Critical Illness insurance can provide payment when diagnosed with conditions such as Cancer, the third leading cause of death in the UAE
DUBAI, United Arab Emirates: With October marking Breast Cancer Awareness Month, the GCC region's largest independent insurance broker has highlighted the importance of Critical Illness insurance.
In the UAE, cancer is the third leading cause of death, after cardiovascular disease and accidents, according to the Centre for Arab Genomic Studies. Breast cancer is also the most common cancer for females in the UAE, and Arab nationals tend to develop breast cancer 10 years earlier than Western nationals, according to the organisation. Health Authority Abu Dhabi also recently reported that breast cancer was the leading cause of cancer deaths in 2012 (13.3%).
Reducing the public healthcare burden for treating conditions like cancer, GCC countries are said to be implementing mandatory health insurance plans for both expatriate residents and Gulf nationals, according to a recent report from investment bank Alpen Capital.
“While private medical insurance is on the rise across the region, it is important to remember that this only covers the treatment of an illness,” said Tarun Khanna, CEO, Nexus Insurance Brokers.
“Critical Illness is a form of cover that pays out a predetermined amount of money in a lump sum on the confirmed diagnosis of any of the policy's listed illnesses. It is also important to note that critical illness cover is only available to those who apply whilst in good health.” What happens if an individual suffers from a critical illness like cancer, and misses work for several months? It's not a situation that we like to think about. But critical illness insurance can provide peace of mind because it will replace income, keeping families together during a difficult period and allowing the patient to focus on their well-being and recovery,” added Khanna.
Critical illness insurance policies are either standalone or provided as an additional benefit to a life insurance policy (whole of life or term). They provide a lump sum cash payment on diagnosis of any one of typically over 30 listed illnesses.
Over 80% of critical illness insurance claims are for three life-threatening conditions: cancer, heart attack, and stroke, according to the North American-based Society of Actuaries. Depending on the insurance provider, policies may also include illnesses and disabilities such as angioplasty, paralysis, blindness, multiple sclerosis, Alzheimer's disease, deafness, or loss of limbs, third degree burns, traumatic head injury, Parkinson's disease and major organ transplants.
“Critical illness pay-outs can be used in a variety of ways,” said Khanna.
“It can be used to keep up to date with loan, mortgage or rental payments. Additionally it can be used towards daily household expenses such as school fees. The insurance payment can also be used to pay for medical expenses not covered by insurance, such as experimental treatments and towards extra nursing care or household help. Essentially, this benefit can help to alleviate all those pressures while allowing you to retain your home, your possessions and all things you value dearly.”
–ENDS–