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15 November 2024

A Guide to Critical Illness Insurance / Takaful Plan

A Guide to Critical Illness Insurance / Takaful Plan

A Guide to Critical Illness Insurance / Takaful Plan
In today's fast-paced world, health uncertainties are a constant concern. The rising incidence of life-threatening illnesses emphasises the need for comprehensive health coverage. Critical illness insurance / Takaful plans provide a crucial safety net, offering financial support during the most challenging times. This article delves into the intricacies of critical illness insurance / Takaful, including a glimpse into Sun Life Malaysia's extensive coverage of 46 critical illnesses.

What Is Critical Illness?
Critical illness refers to severe, often life-threatening conditions that require significant medical intervention and can drastically alter one's lifestyle. These illnesses not only pose a serious health threat but also come with substantial financial burdens due to high treatment costs and the potential loss of income.

Critical illness insurance / Takaful step in to provide financial relief, ensuring that the focus remains on recovery rather than on the associated costs. By offering a lump-sum payout upon diagnosis, this insurance / Takaful plan helps cover medical expenses, rehabilitation, and other financial commitments during the treatment period.

The Comprehensive Critical Illness List
Sun Life Malaysia's commitment to comprehensive health coverage is evident in its extensive list of 46 critical illnesses. This coverage ensures that policy owner / contract holder are protected against a wide range of conditions, providing peace of mind and financial security.
Below’s a brief overview of the illnesses covered in the critical illness list and you can find the definitions in the list here.

1.         Alzheimer's Disease/Severe Dementia
2.         Angioplasty and Other Invasive Treatments for Coronary Artery Disease
3.         Apallic Syndrome (i.e. Persistent Vegetative State (PVS))
4.         Bacterial Meningitis
5.         Benign Brain Tumour
6.         Blindness - Permanent and Irreversible
7.         Brain Surgery
8.         Cancer
9.         Cardiomyopathy
10.       Chronic Aplastic Anemia
11.       Chronic Relapsing Pancreatitis
12.       Coma
13.       Coronary Artery By-Pass Surgery
14.       Creutzfeldt-Jakob Disease (Mad Cow Disease)
15.       Deafness - Permanent and Irreversible
16.       Elephantiasis
17.       Encephalitis
18.       End-Stage Liver Failure
19.       End-Stage Lung Disease
20.       Full-Blown AIDS
21.       Fulminant Viral Hepatitis
22.       Heart Attack
23.       Heart Valve Surgery
24.       HIV Infection due to Blood Transfusion
25.       Kidney Failure
26.       Loss of Independent Existence
27.       Loss of Speech
28.       Major Head Trauma
29.       Major Organ/Bone Marrow Transplant
30.       Medullary Cystic Disease
31.       Motor Neuron Disease
32.       Multiple Sclerosis
33.       Muscular Dystrophy
34.       Occupationally Acquired Human Immunodeficiency Virus (HIV) Infection
35.       Paralysis of Limbs
36.       Parkinson's Disease
37.       Poliomyelitis
38.       Primary Pulmonary Arterial Hypertension
39.       Progressive Scleroderma
40.       Serious Coronary Artery Disease
41.       Stroke
42.       Surgery to Aorta
43.       Systemic Lupus Erythematosus with Severe Kidney Complications
44.       Terminal Illness
45.       Third Degree Burns

Benefits of Having Critical Illness Insurance / Takaful

1. Financial Security
Provides a financial cushion to manage medical and non-medical expenses during a critical illness.

2. Comprehensive Coverage
Sun Life Malaysia's policy covers 46 illnesses, offering extensive protection.

3. Early Detection and Treatment
Look out for certain Critical Illness Insurance / Takaful plans or add on riders that supports early diagnosis and treatment, which can improve recovery outcomes and reduce long-term health impacts.

4. Peace of Mind
Reduces the stress associated with financial concerns during a health crisis, allowing policy owner or contract holder to focus on recovery.

5. Flexibility
The lump-sum payout can be used for a variety of expenses, providing flexibility to meet individual needs.
 
6. Supplement to Health Insurance / Takaful
Complements existing health insurance / Takaful by covering additional costs and providing financial support for non-covered treatments.

Factors to Consider When Buying a Critical Illness / Takaful Plan

1. Coverage
Ensure the plan covers a wide range of illnesses and consider also including coverage for the early stages of critical conditions.

2. Payout
Check the sum assured and ensure it aligns with potential medical and living costs.

3. Premiums/Contributions
Evaluate the affordability of premiums or contributions in relation to the benefits offered.

4. Exclusions
Understand what is not covered by the policy or Takaful plan to avoid surprises during claim time.

5. Survival Period
Be aware of the survival period upon diagnosis before a claim can be made, typically around 30 days.

6. Terms and Conditions
Review the policy or plan terms and conditions carefully, including any age limits and renewal conditions.

7. Reputation of Insurer
Choose a reputable insurance / Takaful provider with a strong track record of claim settlements and Client service.

Comprehensive Critical Illness / Takaful Cover for You and Your Loved Ones
By opting for Sun Life Malaysia’s critical illness insurance / Takaful plan, you are not just securing financial protection but also gaining peace of mind with a policy that covers a broad spectrum of illnesses. This comprehensive coverage ensures that you and your loved ones are well-protected against the uncertainties of life. For more details, visit Sun Life Malaysia.


FAQs about Critical Illness

A critical illness is a severe health condition that requires extensive medical treatment and significantly impacts one's life. These include conditions such as cancer, heart attack, and stroke.

The top three critical illnesses commonly covered by insurance policies are cancer, heart attack, and stroke

Anyone who wants financial protection against severe health conditions can benefit from critical illness insurance. It is particularly valuable for those with a family history of critical illnesses or individuals in high-stress or high-risk professions

The processing time for a critical illness claim can vary but typically ranges from a few weeks to a few months, depending on the complexity of the claim and the Insurer/Takaful Operator's procedures

The survival period is the time the insured must survive upon diagnosis to be eligible for the claim benefits. This period is usually around 30 days

The benefit is typically paid as a lump sum directly to the policy owner or contract holder upon the diagnosis of a covered critical illness

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