Can your insurance cover critical illnesses like a heart attack, cancer or stroke? Unlike other health problems, these conditions may require surgery, prolonged hospital stays and rehabilitation. Your medical bills will likely exceed the limits of your regular insurance plan, PhilHealth or your HMO.

That's why you need critical illness insurance even if you already have some form of medical coverage. Think of regular insurance as a reliable, all-weather umbrella that provides broader protection for a wide range of illnesses and basic healthcare needs. However, an umbrella can't withstand the downpour of a strong typhoon—you need a sturdier structure that keeps out the wind and flood.

Critical illness insurance is specifically designed for the “financial storms” of a major health crisis. Find out more about how it works, if you need one and how to find the best plan for your needs.

What are critical illnesses?

Critical illnesses are severe, life-threatening health conditions that require intensive medical intervention. While many people survive critical illnesses and enjoy a “second chance at life” they may need extensive treatments and many months of recuperation. Some people may develop disabilities or chronic pain that will affect ability to work.

Examples include:

• Heart attack
• Cancer
• Stroke
• Kidney or renal failure
• Major organ transplant
• Coronary bypass
• Angioplasty
• Paralysis
• Multiple sclerosis
• Advanced Alzheimer’s disease
• Severe burns
• Coma

What are the some of the most common critical illness costs?

Medical expenses can vary according to the specific illness, its severity and the type and duration of treatment. Medical treatments and professional fees can also have different prices depending on the facility and location.

• Medical treatments. Critical illnesses often require procedures like surgery, chemotherapy or dialysis.
• Professional fees. Many critical illnesses affect several organs or lead to complications that require the attention of a medical specialist. You may need several doctors who will work together to provide holistic care.
• Hospitalization. Fees include room charges, use of medical equipment like heart monitors or CPAP machines, nursing care and other associated expenses.
• Rehabilitation. Some critical illnesses like stroke may require rehabilitation services like physical therapy and speech therapy.
• Medications. Specialized drugs or maintenance medication can significantly contribute to the financial burden.
• Follow up care. This includes regular check-ups, diagnostic tests or out-patient treatment.
• Loss of income. Critical illness can lead to temporary or permanent disability which affects your ability to work. You will have to plan for both the increase of expenses and a loss in regular income.
• Non-medical expenses. This includes transportation to medical appointments, hiring a home nurse, home modifications or equipment, special diets or nutritional needs, etc.

How can critical illness insurance protect you and your family?

If you are diagnosed with a critical illness, you receive a lump sum that you can use to cover immediate medical expenses, long-term care or maintenance medication and loss of income.

This ensures that you get the proper medical care without worrying about its financial impact on your family. You can still send your kids to school, cover household expenses or meet loan payments. If you’re the family breadwinner, this can give you tremendous peace of mind amid many physical and emotional challenges.

In the worst-case scenarios of a terminal illness or unexpected complications that lead to premature death, your critical illness coverage is your final legacy. Your family receives a tax-free payout so they can remain financially stable and enjoy the life you always wanted for them. Even when you’re gone, they can feel your love and protection.

Should I get regular or critical illness insurance?

You don’t choose between owning an umbrella or a home with a solid roof. You need both tools to prepare for fluctuating weather.

In the same way, you can build a comprehensive health plan that can cover all situations and needs.

Regular insurance can provide general coverage for a wide range of health conditions. Critical illness insurance gives extra protection for severe, life-threatening conditions and expensive medical treatments.

You can also take other steps, like building emergency fund to support you during a recovery period or making investments that can generate income in case you are no longer able to work.

Who needs critical illness insurance?

Anyone can benefit from comprehensive insurance. However, you may have a higher risk for critical illnesses or are more vulnerable to its financial impact.

• You have a family or medical history of serious illnesses.
• You have chronic conditions that increase your risk for critical illnesses (i.e, high cholesterol levels or obesity)
• You have a job or lifestyle that increases your health risks.
• You have several dependents who rely on your income for financial support.
• You are the sole breadwinner.
• You do not have substantial savings to cover the costs of critical illness treatments.
• You do not have an alternative source of income if you are unable to work.
• You have long-term loans or other financial obligations.
• You want to ensure access to specialized medical treatments and interventions.

When should I start considering critical illness insurance?

Don’t wait until you feel the symptoms before you start preparing your health plan. If you get insurance plans at a younger age, you may be able to get lower premiums because you have less health risks and have more time for the policy to mature.

Critical illnesses can also strike at any age. Some of the leading causes
of death in the Philippines [DP1] include ischemic heart diseases, cancer and cerebrovascular diseases (stroke, aneurysms).

So, get insurance protection as soon as you can. Just like healthy habits lower your risk for disease, insurance boosts your financial immunity to crises and challenges.

[H2] Where can I get critical illness insurance?

BPI AIA offers comprehensive critical illness insurance plans that provide a lifetime of health protection.

• Critical Care 100 is a health insurance plan that provides critical illness coverage until age 100. With this policy, you’ll receive cash benefits to help you recover from any of the covered illnesses.
• Critical Care Max is a unit-linked health and life insurance plan that provides financial benefits at the early stages of a critical illness. You’ll receive cash benefits upon diagnosis of any of the covered critical conditions.
• Critical Care Plus is a unit-linked health and life insurance plan that takes care of serious health-related expenses and grows your fund for future healthcare needs. You’ll also have access to Accident Protection, a cash benefit in case of accidental death, dismemberment or disability.

Other plans also provide the option to add critical illness riders to extend your medical coverage. Our Bancassurance representatives can present your options and their respective benefits.

Protect yourself from financial worries

Critical illness insurance provides a financial safety net for serious medical conditions. It can take care of your hospital bills and other needs like mortgage payments, groceries, utility expenses and more.

Book a virtual appointment with one of our Bancassurance Sales Executives today to learn more about how you can get comprehensive protection for any health crisis.