Levelling Up Your Critical Illness Coverage to Multi-Pay

Did you know that Critical Illness (CI) insurance was invented by a cardiologist? 

Dr. Marius Barnard saw his patients fall into financial hardship after the expensive treatments. After years of garnering support from insurers, the first CI policy was launched in 1983, covering 4 illnesses: heart attack, cancer, stroke, and coronary artery surgery.

Today, the number has expanded to 37, including conditions such as coma, brain tumour, kidney failure, and others. 

In 2008, the first early-stage CI policy was launched and is now a common feature in all CI policies today.

Based on our latest claim statistics, about 50% of CI  claims are for clients aged between 46 to 55, and about 30% for those between 36 to 45. As you can see, these claimants are relatively young. 

The incidence rate of diseases such as heart attack and cancer among the young is on the rise. Even a super fit 29-year old professional footballer can collapse suddenly from cardiac arrest (get well soon Christian Eriksen!). The chance of a second CI as one grows older is also very likely.

If you own a single-pay CI policy, it is certainly worth levelling up your cover to early-stage and multi-pay CI coverage.

A multi-pay CI policy "resets" its coverage every time a CI claim is paid out, up to as many as 5 times! For example, if one is diagnosed with cancer and recovers after treatment, and suffers a relapse a few years later, the multi-pay policy would cover both occurrences, and beyond.

And here's why you need a multi-pay CI policy. If you are diagnosed with a CI and only have single-pay coverage, not only will you lose your cover after it has been paid out, your chance of buying another policy after that is almost zero! 

With a multi-pay CI policy, you are securing your future insurability and having a golden armour that protects you, no matter how many times the adversary of critical illness tries to bring you down.

So start leveling up your CI coverage today!

- CJH