How to Choose the Best Critical Insurance Plan?

If you’re diagnosed with a critical illness, focus on recovery with support from critical insurance plans. Know how to pick the one that suits you the best.

By Kaydee Dela Buena

best critical insurance plan
Critical illnesses such as cancer, diabetes, heart attack, and stroke are some of the most prevalent illnesses in the country. If not treated immediately, they can be expensive to treat, and not to mention deadly. To mitigate the risk of running yourself bankrupt when availing of medical treatment, there are many insurance companies in the Philippines that offer policies aimed to protect you. 

Seek help from your financial advisor in choosing the ideal critical illness cover. To help you get started, here are a few considerations: 

1. Type of policy

You can get a life insurance policy with a critical illness rider. This type of insurance pays out a lump sum that covers critical illness and when the unfortunate happens to you. It’s a more affordable alternative instead of getting separate policies. However, you only get one payout so if you claim for critical illness, your life insurance cover expires. On the other hand, you can also opt for a stand-alone cover. This policy will pay out if you are diagnosed, while still retaining a life coverage. Moreover, this policy type will ensure that your dependents will be looked after should anything happens to you.

2. Critical illnesses covered

Most critical illness policies usually cover heart attack, stroke, and cancer. Sometimes, coverage varies among insurance companies so make sure to check what’s included. You should also look into the severity of the condition, before you get a payout. 

3. Consider your present health condition and medical history

Insurance companies usually take into consideration your current health state and medical history should you avail a critical illness policy. If you have pre-existing conditions or if you’re a smoker, for example, chances are your premiums will be affected, as well as the level of coverage. This is why younger people are highly encouraged to get a policy, while they’re still in their prime for a more comprehensive insurance cover.

4. Consider your current financial standing

Seeking treatment for a critical illness doesn’t come cheap, what with the accompanying hospitalization and medical expenses needed as well as recovery care. However, if you have long-term debts such as mortgage, you should think about getting a higher coverage to ensure that you are able to pay these off since you may need to take a leave of absence from work. If you’re on the clear, low level of coverage will do. 

5. Consider your dependents’ situation 

If you’re young and single, there’s no better time than today to think about getting a critical illness policy. It pays to be prepared. If you’re your family’s breadwinner, consider a combined life insurance and critical insurance plan like FWD’s Set for Health. It covers you against major and minor critical illnesses and allows you to claim up to three times for unrelated illnesses. This ensures that your dependents will be taken care if you fall ill. If you stay healthy and do not claim until you’re 75, you get all your money back.