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Introduction
A standalone critical illness insurance policy will pay out a lump sum if you get a serious illness listed in the policy. Critical illness insurance is often bought with life insurance, though it can be stand alone. This policy would then pay out if you were diagnosed with a critical illness, and you would still have life cover. Having both will provide the reassurance that you will be taken care of if you fall seriously ill, but also that your dependents will be looked after if you die unexpectedly. Even some of the best Private and Company Medical Plan benefits fall short of most people’s needs for long-term care and recovery. Typically, Cancer treatment costs can easily reach HKD$600,000 in Hong Kong.
Things to consider
The three primary illnesses typically covered are: cancer, heart attack and a stroke, however policies do differ and such conditions as below may also be covered.
– Heart transplant
– Coronary bypass surgery
– Angioplasty
– Kidney (Renal) failure
– Major organ transplant
– Paralysis
Summary
The advantage of Critical Illness Insurance is that it pays out a lump sum after the diagnosis of cancer or other serious illnesses. Also known as dread disease insurance, the benefit is payable should you fall ill with any critical conditions covered by the plan such as heart attack, stroke, lung disease, kidney or liver failure, coma and cancer, etc.
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Additional Information Resources
Additional information resources are available by clicking on the links below:
You can also view information related to your particular stage of life: