Nobody knows what the future holds for each and every one of us. This is why when it comes to our health, we need to make sure that we have financial support in case something happens that is out of our plans. When it comes to critical illness, choosing a critical illness plan in Hong Kong is important but can be confusing too! There are plenty of insurance providers for you to choose from, but you have to make sure that you choose the one that can provide you with everything that you need.
Critical Illness Cover – How Important Is It?
If you have a home, you buy insurance to protect your mortgage. But what happens if you have a critical illness? Only a few of us think of this as a priority. According to statistics, there is a higher chance that we are likely to suffer illness like heart attack, cancer, or stroke before we reach the age 65 than die at the same age range.
Sometimes, we feel like this is not something that we should add to our insurance coverage. This is where we are wrong! Critical illness insurance is specifically designed to pay out a tax-free lump sum in case you are diagnosed with a serious illness. The purpose of this is to reduce the financial pressures and burdens that we feel while living with an illness and being unable to work.
Cigna Plan Benefits For Critical Illness
Cigna is one of the most trusted names when it comes to critical illness insurance coverage. The Cigna plan covers 53 illnesses and a benefit amount that will increase gradually to match your growing risk and make sure that you have enough coverage for your golden years. Here are some of the most important facts that you should know about the Cigna Critical Illness Plans:
Three Plan Levels
It includes three plans levels with varying sum insured and premium structure that will suit your needs. The plan levels’ sum insured is going to increase after a period of time and will match with your protection and financial needs as it changes over the years.
Guaranteed Increase Once Policy Is Issued
You can start enjoying the guaranteed increase in your critical illness protection once your policy is issued without the need for health reassessment.
If you choose the yearly adjustable premium, you can choose to retain your current sum insured.
Critical Illness Insurance And Pre-Existing Medical Condition
If you already have a pre-existing medical condition, will you still be covered? This is one of the most common questions that people are asking before getting a critical insurance policy. The answer is: ask your insurance provider. Critical illness cover is pretty straightforward and would simply pay out a tax-free lump sum once you are diagnosed with a serious illness on their list.
But if you have a pre-existing medical condition, it is possible that your illness may be excluded from the plan or may not be covered due to the type or the severity of your condition and this varies with the providers. Nevertheless, you have to make sure that while you are still young, get yourself insured for critical illness. It will be an addition to your payables but if you come to think of it, this can greatly help you in times of need.