Critical Illness Insurance


WHAT is critical illness insurance?

While term life insurance will cover you in case of death, the critical illness insurance will offer coverage if you are diagnosed with a critical illness. It is meant to provide you with a lump sum that will help you adjust your lifestyle in the event you are unable to perform your work any longer. The insurer will list, for coverage, up to 60 critical illnesses, from cancer to diabetes or any serious medical condition. The cost of critical illness insurance varies depending on your age and your medical condition at the time of coverage. It is important to understand that this is a long-term insurance and it is common to buy a policy up to the age of retirement. However, the earlier this policy is purchased, the cheaper it will be.

DO I need critical illness insurance as an expatriate?

Prior to looking into this, check with your company to see if they provide the same in their employee benefits package. Instead of critical illness, it is possible that they cover disability income protection which serves the same purpose – providing financial support in the event of a major illness or accident.

Even if your company does provide something, it is important to check that the sum insured is enough with regard to your current family situation. Indeed, what will happen if the breadwinner of the family cannot perform the same work anymore? It is important to keep in mind that the coverage is for the long term and you probably won’t remain in the same company or the same country in 10 or 20 years. By relying only on the company plan, you will most likely not be able to achieve this result.

How to buy critical illness insurance?

As an expatriate, it is important to buy critical illness insurance in a country where the financial system or currency is stable, as it will affect your payout in the long term. Keep in mind that this is long-term insurance, and you may have a payout in 10, 20 or 30 years – or not at all if you are very healthy. 

Contact us to understand the options available to you and select the right plan for your needs.

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