Critical illness in Malaysia

insurance plan for critical illness cover Malaysia

What is a critical illness?

Simply put, a critical illness is a life-threatening condition that could put one at risk of death. In this day and age, critical diseases are common in a young and thriving society where most spend their time on their electronic devices and have a careless diet consisting of fast and junk foods. However, critical illnesses are not only subjected to the youths. There are also many categories in accordance with critical diseases, and some are common among senior citizens.

Some prime examples of critical illnesses include cancer, kidney failure, liver failure, etc. Treatments for these illnesses exists, despite some treatment methods with high success rates, the cost of these surgeries or treatments is relatively high. Hence, an insurance plan for critical illness cover is preferred by many in Malaysia who are afraid and want to prepare for an unfortunate event like this. 

What is an insurance plan? 

Insurance plans are plans sealed with a contract and offer financial support when one has undergone an event resulting in a loss. Thus, there are many types of insurance policies, some examples include, car insurance, life insurance, health insurance, etc. Many assume that a health insurance will cover the cost of a critical illness but unfortunately, they are wrong. That is because a critical illness insurance plan is of a different category. In an event of a medical emergency, this insurance plan is essential for individuals who do not have an emergency fund or are unable to afford for an emergency operation. 

What does it cover? 

A typical critical illness insurance plan covers a range of critical illnesses which can go up to as much as 160 different critical illnesses for a low monthly cost. You will never know when a medical condition will strike which requires immediate treatment. Therefore, investing in a plan will be beneficial for one’s financial stability. 

critical illness insurance - Critical illness in Malaysia
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How to choose which insurance plan to go for?

In most situations a plan with a low deductible and high coverage is ideal, as medical attention is expensive. Although it depends on the condition and type of critical illness, a plan with a high deductible will be more worth it than using a huge sum to pay the medical bill. 

From when can one start investing in an insurance plan for critical illness?

In Malaysia, there are a number of companies that provide critical illness insurance plans. Online applications are more common nowadays as it is quick and convenient. Critical illness insurance plans can be purchased together with a life insurance or as a stand-alone policy. Critical illness insurance plans can be applied from as early as 14 to 35 weeks after gestation to as old as 67 years old.

Want to apply for an insurance plan for critical illness cover Malaysia? Critical illness insurance plans in Malaysia have low and high premiums depending on the individual’s income. Fortunately, all plans cover the common critical illnesses, it will be a good idea to invest in one now incase of an emergency.