medical insurance plan: Better safe than sorry

• Image Credit: Corbis/ArabianEye.com
• Critical illness cover may be purchased by individuals in conjunction with a life insurance or term assurance policy at the time of a residential purchase, known as a ‘bolt-on’ benefit.

Over the years that I’ve been in the business, I’ve come across a lot of people who confuse a critical illness plan with a medical insurance policy. Yes, you are likely to be reminded now of that zealous insurance agent who tried shoving that critical illness plan down your throat when you opted for a life insurance plan. Like most of us, you brushed aside his visions of doom; reasoning that you are too young to worry about stuff like this. I mean, who worries about critical illness at 28, right? Wrong.

According to Cancer Research UK, one in three people are likely to develop cancer during their lifetime. Here’s another fact: It has been reported that smoking, stress, junk food and lack of exercise are creating heart-disease patients in the UAE 15 years earlier than in the West. The truth is that most of us have some sort of medical insurance, in most cases that cover has been provided to us by our employer, under the guidance of the Labour Law. But what happens if you’ve suffered a heart attack?

Here’s a likely scenario: In the event that you suffer a critical illness, the doctor advises you to take a break from work for three months, work half-days for the next three and you are also forbidden to drive. Your employers keep you on the company sponsorship and probably give you some income on a monthly basis, but how long do you think it will be before your boss is forced to cut you loose? After all, he’s got a business to look after.