Connect with us

Critical Illness Cover and why you need it

You may be fit and healthy now but did you know that you are five times more likely to suffer from a disease such as heart disease, cancer, or stroke, than to die before you retire? Figures from the Hong Kong Cancer Registry Hospital Authority show that 25% of men and 20% of women will develop cancer before they reach 70 years of age.  According to global re-insurer Swiss Re, the average age for someone making an insurance claim due to cancer is just 43.7 years old.

The Hong Kong Census and Statistics department shows 54% of the Hong Kong population do not have medical insurance and are not covered under a policy from their employer. Are you one of them?  

Critical Illness Insurance pays a cash lump sum when the insured person is diagnosed with a disease which has been predetermined in the Critical Illness insurance policy. The proceeds from these policies allow people to pay for the extra treatments which may not be covered by their health insurance policy or to pay for their family’s expenses, should they be forced to stop working.

Common diseases covered by this insurance are Cancer, Stroke, Heart Disease and Loss of Limbs, alongside a varying range of other illnesses and disabilities. Coverage of these diseases varies between insurers, with some using a far wider range of Illnesses and disabilities. Typically, the more comprehensive the coverage, the more expensive it is. Thus, when choosing the most suitable policy for you, it is essential that you base your decision not only on cost, but on the coverage which you require.

You may be fit and healthy now but you cannot afford to ignore the facts, statistics show you are five times more likely to suffer from a disease such as heart disease, cancer, or stroke, than to die before retirement. Figures from the Hong Kong Cancer Registry Hospital Authority show that 1 in 4 men and 1 in 5 women will develop cancer before they reach 70 years of age. And according to global re-insurer Swiss Re, the average age for someone making an insurance claim due to suffering from cancer is just 43.7 years old.

People in Hong Kong spend a great deal of time looking to build up savings and investments over the course of their working lives, but even if they can be cashed in at short notice in order to pay for medical treatment or to replace income for a certain period, it is not a long term solution, and also means that it is no longer available to use for its intended purpose. With this in mind, insurer’s statistics highlight that a worryingly small percentage of people around the world have insurance in place to protect themselves and their families. Research from global insurer Friends Provident indicates 24 million people in the UK (nearly half the population) have no insurance in place to cover loss of income either through illness or the death of the main breadwinner. And the situation is worse in Hong Kong, where the Census and Statistics department shows 54% of the Hong Kong population do not have medical insurance and are not covered under a policy from their employer.

At mymoney.com.hk and Capstone Financial, we offer a range of the leading Life and Critical Illness insurers in Hong Kong. Our unique processes are designed to help you with the wide range of choices available, leaving you comforted in the knowledge that you have taken out the most appropriate policy for yourself or your loved ones. Please click here to learn how to protect yourself & your family.