What is Critical Illness Insurance and Who Should Have It?

What is Critical Illness Insurance and Who Should Have It?

No one can predict when or what disease will strike in the future. Even the risk of disease will still exist, and can come at any time even though the person has adopted a healthy lifestyle.

It's no secret that the cost of treating the disease is not cheap. For your information, according to data from Mercer Marsh Benefits in 2019, it is predicted that Indonesia will have inflation or an increase in medical costs of up to 11 percent each year.

With this increase in medical costs, maintaining health and preparing for the possibility of suffering from a critical illness in the future is a very important step.

So, what are the most common examples of critical illness?


Types of Critical Illness

Before we discuss further about critical illness insurance, it's good for us to first identify what is included in the critical illness?

According to Research and Basic Health data (Riskesdas 2018). There are several types of critical illness, including:

1. Stroke

A stroke occurs when there is a disruption in the blood supply to the brain. Launching an article on the Hellosehat website, it was stated that the cost of stroke treatment could reach around Rp. 150 million to Rp. 450 million.

2. Cancer

The second critical illness that causes the highest mortality is cancer. Cancer is actually another term for malignant tumors in several parts of the body, which can affect all people and all age groups.

Cancer treatment costs are also not cheap. According to the Director of the Jakarta Dharmais Cancer Hospital, the cost of treating cancer patients must undergo various series of treatments such as chemotherapy, immunotherapy, to surgery. In addition, patients must receive support from supporting facilities such as CT scans and blood transfusions, which in total can cost up to IDR 300 million.

3. Diabetes

Diabetes is a type of chronic metabolic disease caused by reduced effectiveness of insulin. If injured, diabetic patients are also difficult to heal, so not infrequently, they have to undergo an amputation process which costs up to around Rp. 150 million.

4. Heart

Disorders of heart disease are quite diverse, ranging from disorders of blood vessels, rhythms, valves and others. The cost of heart treatment also varies, but what is clear is that it can reach around Rp. 250 million.

5. Other Critical Illnesses

Of course, there are still some critical illnesses besides the four diseases above that we must be aware of. Several other critical illnesses are kidney failure, acute nervous disorders, hepatitis, meningitis, to HIV/Aids.

Just imagine, when someone is exposed to a critical illness, there will be some risks that arise in the future. The two greatest risks of this disease are the inability to earn a living and death.

What would happen if the breadwinner contracted this disease when he was still productive? Of course, the family will be burdened financially.

Therefore, having critical illness insurance become a necessity, to complete Health Insurance. Critical illness insurance will protect us from financial losses due to the cost of treating this disease.

What are the criteria for good critical illness insurance? How do we choose insurance so that it is right for us? Let's see the explanation below here.


Criteria that need to be considered from critical illness insurance

1. Broad Protection Coverage

A good critical illness insurance should have a fairly broad coverage of protection. The more types of critical illness that are covered by protection, this shows the more complete protection that can be provided by the insurance.

Everyone has a different medical history. Therefore, the threat of critical illness that we experience cannot be equated. It is very important to recognize the types of critical illness that are included in the coverage of an insurance protection.

2. Benefits of Death

Without a death benefit, of course a critical illness insurance can be said to be incomplete. This benefit will be very useful for the bereaved family, so that they can continue to live properly.

When a family head is not covered by this insurance and dies due to a critical illness, it is very likely that the emergency funds will be used to pay for medical expenses during illness, to sell assets to pay for these costs.

After that, the families left behind will lose their income and assets, and eventually their standard of living will drop. What if the family in question still has debts? Their financial burden will certainly feel very heavy.

3. Easy Claim Process

A good insurance claim process, of course, must be easy and not long-winded. When the claim documents are complete, within a certain period of time, the sum insured will reach the Insured's family.


Tips for Choosing Critical Illness Insurance

Choosing this insurance certainly can not be arbitrary. What happens if we choose the wrong insurance? Our finances can obviously be disrupted because we continue to pay premiums but the protection from insurance is not appropriate.

Here are tips for choosing critical illness insurance that you should know.

1. Know Yourself and Inherited Diseases

The first step, of course, is to identify yourself and know the history of the disease or hereditary disease. Hereditary disease is actually a disease that is passed from one or both parents to their children.

Everyone certainly wants to have a healthy body, but this hereditary disease is generally difficult to avoid and can attack us in the future. In addition to hereditary diseases, also know our health history well. So that we can understand the risks to our health in the future.

2. Adjust Premiums With Income

The more protection coverage we take in a critical illness insurance, the greater the premium that must be paid. Remember the first point above, know yourself and also identify hereditary diseases and other diseases that have the potential to attack us in the future and adjust which needs can be covered with our income.

3. Choose Trusted

Not a few insurance companies that offer products that are quite tempting with low premiums. But are you sure it's the right product for your needs?

Choosing critical illness insurance must be selective. For example, MiUltimate Critical Care from Manulife. This insurance provides protection against 50 types of critical illness, ranging from cancer, stroke, kidney failure, Alzheimer's, heart, to HIV. MiUltimate Critical Care will also provide benefits to the Insured of 160% of the total premium paid (in addition to additional premiums) as well as a death benefit.

The sum insured provided by MiUltimate Critical Care starts from IDR 200 million. Meanwhile, the method of paying premiums is also flexible, it can be done monthly, quarterly, semester or yearly.

Those are the things you should know about this insurance. In essence, a healthy body is everyone's dream, but we must have financial health.

Critical illness can rob our family of stability in the future. So, one of the most effective ways to protect our finances in the future is to have critical illness protection.


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