Are You Prepared for Critical Illness?

Sickness and disease. These two words concern us a lot because the thought of them keeps us from living and enjoying life—being bedridden or confined in a hospital is never something anyone would wish upon themselves. But what worries people most is being diagnosed, and dealing with a critical illness.

What is considered a critical illness?

Critical illness is any life-threatening condition or disease. If left untreated, a critical illness could impair your ability to live properly and could even result in death. According to preliminary data from the Philippine Statistics Authority 2022 report, the top 3 causes of death in the country are heart diseases, cerebrovascular diseases like stroke, and cancers.

In the report, 77,173 deaths were recorded from January to September 2022, with an estimated 38.8% of the mortality attributed to the abovementioned critical illnesses. Diabetes mellitus, hypertensive diseases, and pneumonia are also among the leading causes of death.

What does having a critical illness mean for you and your family?

Without question, a critical illness can be a frightening dilemma. It is a source of severe physical and emotional distress and it places a huge burden on the family’s finances. According to Ipsos HK, a globally-recognized research company in Hong Kong, you might spend up to hundreds of thousands to deal with a critical illness. Here are some estimates:

• Lung Cancer – PHP 2.78 million
• Stroke – PHP 1.8 million
• Acute Heart Attack – PHP 978,650
• Breast Cancer – PHP 438,000

If you think you don’t have the resources to pay for hospital bills and doctor’s fees, you are not alone. Eighty percent of Filipinos find the cost of critical illness treatment in the country too expensive, with over 50% admitting that they are unprepared for medical costs in case they are diagnosed with life-threatening illnesses. The good news is that the younger generation is becoming more financially aware as a result of the pandemic and are investing in their health, well-being, and futures.

Is there a way to ease the financial burden of a critical illness?
Yes, with the right plan including critical illness coverage. Critical illness coverage is usually a rider or added benefit to any insurance policy to provide a strong buffer against the high costs of life-threatening sickness or disease.

If you’re wondering when to buy critical illness insurance or get additional critical illness coverage in your plan, the answer is as soon as you can, even before you get diagnosed with a critical illness. This is so your insurance is already active, should you contract a critical illness.

Age is also a factor in insurance so the older you get, the higher the premium or cost of coverage. But if you start investing in critical illness coverage earlier in life, your premium amount can be significantly lower.

Manulife Philippines offers critical illness coverage as an optional benefit when you purchase any of the following life insurance products:

• Manulife Horizons
• Manulife Seasons
• Manulife Freedom
• YRT and React5
  
  

Is critical illness insurance necessary?

Paying out of pocket for a critical illness could eventually deplete your savings, and you may find yourself in debt. But if you invest in critical illness coverage, you can worry less about this huge financial burden. If you have questions about critical illness coverage and life insurance, we can schedule a sit-down with you to help you choose the right plan that meets your needs and budget.

Yes, if you want to be prepared for emergencies. No one wants to be diagnosed with a critical illness, but sadly, it is out of our hands. But what we do have control over is our financial readiness.

Paying out of pocket for a critical illness could eventually deplete your savings, and you may find yourself in debt. But if you invest in critical illness coverage, you can worry less about this huge financial burden.

If you have questions about critical illness coverage and life insurance, check out Manulife's critical illness insurance plans and rider, or talk to a financial advisor to choose the right plan that meets your needs and budget.