Illness Insurance

Getting to Know Critical Illness Insurance

Insurance is needed with a precautionary purpose. Because, no one knows what will happen to him in the future. Having insurance is the same as saving an emergency fund in a more secure version, if the company and product selection is done correctly. 

One type of insurance whose name and function has recently emerged is critical illness insurance. This type of insurance is important to protect yourself from possible diseases that will be experienced in the future. 

The risk of disease can certainly attack anyone. Including those who have tried to implement a healthy lifestyle throughout their lives. Therefore, this type of insurance was created to provide security for expense concerns if someone is sick. 

This type of insurance was thoroughly discussed by Dion, Insurance Advisor, in Cuan’s broadcast entitled “Critical Illness Insurance”. Dion said that based on the data, inflation or the increase in medical costs is around eleven percent every year.

This will certainly make it difficult for sufferers, especially the current younger generation who will age in the range of 2050 and beyond. So, what is the importance of having this type of critical illness insurance, huh? 

The Importance of Having Critical Illness Insurance 

One of the reasons companies were interested in developing this type of insurance was the awareness of the fear of unexpected expenses from being seriously ill. 

Quoting Investopedia, the interesting thing about critical illness insurance is that the money can be used for various things, such as:

Paying for critical medical services that may not be available 

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Paying for care not covered by traditional policies 

Paying for daily living expenses, allowing critically ill people to focus their time and their energy for recovery rather than work to pay their bills 

Transportation costs, such as getting to and from treatment centers, repairing vehicles to take scooters or wheelchairs, and installing lifts at home for critically ill patients who can no longer climb stairs 

Severely ill patients, or those who just need a place to rest to recuperate, can use the funds for a vacation with friends or family.

Types of Critical Illness Insurance The 

following is an example of critical illness and the cost of treatment per treatment. 

Heart: 100–500 million rupiah 

Cancer: 500 million–2 billion rupiah 

Tumor: 50–500 million Kidney failure: 1-2 billion 

Stroke: around 500 million 

The price is certain in the next few years will increase. Because it is impossible for us to prepare a reserve fund for serious illness in old age, this insurance is here as a solution to relieve emergency funds that must be prepared. 

Discussing the scheme, each insurance company has a different policy or regulation in offering this insurance.

There are companies that use diagnostics enough to claim. However, there are also those who must include various conditions that may be considered quite difficult.

Likewise in terms of how much condition can be covered. Therefore, as buyers, we must be wise and fully understand this type of insurance by asking in detail about this product to the agent who offers it.

Tips for Having Critical Illness Insurance 

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Here are things to consider before deciding to buy critical illness insurance. 

1. Make sure to take insurance before suffering from the disease. 

If you already have the disease, the insurance company usually will not accept it. Therefore, it is important to look at the family history of the disease. Find out if anyone has been diagnosed or died of a critical illness. 

From this we can be on guard if it is a hereditary disease, then buy this insurance as early as possible. Choose a policy that can cover all medical expenses in full. 

2. Determine the sum assured and find out how to claim it. 

This type of insurance plays with cash. Therefore, the initial sum assured that we submit, will be immediately obtained when we are diagnosed with a critical illness. This money can be used for anything, including as a substitute for income lost during illness. 

The way to claim this money is with evidence from a doctor accompanied by several forms that must be filled out. If the requirements are complete, it can be sent directly to the agency office for immediate processing. 

The average cash disbursement time for each company is 40 days after the documents are received. However, there are also more than that time. So it is important to communicate this claim procedure to the insurance agent. 

In essence, this insurance can be a helper, especially for those of you who have a family history of critical illness. Check out a more complete explanation of critical illness insurance by Dion Rafael in the episode “Critical Illness Insurance”. Click the link, yes! 

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