered under the plan before purchasing. Moreover, assess if the diseases that run in your family are in the list. Remember you are more prone to get it if other family members dealt with them as well.

FWD Set for Health, for instance, covers 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

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. Unfortunately, not all of these can be covered.

But aims to give you more protection. If you are diabetic or epileptic, these are their considerations in assessing your application for critical illness insurance:

  • The severity of your disease
  • How well you are managing the symptoms
  • Other diseases that you may have

FWD Set for Health also covers critical illnesses brought about by COVID-19 complications, giving you a financial reprieve in case of a coronavirus emergency. This plan also makes things more convenient with easy-to-pay options for a minimum of PHP 6,000, yearly.

Critical illnesses are now considered financial expenses that you should prepare for to help you live life with less worries. Fortunately, with FWD’s rates you can, actually. So, don’t let the possibility of getting sick stop you from living the life you’ve always wanted.

Schedule a virtual meeting with our financial advisors if you want to know more.