Critical Illness Insurance Singapore | Health Insurance Plans in Singapore

Health Insurance | Insurance
by Priyadarshini 12 September 2023

When you want coverage that extends beyond just covering your medical expenses, critical illness insurance is the obvious choice. But, with so many alternatives available, how can you know which ones are ideal for you? Read about Critical Illness Insurance Singapore below…

In a nutshell, critical illness insurance pays out a lump sum upon the diagnosis of selected critical illnesses. It is a supplement to health insurance, which covers your medical expenditures but does not pay you for any lost income, such as if you are forced to take time off work or incur additional expenses (such as transportation to the hospital, health supplements, mental wellness sessions, and so on).

This is where critical sickness insurance can help. Although it is a supplement,’ it is quite vital. According to a Straits Times report based on an LIA poll, the average Singaporean has a S$256,00 critical illness insurance gap. That figure represents the estimated ‘lost wages’ resulting from having to take time off work to recover from an illness.

Critical Illness Insurance Singapore

FWD Big 3 Critical Illness

If you want something more comprehensive than cancer insurance but don’t want to pay the high costs of most critical illness plans, FWD’s Big 3 Critical Illness is for you. It is a ‘basic’ strategy that solely addresses the top three killers in Singapore: cancer, heart disease, and stroke. The main draw of this plan is its low cost, with monthly premiums as low as S$24. If you desire further coverage, you may add a rider that covers an extra 24 disorders that damage your brain or heart function. The sum assured ranges from S$50,000 to S$200,000. This plan also includes an extra S$20,000 death benefit. This policy can be renewed until the age of 85. This means that the premium will rise year after year as you renew, but the good news is that the renewal is guaranteed with no further underwriting.

Great Eastern GREAT Family Care

What if you’re seeking critical sickness protection for your entire family? GREAT Family Care by Great Eastern may be the answer, since it is Singapore’s first multi-generational critical illness plan, providing coverage against 53 critical illnesses.

The family protection component includes complimentary coverage for your children up to the age of 18, with each receiving 25% of your sum insured (up to S$50,000 per child). It covers 53 critical illnesses as well as an additional 25 juvenile disorders. If you want to include your parents in the plan, you can add a rider (‘Parent Protect’) that provides your parents with coverage equal to 15% of your sum assured (covering major cancer, Alzheimer’s, and Parkinson’s) until they reach the age of 100. There is no need for a medical examination.

Although coverage can be extended to multiple family members, prices start at S$77 per month. However, keep in mind that the reimbursements do not cover early-stage diagnosis, which is understandable given the amount of coverage vs its cost. In conclusion, if you’re searching for an affordable option to protect your entire family at once, Great Eastern’s GREAT Family Care should be seriously considered.

Singlife with Aviva – Critical Illness Insurance Singapore

Cancer is the first thing that springs to mind when people hear the words “critical disease” and “early stage.” However, cancer is not the only serious condition that can be detected early. There are numerous others, including Parkinson’s, multiple sclerosis, and Alzheimer’s disease, which are all covered by Singlife’s My Early Critical Illness Plan II.

This plan covers 132 ailments in various phases of severe illness and provides full reimbursements for early or intermediate-stage diagnoses. Furthermore, you can claim an additional benefit (‘Exceptional Benefit’) of up to S$25,000 for 27 special conditions, such as angioplasty or severe haemophilia, without affecting your base sum assured amount. You may claim this special advantage up to six times, as long as each claim is unique.

This policy provides lifelong coverage up to the age of 99 (the ‘Special Benefit’ only extends up to the age of 18/85 depending on the medical condition). Furthermore, your rates will not rise with age, offering you greater control over your money. The Intensive Care Benefit and Benign and Borderline Malignant Tumour Benefit give Singlife’s My Early Critical Illness Plan II an advantage over its predecessor. Both grant distributions are similar to the Special Benefit, making things simple.

AXA Super CritiCare

AXA Super CritiCare, our top option in this category, provides coverage of up to 600 percent of your sum assured. With many severe illnesses recurring, this sort of insurance provides greater peace of mind; you’ll receive 100 percent of the sum assured in reimbursements not just for advanced stages, but also for early and intermediate stages.

While this structure is more complete, it is also more expensive. However, AXA Super CritiCare is one of the most economical multi-pay plans on the market, which is one of the main reasons it made this list, with premiums starting at $5 per month. However, you should be aware of some limits. The policy’s maximum age is only 75, and there is a 12-month waiting period between claims. Furthermore, the total amount payable for the “big three” disorders – cancer, heart attack, and stroke – is limited to 300 percent of the sum insured, with a 24-month waiting period.

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