Is Critical Illness Coverage Worth Having?

November 27, 2020

Critical illnesses such as heart attack, stroke or cancer are the leading causes of death in the Philippines. According to Philippine statistics, there are 7 adults and 8 children who die every hour due to cancer. Despite medical advancements, treatment can still prove to be very costly.

Apart from dealing with financial concerns, learning that you are critically ill can also make you feel afraid and anxious about how you can get through the days ahead. Having a reliable critical illness coverage may help ease those worries. Here are the reasons why:

It eases the cost of treatment. Being diagnosed with cancer, heart disease, or other life-threatening conditions can be devastating. Treatment for serious illnesses costs more than regular medication, depending on the hospital and technology used. Radiation for cancer treatment, for example, costs around P1500 per session and sessions can be as often as daily for 31 days, depending on the severity of the condition. Dialysis for kidney failure costs around P1500 to P2400 per session.

The Philippine Cancer Society, in an interview, said that the Philippines is among the highest in terms of out-of-pocket costs for cancer treatment. Erika Mandanas, daughter of an ovarian cancer patient, shares that their family spent almost 5 million pesos for chemotherapy treatments alone. Imagine the amount you need to shell out for additional laboratory checkups, procedures, treatments and medications.

A critical-illness cover saves you from financial ruin as it pays out cash to cover medical and non-medical expenses, hence protecting your personal savings.

It makes you ready for the unexpected. As you age, you become vulnerable to developing serious illnesses. Statistics show that some 20% of men and 15% of women are diagnosed with a serious illness prior to retirement age.

The risk of developing a critical illness increases as you get older. Getting proper coverage provides an additional cushion to prepare you for life’s unexpected events.

It helps manage your finances. Just because a serious health condition runs in the family doesn’t mean it will automatically be passed on to you. But if people within your family share the same unhealthy habits, the risk of acquiring the disease increases.

A critical illness diagnosis on a family member can give you an idea on the cost of treatments. Make sure that you are able to manage your money sooner than later. Get insurance with critical illness coverage to soften the impact of a major illness on your family’s finances.

Your regular health plan insurance may not be enough to cover the expenses for life-threatening illnesses. This is why you need to have additional coverage to save you from financial losses.

Paramount Direct provides a wide array of products to make a stressful time easier and more worry-free for you and your loved ones.

PrimeHealth Cash Plan gets you covered for Heart Attack, Stroke, Cancer, Coronary Artery Bypass Surgery, and End-stage Renal Failure requiring dialysis and provides additional Medical Assistance Benefit of up to P20,000. This comprehensive insurance product has Life and Accidental death benefits that ensure your family’s financial well-being when things don’t go so well.

Acceptance is guaranteed in applying for our products which means that there is no need for medical examinations. Also, PrimeHealth Cash Plan covers you worldwide, 24/7.

Application age is from ages 40 to 75 years old with payment and coverage period of up to 80 years old. Enroll anytime, anywhere by visiting www.paramountdirect.com.

Whether you are single or married and have dependents, getting insurance while you are still young and healthy should be your top priority. Critical illness insurance helps cover the expenses while you recover.

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