Critical Illness Insurance in Cyprus in 2024. What is critical illness insurance?

Critical illness insurance in Cyprus

Critical illness can occur anytime, and critical illness coverage can prove invaluable during a significant medical event.

While it may be the last thing on your mind, critical illness insurance can bring you peace of mind and financial support when you most need it.

This guide will examine everything you need to know about insurance for critical illness in Cyprus.

Table of contents

• What is critical illness insurance?
• What does critical illness insurance cover in Cyprus?
• How does critical illness insurance work in Cyprus?
• What cancers are covered by critical illness insurance?
• Is critical illness insurance worth it?
• How much critical illness insurance do I need?
• Benefits of critical illness insurance
• Disadvantages of critical illness insurance
• Life insurance and critical illness cover
• Best critical illness insurance
• Child critical illness insurance
• Critical illness insurance cost

What is critical illness insurance?

Critical illness insurance can financially protect you in the event of a major illness diagnosis. Due to the serious nature of these illnesses, they will require extensive medical care and costly treatment.

A critical illness insurance policy can ease financial stress during a challenging time. If you or your loved ones become too sick and suffer lost wages, insurance for critical illness can prove to be invaluable.

Your primary health insurance plan may cover some healthcare costs (i.e., diagnostic tests, medical operations, and rehabilitation expenses). However, critical illness provides comprehensive coverage for various diseases and associated costs.

Depending on the chosen plan, critical illness insurance may provide a lump sum or monthly payments to cover additional healthcare expenses.

Coverage limits vary, but the policy will guarantee that the insured can focus on recovery rather than costs.

What does critical illness insurance cover in Cyprus?

Critical illness insurance typically covers conditions classified as critical illnesses.

This insurance helps pay for critical health events, including but not limited to the following:

• Heart attacks
• Heart valve replacement
• Coronary bypass
• Sudden cardiac arrest
• Strokes
• Organ transplants
• Cancer
• Coma
• Kidney failure
• Paralysis
• Aplastic anemia
• Loss of speech - aphasia
• Loss of vision - blindness
• Loss of hearing - deafness

How does critical illness insurance work in Cyprus?

Critical illness insurance in Cyprus works just like your standard health insurance plan. You pay a monthly premium or one annual lump sum for protection for specific illnesses as classified by your policy.

Critical illness insurance will help you financially if you are diagnosed with a critical illness, depending on your coverage level and what the illness is.

The cost and the terms of the insurance are defined by the following factors:

• Your age
• The type of insurance plan
• What illnesses are covered
• Your existing health condition (medical history)
• Whether you’re a smoker

Some critical illness insurance plans may guarantee coverage without requiring a health screening.

It is likely you won’t need another health screening if you have another health policy with the same insurer.

Nevertheless, if you are older than 50 years old you will certainly require to have medical exams (i.e. blood exams).

What cancers are covered by critical illness insurance?

The most common cancers that are covered by critical illness insurance in Cyprus include (but are not limited to) the following:

• Lung cancer
• Bowel cancer
• Liver cancer
• Breast cancer

Is critical illness insurance worth it?

Most critical illness plans are typically cheap and can be affordable add-ons to standard health insurance.

While critical illness insurance is for everyone, it may be especially worthwhile if you have a family history of certain illnesses and want the peace of mind you’re covered for them.

You may also consider taking out insurance for critical illness if you want to support yourself or an aging family member.

Even if you already have a standard health insurance plan, critical health insurance is worth buying because most health insurance only covers diagnostic tests, medical bills, and some short-term rehabilitation expenses (e.g. physiotherapy).

On the other hand, expenses for specific diseases and long-term treatment options will only be covered by the lump-sum amount provided by the critical illness insurance.

For example, a stroke survivor might need ²⁴⁄₇ aftercare, an occupational therapist’s assessment of living conditions and subsequent changes, and long-term psychological support.

The stroke survivor will need more financial backing to cover longer-term expenses than a standard health plan could provide them.

How much critical illness insurance do I need?

How much critical illness insurance you need largely depends on your needs.

When purchasing insurance for critical illness, you should ask yourself the following questions:

• What are my budget constraints?
• What illness or illnesses will be covered?
• What countries would I have treatment in or stay in after the incident? For example, if you are diagnosed with any serious disease as an expat in Cyprus and are willing to return to your home country, you will typically have better treatment there.

The above factors will help you determine how much insurance coverage you need.

Every critical illness insurance policy is different. Here are further questions to ask yourself before buying your policy:

• Do the covered illnesses suit your needs?
• Is there a waiting period before payouts?
• Will you receive the money in a lump sum?
• How much of your total benefits will be paid?
• Will you have coverage if a critical illness returns?

Benefits of critical illness insurance

Financial protection

Insurance for critical illness is beneficial if you have a mortgage or a family to protect.

Covers many diseases

While critical illness coverage varies, all policies typically cover extremely common diseases like heart attacks, coronary bypasses, strokes, and cancer.

Peace-of-mind

Critical illness cover provides peace of mind for families and allows them to focus on their recovery after a serious illness, not finances.

Tax-free

Critical illness insurance is a tax-free, one-time lump sum payment that covers an entire treatment.

Another benefit of critical illness insurance is that you can use the finances for anything.

The money paid to you can be used for (but not limited to) the following:

• Transportation
• Shopping and groceries
• Medical prescriptions
• Specialist treatments
• Mortgage or rent payments

Disadvantages of critical illness insurance

Certain disease exclusions

One of the main disadvantages of critical illness insurance is that any disease not included in the list of covered diseases will not be covered, even if it is serious.

Existing medical conditions

If you or your family members have a high incidence of certain critical illnesses, your premiums may be more expensive, or the disease might be excluded.

Extra costs

Some people may find it challenging to afford critical illness insurance.

Life insurance and critical illness cover

Critical illness coverage can be acquired as a stand-alone policy. However, some companies provide critical illness as supplemental coverage for life insurance contracts.

Also known as a rider, you can choose this kind of insurance plan with Pitsas Insurances.

We offer inexpensive rider options for your life insurance plan that cover serious illnesses, total permanent disability insurance, and income protection.

The benefit of acquiring a rider is that it can be purchased at a discounted rate when it’s part of a life insurance contract.

The disadvantage of riders is that the coverage is not comprehensive (i.e., many diseases are excluded). There are also some limitations to how much coverage you can acquire.

Best critical illness insurance

Pitsas Insurances provides the most comprehensive critical illness insurance plans in Cyprus.

• Basic plan
• Premium plan
• Women’s plan

Premium plan

This plan covers more diseases than any other critical illness insurance in Cyprus.

Basic plan

This plan is inexpensive, covers fewer diseases, and is ideal if you have a limited budget.

Women’s plan

We also offer a women’s plan that covers diseases more common to women.

All plans

We have 100% claims satisfaction for critical illness.

We immediately provide the lump sum to the client after their diagnosis without any drawn-out or bureaucratic procedures.

Child critical illness insurance

Does critical illness insurance cover children?

Currently, our critical illness insurance products do not provide the option of insuring minors.

Pitsas Insurances has the option to insure adults aged between 18 and 64.

Critical illness insurance cost

The overall cost of critical illness insurance depends on various factors, such as the following:

• Your age
• Gender
• Occupation
• Medical history
• Limit of coverage

The cost of critical illness insurance in Cyprus can be as low as €90 per year.

Quote critical illness insurance

Pitsas Insurance offers critical illness insurance as a tax-free lump sum and more benefits.

Why choose critical illness insurance with us?

• We offer a tax-free lump sum
• We have flexible pricing to suit every budget
• Amount of coverage: €5.000 - €1.000.000
• We offer cover from only €25 per month
• People aged between 18 and 64 are insured
• Lower premiums than going directly to insurance providers
• We use US underwriters
• Possibility of second opinions for free from top US medical centers

If you want to know what we cover and receive a free quote, see here.