Critical illness insurance falls under Medical and Health protection. Is one of the most important policies you should consider buying aside from the medical and hospitalization cover. Critical illness insurance will provide you with a fixed amount of money (lump sum payment) once any one of the 36 specified critical illnesses is diagnosed.

Why do I need critical Illness insurance if I already have a Medical & Hospitalization Insurance?

This financial support is critical because these treatments are extremely expensive. However, your regular medical insurance (Medical & Hospitalization insurance) will not pay for them. Hence it is important to buy additional protection, because you do not want to be in the situation, where money is the determining factor between life and death. This becomes even more important with the rising treatment cost in Malaysia.

As an example, we will briefly go into each one based on Prudential’s list of critical illnesses covered under their product Crisis Defender. However, many other insurance companies offer similar products and we from iBanding do not favor any of the insurance companies or products.

It is good to note that not all insurance companies’ definition of the 36 illnesses are the same, hence there may be very slight differences. So it is best to compare a few products from different companies before deciding on one that is right for you.

36 Critical Illness List:

1. Alzheimer’s Disease or Severe Dementia – Deterioration or loss of intellectual capacity arising from Alzheimer’s Disease or Severe Dementia as a result of irreversible organic brain disorders.
2. Angioplasty and other invasive treatments for coronary artery disease
   – Coronary Artery Balloon Angioplasty, urethrectomy, laser treatment or the insertion of a stent to correct a narrowing or blockage.
3. Bacterial meningitis
   – resulting in permanent inability to perform Activities of Daily Living
4. Benign Brain Tumor
   – A benign tumour in the brain or meninges within the skull.
5. Blindness
   – Permanent and irreversible loss of sight as a result of accident or illness.
6. Brain Surgery
   – The actual undergoing of surgery to the brain under general anaesthesia during which a craniotomy (surgical opening of skull) is performed.
7. Cancer
   – Any malignant tumour positively diagnosed with histological confirmation and characterized by the uncontrolled growth of malignant cells and invasion of tissue.
8. Cardiomyopathy
   – diagnosis of cardiomyopathy by a cardiologist which results in permanent impaired ventricular function and resulting in permanent physical impairment.
9. Chronic Aplastic Anaemia
   – Irreversible permanent bone marrow failure which results in anaemia, neutropenia and thrombocytopenia
10. Coma
    – resulting in permanent neurological deficit with persisting clinical symptoms
11. Coronary Artery By-Pass Surgery
    – Actual undergoing of open-chest surgery to correct or treat Coronary Artery Disease (CAD) by way of coronary artery by-pass grafting.
12. Deafness
    – Permanent and irreversible loss of hearing as a result of accident or illness.
13. Encephalitis
    – Severe inflammation of brain substance resulting in permanent inability to perform activities of daily living
14. End-Stage Liver Failure
    – evidenced by permanent jaundice; ascites (excessive fluid in peritoneal cavity); and/or hepatic encephalopathy.
15. End-Stage Lung Disease
    – End-stage lung disease causing chronic respiratory failure.
16. Full Blown AIDS
    – must be supported by the results of a positive HIV (Human Immuno-Deficiency Virus) antibody test and a confirmatory test.
17. Fulminant Viral Hepatitis
    – A sub-massive to massive necrosis (death of liver tissue) caused by any virus.
18. Heart Attack
    – Death of heart muscle, due to inadequate blood supply.
19. Heart Valve Surgery
    – The actual undergoing of open-heart surgery to replace or repair cardiac valves as a consequences of heart valve defects or abnormalities.
20. HIV Infection Due to Blood Transfusion
    – Infection with the Human Immuno-Deficiency Virus (HIV) through a blood transfusion.
21. Kidney failure
    – End-stage kidney failure presenting as chronic irreversible failure of both kidneys to function requiring dialysis or kidney transplant.
22. Loss of Independent Existence
    – Confirmation by an appropriate specialist of the loss of independent existence and resulting in a permanent inability.
23. Loss of Speech – Total, permanent and irreversible loss of the ability to speak as a result of injury or illness.
24. Major Head Trauma – resulting in permanent inability to perform Activities of Daily Living.
25. Major Organ / Bone Marrow Transplant – The receipt of a transplant of Human bone marrow, heart, lung, liver, kidney, pancreas as a result of irreversible end-stage failure of the relevant organ.
26. Medullary Cystic Disease – A progressive hereditary disease of the kidneys characterized by the presence of cysts in the medulla, tubular atrophy and interstitial fibrosis with the clinical manifestations of anaemia, polyuria and renal loss of sodium, progressing to chronic kidney failure.
27. Motor Neurone Disease – permanent neurological deficit with persisting clinical symptoms.
28. Multiple Sclerosis – A definite diagnosis of multiple sclerosis by a neurologist.
29. Paralysis of Limbs – Total, permanent and irreversible loss of use of both arms or both legs, or of one arm and one leg, through paralysis caused by illness or injury.
30. Parkinson’s Disease – resulting in permanent inability to perform Activities of Daily Living.
31. Primary Pulmonary Arterial Hypertension – A definite diagnosis of primary pulmonary arterial hypertension with substantial right ventricular enlargement established by investigators including cardiac catheterization, resulting in permanent physical impairment.
32. Serious Coronary Artery Disease – The narrowing of the lumen of Right Coronary Artery (RCA), Left Anterior Descending Artery (LAD) and Circumflex Artery.
33. Stroke – Death of brain tissue due to inadequate blood supply, bleeding within the skull or embolization from an extra cranial source resulting in permanent neurological deficit with persisting clinical symptoms.
34. Surgery to Aorta – The actual undergoing of surgery via a thoracotomy or laparotomy (surgical opening of thorax or abdomen) to repair of correct an aortic aneurysm.
35. Systemic Lupus Erythematosus with Severe Kidney Complications – A definite diagnosis of Systemic Lupus Erythematosus confirmed by a rheumatologist.
36. Third Degree Burns – Skin burns covering at least twenty percent (20%) of the total body surface area.

When should I buy Critical Illness insurance?

How can one decide which policy to purchase? Start by looking at your family history. Does any of your parents, grandparents, siblings or cousins have any of the critical illnesses that is known to be family related such as cancer? If the answer is yes, act quickly and get covered. You are more likely than others to be affected by a critical illness.

Often times, insurance company will sell you insurance only at a higher price, because you have a higher risk than others. But if you act now, you might be able to avoid this higher price. Speak to your trusted insurance agent to help you find out which product is best for you based on your needs and financial situation.

Read our article on Medical and Health Insurance to find out more why this plan is important for you.

Source:
https://www.malaysiakini.com/advertorial/318645
http://www2.prudential.com.my/export/sites/default/prudential_en_my/resources/producttables/36_CI_032016.JPG
https://www.prubsn.com.my/PruBSN/DownloadServlet?id=47&en_bm=url_en