Top 5 Costs that Critical Illness Insurance can Help Cover with The Insurance Mole

Everything you need to know about coverage for
critical illnesses

Let’s face it mamas, no one likes talking about preparing for critical illnesses, but it’s the elephant in the room we need to address. Cancer, stroke and heart disease are just some of the serious – and potentially deadly – diseases that are unfortunately becoming more and more prevalent these days; they represent a whopping 94% of all critical illnesses claims. Cancer alone, accounts for 85% of all critical illness claims.

Read more: Clear, Effective and Affordable Life Insurance with The Insurance Mole

Thankfully, advances in modern medicine mean that most diseases can be cured, so long as a patient receives prompt treatment following diagnosis. However, not everyone can afford the cost of required medicine and, combined with the expense of recovery, it can take a detrimental toll on a patient’s finances. Luckily, The Insurance Mole offers an array of critical illness plans in Hong Kong – covering upwards of 60 diseases and conditions –  to lessen this burden and help you properly prepare for the worst.

Read more: Get the Best Insurance Plan for Your Future Family with The Insurance Mole

The Living Benefit

While you may already have the protection of a general life insurance policy, this will not pay out any lump sum benefits upon diagnosis of a deadly disease. For example, an additional Term Critical Illness policy will pay out upon diagnosis of critical illness, or at death benefit, whichever is earlier. Technology develops and medical advancements evolve, so too should your insurance coverage to protect your family, which is why it is vital to take out both life and critical illness cover.

The five costs that critical illness insurance can help cover (regarding cancer) are:

• Chemotherapy
• Ongoing medication
• Ongoing care (for example nursing care, or the cost of flying relatives to HK to help)
• Home renovation to facilitate treatment and recovery
• Loss of Income

Click through our slideshow above to learn more about 5 costs of cancer, and how you can be covered.

Powered by Groveland Financial Services, The Insurance Mole enables you to instantly generate a quote and find the most appropriate and affordable option for your family, without the stress of engaging with multiple agents or brokers.

Read more: Put Family Wellbeing and Security First with The Insurance Mole

Exclusively for Sassy Mama, Groveland Financial Services is offering 20% off select domestic helper insurance policies. To qualify for the offer, check out The Insurance Mole to get your life insurance premium quote instantly. The team will email you back to confirm eligibility for the discount after you submit your basic details here and use the promo code “SassyMama2017” in the Notes Section. Valid until Sunday, 31 December 2017.

Click through our slideshow to find out more!

Critical illnesses coverage will cover the costs of chemotherapy, ongoing medication and care. While you may already have the protection of a general life insurance policy, this will not pay out any lump sum benefits upon diagnosis of a deadly disease. Failing to prepare, is preparing to fail. It’s important to know you’re protected if and when the worst scenario happens.

Although there are some robust medical insurance plans that can cover the cost of chemotherapy, ongoing medication may not be covered, and can also be financially draining to yourself and your family. This maintenance therapy and ongoing medication may be used to keep the cancer from coming back.

During the recovery period, you may need to hire private nurses to assist with medical requirements or daily living functions. Alternatively, some patients would opt for family or loved ones to serve this role, which also comes at a cost.

Your home may need to be renovated to be wheelchair accessible, or remodelled to facilitate ongoing treatment and recovery. You can rest assured that you will be taken care of in the comfort of your home. After all, when you or a loved one is facing a critical illness, there is nowhere else you’d rather be than home. 

The most significant cost of cancer or critical illness is the loss of income. Due to the treatment and recovery period, you may not be able to work for a few years (a prolonged period of time), and if you are the family bread-winner, this causes even more financial hardship to your family. Critical illness coverage can provide the financial means to maintain your family’s current lifestyle.