Insurance Explained

Critical Illness Insurance plans are specifically designed to help you financially manage a serious medical condition or illness by providing lump-sum payments in the event that you are diagnosed with a severe and debilitating ailment.

Insurance Analysize

Why consider Critical Illness Insurance?

Should you be diagnosed with Cancer, suffer from a Heart Attack or Stroke, experience major Organ Failure, or start to develop symptoms of diseases like Multiple Sclerosis or Parkinson’s Disease, not only will you have to worry about managing the costs of treatment for the condition, but due to the severity of these illnesses you will probably be unable to continue to earn a stable income.

Thankfully, due to the excellent public healthcare system in Hong Kong, the costs of treating one of the previously mentioned illnesses can be quite reasonable if you are utilizing one of the many government-subsidized hospitals in the city. It could also be the case that your company is providing you with some form of Hong Kong Medical Insurance coverage, in which case you are able to access a range of private hospitals for your treatment.

In hospital

Additional Costs

However, outside of the costs associated with managing and treating serious debilitating, and sometimes terminal illnesses, is the impact on your overall lifestyle. It is unlikely, for example, that you will be able to adequately perform the normal duties of your occupation if you are suffering continual nausea because of a round of chemotherapy treatment; and while your company may allow you to take an extended period of sick leave, you will probably not be paid for that time off unless you have signed an extremely generous contract.

This leaves you having to worry about your Children’s school fees, the rental costs for your expensive Hong Kong apartment, mortgage payments, and other on-going expenses you may need to maintain. Having to deal with the stress of worrying about how you will cope with these bills is not going to be beneficial to your recovery, which is why a Critical Illness insurance plan in Hong Kong can provide the ultimate peace-of-mind as you know that even should a worst case situation occur, you and your loved ones will have the financial support you require to overcome an extremely serious situation.


How Critical Illness Insurance Coverage Works

Essentially, Critical Illness insurance products operate as simply as: you get sick, the insurance pays you some money. Although this is an over-simplification, it gives a very good idea of how this line of insurance coverage will work.

However, there are a number of considerations to remember with regards to this type of coverage which may impact your ability to fully use the Hong Kong Critical Illness plan you have purchased.

The first major consideration is with regards to the fact that Critical Illness Insurance in Hong Kong will not normally cover Pre-existing Medical Conditions. Pre-existing conditions are medical conditions which have developed prior to the policyholder purchasing a Critical Illness insurance plan, and will not normally be eligible for reimbursement under the plan.

The second area of consideration is with regards to a survival period which may be included on a number of Hong Kong Critical Illness Insurance options. In order to receive a settlement from a Critical Illness policy which includes a Survival Period, the policyholder will have to “survive” for a certain period of time after the illness was diagnosed. If your Hong Kong Critical Illness policy includes a Survival Period in its terms, this will usually run between 8 to 14 days. As such, the policyholder must survive for at least 14 days after diagnosis to receive their settlement under the policy. Not all Critical Illness plans in Hong Kong will have a Survival Period included with the coverage, but you should be aware of the limitations placed on your policy if one is included.


Free Critical Illness Insurance Quotes in Hong Kong

If you would like to receive a free quote for a Critical Illness Insurance plan in Hong Kong, simply complete the short form and we will get back to you shortly.

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