The Importance of Critical Illness Cover
In an ideal world, where everyone is healthy and no one is susceptible to any illness, critical illness cover wouldn’t be a necessity. However, the sad reality is that global critical illness statistics are depicting startling numbers and an increased ‘per individual’ risk of being diagnosed with a critical illness at some point in your lifetime.
We are increasingly seeing that it’s no longer about ‘if’ you will get a critical illness, but ‘when’ you will get a critical illness. As a result, not having suitable critical illness protection in place can leave people feeling very vulnerable regarding their financial commitments, at a time when their main focus should be on their recuperation and long-term physical and mental wellbeing.
Common misconceptions about medical cover
Unfortunately, critical illness cover is often misunderstood as providing protection similar to medical health cover or medical insurance. This misconception has resulted in many people opting to rely on their company’s medical insurance scheme, and not exploring or understanding the need for critical illness cover and the additional benefits and security that this product can provide. This was further highlighted through a recent survey conducted by Friends Provident International in the UAE.
We asked approximately 750 of our existing customers (who had no critical illness policy with us), why they didn’t feel the need to opt for critical illness cover. Almost 30% of them believed that their medical insurance was sufficient to look after their requirements (medical and financial) should they be diagnosed with a critical illness or disability. In our opinion this misconception is one of the major reasons why there isn’t sufficient critical illness cover taken up in this region.
Supplementing your medical insurance
Under a critical illness policy a lump sum payment is made direct to the customer on diagnosis of one of the specified illnesses/disabilities covered under the policy. The funds can be used to supplement gaps in cover under medical insurance and the customer can also use the claim proceeds to help cover the cost of daily living and ongoing financial commitments, enabling them to focus on their immediate treatments and long-term recovery.
Historically, a critical illness policy would only cover a small number of catastrophic medical emergencies such as cardiac arrest, stroke and cancer. Today, policies offer more extensive coverage across a range of critical illnesses and disabilities that vary in severity. Our CI and disability benefit cover provides adult protection against 35 different types of critical illnesses including cancer, heart attacks and permanent disability. It also provides protection against 26 different types of illnesses and disabilities under the Children’s Critical Illness and Disability Benefit, offering policyholders free coverage for their children, including any future children.
Protecting you and your family
The types of critical illness policies available in this market are undoubtedly among the best in terms of coverage and keeping the customers’ interests at heart. Friends Provident International is seen as one of the best providers of this type of product in the market with generous non-medical limits enabling customers to obtain large sums of protection without having to undergo any medical examinations.
We are proud to have received recognition for our International Protector Middle East (IPME) term assurance plan, at the International Adviser Global Financial Services Awards 2019.
Today we are witnessing how critical illness cover is becoming of utmost importance. Take a look at our video, outlining how critical illness cover could benefit you and your family
Life changes. Be prepared. Be protected
David Kneeshaw – CEO of IFGL
Message from the CEO – September 2020
As you will know by now, Friends Provident International (FPI) is now part of International Financial Group Limited (IFGL). As the CEO of IFGL, I am delighted that the transaction is now complete and have the opportunity to speak to you.