Critical Illness Insurance Review (Malaysia): Don’t buy one before reading this!

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1) Are you worried that after all your years of hard work, your savings may just be totally depleted with one heart surgery? While prevention is better than cure, the topic of health and disease prevention will be covered in another post. Most people may think of insurance as a ‘cash outflow’. If you think that the cash outflow of paying to cover the annual premium is high, what about the cash outflow of a critical illness?

2) What we would like to share in this article is on the benefit of critical illness insurance and the coverage. Critical care insurance is a type of medical insurance that provides protection when a major illness occurs. 

3) Some may not agree, but to us; the critical illness insurance product is suitable for the middle-income group. The rich don’t need it and the poor can’t afford it. So, if you think that you are in this category, this is one solution that you have to seriously consider in order to reduce the financial impact on you or your family members. For the rich, they could consider this as a form of risk diversification.

4) Some may say that the list of critical illnesses is rare and the probability of getting it is low. Let us prove you wrong. Check out the statistics:

 From Ministry of Health Malaysia - 
From CRC (updated) -
5) OK, you agree that the solution is worth considering. The next step is to call your friendly insurance agent and just follow his advice? Hmmm. Your insurance agent may be working with a single insurance company or he/she may just be interested to ‘push’ you with the most ‘expensive’ product. Ultimately, you need to do some homework on what suits you and your family and also your affordability. It's worthwhile to do some research but its also important not to 'over-analyze'. Time is money and opportunity cost as well.

6) If you are not clear of the definition of critical illness, check out the definition from the Life Insurance Association of Malaysia:

 http://www.liam.org.my/pdf/CIDefinitions-Eng-Revised-May2010-(1)-final[1].pdf (updated)

If you need more information, you could just Google those medical terms. There is no need for us to reinvent the wheel here.

7) There are 3 types of critical illness insurance:

a) Investment-linked policy: The critical illness cover is added on as an additional rider. However, the premium that you need to pay gets more expensive as you get older.

b) Whole‐life with living benefits policy: Unlike a Death or Total Permanent Disability claim, the fund from this policy claim would be used by the policyholder to recover from the illness and to help cover for the medical expenses. Owning a whole‐life critical illness policy can be more costly than an investment‐linked policy with an attached critical illness rider benefit. This is simply because the insurance charges for critical illness coverage in a whole‐life policy is fixed, hence making the premium fixed for life. This also means that you don’t have to worry about any premium increment as you get older.

c) Term Policy: Term critical illness coverage is usually just that; only claimable in the event of a critical illness diagnosis. They don’t cover for death or disabilities, which is why they are so affordable. However, the affordability of a term policy also comes with a price: the renewal of the product is not guaranteed.

Source: Meshio.com

8) Life Insurance Association of Malaysia members:

 http://www.liam.org.my/index.php/life-insurance-companies/member-companies (updated)

 Please note: In conjunction with the integration of the businesses and operations of AIA and ING in Malaysia under one license effective 17 June 2013, please be advised that ING.COM.MY has been deactivated. Kindly visit AIA.COM.MY to access their new AIA servicing portals.")

If there are any major points that we’ve missed then please let us know in the comments!


Related terms:

Critical illness insurance, medical insurance, health benefit, cover, coverage, life policy

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