Get to know Critical Illness Insurance
Get to know Critical Illness Insurance - Insurance is urgently needed just in case. Because no one knows what he will experience in the future. Having insurance is the same as keeping an emergency fund in a more guaranteed version if the selection of the company and its products is carried out correctly.
One type of insurance whose name and function have only appeared recently 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 getting the disease can affect anyone. Including those who have tried to implement a healthy lifestyle throughout their lives. Therefore, this type of insurance was created to establish the safety of spending concerns if a person is sick.
This type of insurance was thoroughly discussed by Dion, Insurance Advisor, in the Cuan podcast entitled "Critical Illness Insurance". Dion said that based on the data, inflation or the increase in medical costs is about eleven percent annually.
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 are interested in developing this type of insurance is aware of concerns about 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:
- Pay for critical medical services that may not be available
- Paying for care not covered by traditional policies
- Paying for daily living expenses, allowing critically ill people to focus their time and energy on recovery rather than working to pay their bills
- Transportation costs, such as going to and from the treatment center, repairing vehicles to carry scooters or wheelchairs, and installing elevators at home for critical patients who can no longer climb stairs
- Terminally ill patients, or those who simply need a place to rest to recuperate, can use the funds for vacations with friends or family.
Types of Critical Illness Insurance
Here is an example of a critical illness and its medical expenses per treatment.
- Heart: 100–500 million IDR
- Cancer: 500 million–2 billion IDR
- Tumors: 50–500 million Kidney failure: 1–2 billion IDR
- Stroke: about 500 million IDR
The price is certain that in the next few years it will swell. Since we can't prepare a reserve fund for severe illness in old age, this insurance is here as a solution to alleviate the emergency fund that must be prepared.
Discussing the scheme, each insurance company has a different policy or regulation in offering this insurance.
Some companies simply use the diagnosis can already claim. However, some must include various conditions that may be considered quite difficult.
Similarly, in terms of how many conditions can be covered. Therefore, as buyers, we must be wise and know in full about this type of insurance by asking in detail about this product to the agent who offers it.
Tips for Having Critical Illness Insurance
Here are the things to look out for before deciding to buy critical illness insurance.
1. Be sure to take out insurance before suffering from the disease.
If you already have the disease, the insurance company will usually not accept it. Therefore, it is important to look at the history of family diseases. 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 completely.
2. Determine the sum insured and find out how to claim it.
This type of insurance plays with cash. Therefore, the initial sum insured that we hand over will be obtained immediately 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, they can be sent directly to the agency's office to be processed directly.
The average liquidation time of this money for each company is 40 days after the documents are received. However, some are more than that time. Then 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 history of critical illness from the family. Check out a more complete explanation of critical illness insurance by Dion Rafael in the episode "Critical Illness Insurance". Click on the link, yes!
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