What Critical Illness Covers: Diseases and Costs

You’ll never know when a disease will strike. A critical illness, like kidney failure requires dialysis sessions that cost anywhere from PhP1,400 to PhP1,800. How financially prepared are you to regularly pay for those bills?

by Sheen Moringa, 21 January 2018

Do you have enough savings for a sudden illness?

It is so expensive to get sick, especially if you are diagnosed with critical illnesses like chronic kidney disease or kidney failure. Critical illnesses not only cripple your health and dampen your spirit, it will drastically affect your and your family’s finances, too.
This is the reason why insurance companies like FWD Life Philippines (FWD) developed a critical illness cover, which they called Set for Health,  that can prepare you when the time comes.  

What Illnesses Does the Set for Health Plan Cover?

Set for Health is your most comprehensive critical illness cover, as it offers three times as much protection than any other plans. It covers 42 major and 15 minor critical illnesses, not to mention up to three unrelated major critical illnesses, until you reach the age of 75.

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

In the case of cancer, some types and stages of the disease may not be covered by a critical illness plan. In order to serve you better, FWD also devised a specialized Fight Plan for cancer protection in order to give you an all-inclusive coverage. 
With its easy-to-pay options for a minimum of PhP6,000 yearly, FWD’s Fight Plan not only guarantees you cancer protection of up to two million pesos, but also ensures 15 years of coverage.

Can You Get Critical Illness Cover for Pre-existing Conditions?

Different insurance companies have different set of policies when it comes to pre-existing conditions like diabetes and epilepsy.
However, insurance companies have now revised their policies in order 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

How Much Critical Illness Cover Do You Need?

If a certain disease runs in your family, you may already know the cost of the treatments for this particular illness. You may now be looking into critical illness insurance. However, you may also be wondering, “How much critical illness coverage do I need?”
Aside from the actual cost of treatments, here are other considerations that you need to look into before signing the deal with your insurance company:

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?

Critical illnesses are now considered financial expenses that you can not only prevent by leading a healthy lifestyle but also prepare for by securing your health and your finances from uncertainties. Don’t let the possibility of getting sick stop you from living the life you always wanted. Call your insurance agent now to know more about critical insurance plans.