What Is Critical Illness Cover?

Critical illness cover is becoming increasingly important as high medical inflation has persisted consistently for many years in Malaysia. Critical illnesses are serious illnesses such as cancer, stroke or heart disease. The high treatment cost for critical illnesses and its negative effect on ability to work makes it important for Malaysians to consider critical illness cover.

For example, the average cost for a single continuous hospital stay for cancer across public and private hospitals in Malaysia was RM7,087 in 2017. There was an 11% increase in new cancer cases and nearly 30% more deaths from cancer reported from 2012-2016 compared to 2007-2011 in Malaysia. Cancer incidence in Malaysia is expected to double by 2040. It can happen to anyone, irrespective of age. Another example includes the cost of heart bypass surgery that can be up to RM70,000. Critical illness cover provides a lump sum payment upon diagnosis of a condition included in the policy.

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What do they cover?

In general, they cover up to the widely considered 36 critical illnesses including cancer, heart attack, and kidney failure. The number of critical illness conditions covered varies from plan to plan. In a typical critical illness plan, insurers only pay for advanced stage critical illnesses, which is when the disease is considered life threatening. Some plans such as GoXtra Care cover the early, intermediate, and advanced stages of a disease as the early and intermediate effects can also be life-altering. There are also plans that provide special benefits beyond the customary illnesses. GoXtra Care also covers mental illnesses such as Bipolar Affective Disorder and Major Depressive Disorder, among other special conditions.

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Why you should get critical illness insurance

a) Income replacement for those who are no longer able to work due to critical illness.

b) Focus on recovery instead of worrying about bills.

c) To pay for treatment costs that exceed medical insurance limit. If you have a family  history of a certain critical illness, getting covered for that will provide peace of mind.

d) To pay for treatments not covered by a traditional policy.

With increasing incidences of critical illness among Malaysians, even among the youth, it’s never too young to get critical illness cover. With GoXtra Care, get covered for up to 150 critical illness conditions and receive up to 350% of the coverage amount upon diagnosis.