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Why Would I Need A Critical Illness Plan?

03 May 2023
Woman is wondering if she should get a critical illness plan

You need a critical illness plan because of the high prevalence of critical illnesses in Malaysia and the high costs associated with it. The prevalence is shown in the statistics. According to the Department of Statistics Malaysia in 2019, the leading cause of death in Malaysia was ishaemic heart disease, a critical illness making up 15.6% of deaths in Malaysia. There was also 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. This is why you should start early in seeking for a suitable critical illness plan so that you do not have to worry about any possible exclusions or rejection due to a pre-existing illness condition. Malaysia’s high costs of critical illness can easily derail your life dreams if uninsured. For example, the cost of coronary bypass surgery in a private hospital in Malaysia can be up to RM80,000. With these reasons, getting critical illness insurance is important. We’ll show you how critical illness insurance can help!

Man says Gibraltar BSN critical illness plan can be a good income replacement

Source: Giphy

Income replacement

This is especially important if you are the sole breadwinner of the family. It can understandably be more difficult to perform at a job while suffering from critical illness. The average person may require around 5 years to recover from a critical illness condition, although it varies based on the critical illness and person. In the event the insured wishes to have a career break to focus on their recovery or even in the event of termination, the lump-sum paid from the critical illness plan upon diagnosis of a listed critical illness can then be used as income replacement.

Woman says you can focus on your recovery if you have Gibraltar BSN critical illness plan

Source: Giphy

Focus on recovery instead of worrying about bills

Critical illnesses can be debilitating and take years to recover. That is why it’s best to focus on recovery by getting the peace of mind and reduced financial stress offered by financial protection.

Critical illnesses can also often incur greater than average medical costs that may exceed medical insurance annual or lifetime limits. Even if you have the savings to cover the amount exceeded, you and your loved ones shouldn’t have to go through a major lifestyle downgrade.

Man says Gibraltar BSN critical illness plan has got your back in the event of critical illness diagnosis

Source: Giphy

To pay for treatments or costs not covered by a traditional policy

The money can be used for the extra medical expenses incurred by critical illness such as physiotherapy, rehabilitation, and medical supplies. It can also be used for non-medical coverage costs related to the illness, including transportation, child care, and grocery delivery. The use of the lump-sum payment of the critical illness plan is entirely up to the policyholder. If the critical illness becomes terminal, it can be used to make the most out of the end of life stage such as ticking off bucket list items and wealth distribution to loved ones.

One added benefit from some critical illness insurance is that it can also cover treatments for other illnesses such as diabetes or mental illness that are not covered by a traditional critical illness plan. 

Man says you should get a Gibraltar BSN critical illness plan especially if you have a family history

Source: Giphy

Family history of a certain critical illness

With a family history of critical illness, especially of inherited conditions, there’s a higher likelihood you could suffer the same illness. For such instances, it makes sense to get a critical illness plan which covers early and intermediate diagnosis along with late-stage diagnosis, such as with GoXtra Care that will provide much needed peace of mind.

Want a comprehensive critical illness plan that has all of the above reasons as to why you should get critical illness insurance? Get GoXtra Care that financially protects against up to 150 critical illness conditions and provides up to 350% of the coverage amount.