The importance of critical illness insurance

https://www.youtube.com/watch?v=mZUDmm9QaHI

Sometimes we miss the importance of the 'compensation in case of discovery of a serious illness' coverage. I always advise my clients to purchase a basic private health insurance which includes medications that aren't included in the healthcare basket, transplants and special treatment abroad, surgeries abroad and private surgeries in Israel (the most expensive component).

In recent years I also recommend purchasing coverage for 'compensation in case of discovery of a serious illness' which provides the insured client with a one-time sum according to the coverage and policy terms, which they can use for whatever they desire.

To explain the importance of this coverage, I often use dark humor and call it a 'scratch card for a prize-bearing lottery, but in a bad way'. 'Congratulations! You have cancer! Here is 200,000NIS!'. Of course this is no laughing matter, but when meeting with clients I often use humor to lighten the mood and the depressing topic.

Insurance coverage in case of a serious illness is always second priority to me, while private health insurance is first priority. When examining the potential for compensation, we can understand that medications that aren't included in the healthcare basket, transplants or special treatments abroad can reach millions of shekels, when in reality the monthly payment or premium required for their coverage is relatively low. On the contrary, payment for 'compensation in case of discovery of a serious illness' coverage can be quite expensive, especially for those over 50, and usually includes a coverage purchase of 100,000-200,000NIS.

In policies written after 02/2016 you can also receive between 10-25% of the compensation sum in cases of carcinoma which is defined as pre-cancerous or an early stage of cancer. The definitions for this topic vary between insurance companies.

Over the years I've discovered that when a client has coverage for compensation in the case of a discovery of cancer it can be a ray of light for a client who feels the world crashing down on them.

I recommend that every single person make an appointment with their insurance agenet and check if they should add 'compensation in case of discovery of a serious illness' coverage.