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Buy Health Insurance in Singapore | Critical Illness Insurance

One is illness and other is critical illness. Normally illness is for
few days, may or may not need hospitalisation but critical illness
for prolonged periods which requires specialised treatments
along with post-care.

When we talk of Critical illness, the bad C-word comes to our
mind – Cancer but it is not true. There are many other critical
illnesses too like heart – attack, stroke, kidney failure or
transplants etc. Hence, critical illness insurance is a must, as one
doesn’t know when any of these illnesses knock yours or your
near one’s doors.

Critical illness insurance is insurance that gives you a lump-sum
pay-out upon diagnosis of specific critical illnesses. It also
provides additional coverage for medical emergencies like heart
attack, stroke, or cancer. As these illnesses often require higher
medical expenditure, these policies pay out cash to help cover
those overruns where traditional health insurance may fall
short.

This way we see that Critical illness insurance pays a lump sum
when you are diagnosed with a critical illness covered by
the policy. It provides stability to your financial health while you
are struggling with your physical health.

The Life Insurance Association (LIA) Singapore has standard
definitions for 37 severe-stage critical Illnesses, such as cancer,
heart attack, stroke, kidney failure etc. However, critical illness
plans offered by the various insurers may vary in the number
and type of critical illnesses covered.

For a standalone critical illness plan, there are several types on
the market and the basic type usually provides coverage for late-
stage critical illnesses.

Other variations in the market include:

 Coverage for early and/or intermediate stages of critical
illnesses (ideal for situations when you detect the critical
illness early).
 Multiple claim options wherein your policy remains in-
forced even after you’ve made a claim on it. They provide
coverage for recurring critical illnesses or future incidences
of another critical illness.

When you want protection that goes beyond just covering your
medical costs, critical illness insurance is an appropriate choice.
It can be viewed as a supplement to health insurance, which is
just about covering medical costs. It doesn’t compensate you for
any loss of income – for instance, if you are forced to take time
off work or have additional expenses (i.e. transport costs to the
hospital, health supplements, mental wellness sessions, etc.)
incurred. This is where critical illness insurance becomes
important. Though we may term it as ‘supplement’, it is a very
important one. So, if you are worried about losing income in
case of any critical illness, critically illness insurance is your
saviour.

Findings of the LIA survey reveal that the average Singaporean has a
critical illness insurance gap of $256,000. That number is essentially the
estimated ‘lost earnings’ from having to take time off work to recover from
an illness.

Disclaimer: Please read all policy-related documents carefully as these are subject to the
solicitation.

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