Skip to main content
Back

Are You Prepared for Critical Illness?

Getting sick is inevitable, but you can prepare for it

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 no fun at all. But what worries people the most is being diagnosed, and dealing with, critical illness.

 

What is a critical illness?

Critical illness is a life-threatening condition. If left untreated, a critical illness can impair your ability to live properly and may result in death. According to a report by the Philippine Statistics office in 2016, heart disease, cancer and pneumonia were the top causes of death in the country. Out of 582,183 registered deaths in 2016, 74,134 cases were attributed to acute heart disease. Cancer was responsible for 60,470 deaths while pneumonia had 57,809 cases for both men and women. Tuberculosis and diabetes were also included as leading causes of death.

What does having 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. Approximately eighty-four percent of Filipinos are reportedly unprepared for medical costs in case they are diagnosed with life-threatening illnesses.

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 add-on) to any insurance policy to provide a strong buffer against high costs of life-threatening sickness or disease.
Manulife Philippines offers critical illness coverage as an optional benefit when you purchase any of the following products:

  • Manulife Horizons
  • Manulife Affluence Builder
  • Manulife Affluence Builder Plus
  • Manulife Education Builder
  • Manulife Seasons
  • Manulife Freedom
  • YRT and React5

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.

 

ARTICLE REFERENCES:
     • https://psa.gov.ph/content/deaths-philippines-2016
     • https://www.manilatimes.net/at-a-glance-the-philippine-health-care-system/395117/
     • http://www.myfinancemd.com/cost-getting-seriously-sick-philippines/
     • https://www.rappler.com/brandrap/brighter-life/152573-real-cost-serious-illnesses-ph
     • https://www.philstar.com/business/banking/2014/11/25/1395413/most-filipinos-unable-meet-medical-costs-critical-illnesses

If you liked this article, you may find these interesting

  • The Gift that Keeps on Giving

    Insurance plans are priceless gifts to give to others, and to yourself

    Read more
  • How not to be a Worrier

    Give your hard-earned money a chance to grow. 

    Read more
  • Make the most of your Christmas Money

    Think of ways to use your Christmas bonus more responsibly and still reward yourself. 

    Read more
See all
Confirm