10 Advantages of Having Life Insurance with Critical Illness Coverage in the Philippines

Introduction

Having life insurance with critical illness coverage is an essential financial product that even offers a lot of benefits to its policyholders. It serves one of the complete protection policies across stages in one’s life, providing financial stability at tough times. Here are ten advantages of having critical illness coverage in the Philippines that is integrated with life insurance incorporating insights from Wealth Arki and Ready To Be Rich YouTube channel.

Financial Protection Against High Medical Costs

This provides a lump sum payment when diagnosed with a covered illness like cancer, stroke, or heart attack. This is a benefit that can replace lost income, pay for medical treatment, or pay off your mortgage when a significant illness comes your way” quoting through Wealth Arki. He emphasizes that the price of critical illness coverage now manages future medical costs without draining the savings that one has.

Income Replacement During Recovery

A critical illness might lead to a loss of your income when you could not work. The lump sum payment from the critical illness coverage will then serve to replace this lost income, enabling you to maintain your living standard and meeting your financial obligations minus the need to work for an income, another point that Ready To Be Rich noted when they said- \”And the primary reason critical illness and health insurance is integrated with life insurance is that it gives income protection under a slow down in salary.

Comprehensive Financial Planning

It means if one is incorporating critical illness coverage with life insurance, then this guarantees more complete financial safety measures across the stages of one’s lifetime.

Peace of Mind

You’ll breathe easily because you have protection from the worst illnesses as you do from death. You can live life more vigorously if you feel reassured that your family will be provided for in case of a health catastrophe or in case something should happen to you earlier than expected. Ready To Be Rich adds that the psychological benefit from having this two-pronged protection can even do wonders for your well-being.

Better Health Care

Because having critical illness coverage can augment your financial capacity, it ensures access to better health care options for treatments and access to better medical facilities. Wealth Arki points out that with this ability, recovery and quality of life upon treatment increase significantly.

Protection from Inflation

As previously mentioned, medical expenses and basic living expenses tend to grow in tune with inflation. The critical illness lump sum ensures costs can always be met equitably, no matter what the expenses are at that time. Ready To Be Rich adds that the effects of inflation on the cost of your treatment should also be calculated as you assess the critical illness benefit.

Tax Incentives

A Life insurance policy in the Philippines -including if it has a critical illness rider -may have tax incentives attached to your premiums. It may or may not have tax deductions or exemptions from the amount payable depending on the current tax laws. It’s best to ask a financial advisor from Wealth Arki the exact tax privileges your policy may have.

Use of Benefits on Any Circumstance

The lump sum omnibus benefit payable to the insured upon critical illness diagnosis isn’t designated to just pay for medical expenses. The claim may be used for the insured’s benefit in any way, such as paying off debts, a child’s education, or covering the costs of lifestyle adjustments. Ready To Be Rich notes the flexibility this feature permits in using your benefit, allowing you to direct it to the areas that will need it most.

Enhanced Stability

Having both life and critical illness policies provides for enhanced financial stability for both you and your family. This is the key that assures you do not lose all your savings and assets due to higher medical bills or the loss of income because of that illness. Wealth Arki captures this better, that stability secures long-term financial health.

Enhanced Policy Value

Better value comes to a life insurance policy when you add critical illness coverage to it. In fact, it transforms a plain life insurance policy into a truly financial product with serious protection and many benefits. Ready To Be Rich highlights that this value makes the policies more attractive and worth buying.

Conclusion

Life insurance critical illness offers a lot of benefits like financial protection from high medical costs, replacement of income during recovery, comprehensive financial planning, peace of mind, access to quality healthcare, protection from increasing inflation, tax benefits, flexible use of benefits, enhanced policy value, and enhanced financial stability. By securing critical illness coverage into their life insurance, the Filipinos can secure an overall financial cover for both them and their family. Would you like to learn and maximize the advantages through these two sources, Wealth Arki and Ready To Be Rich?.

A multi-award-winning blogger and advocate for OFWs and investment literacy; recipient of the Mass Media Advocacy Award, Philippine Expat Blog Award, and Most Outstanding Balikbayan Award. Her first book, The Global Filipino Bloggers OFW Edition, was launched at the Philippine Embassy in Kuwait. A certified Registered Financial Planner of the Philippines specializing in the Stock Market. A recognized author of the National Book Development Board of the Philippines. Co-founder of Teachers Specialist Organization in Kuwait (TSOK) and Filipino Bloggers in Kuwait (FBK). An international member of writing and poetry. Published more than 10 books.  Read more: About DiaryNiGracia