Here's What to Keep in Mind When Taking Critical Illness Cover in Singapore

1. Here's What to Keep in Mind When Taking Critical Illness Cover in Singapore Critical illness insuranceis an important financial product. It complements your health insurance to help cover the financial impact of 35 or more critical illnesses. Most financial experts advise individuals to opt for a critical illness plans. However, choosing a plan and the right amount of coverage is easier said than done! Keeping this in mind, the following article will go over some pointers you should bear in mind when buying a critical illness plans. Hopefully, they will help streamline your purchase decision and ensure you chose the right coverage for your needs.

2. What kind of plan do you want? While most insurance companies offer a comprehensive critical illness plan to cover all major critical illnesses, others offer disease-specific plans. For instance, you can opt for a critical illness plan that solely caters to cancer coverage. Considering that 35 or more individuals in Singapore are diagnosed with cancer every day, cancer-specific critical illness plans are always a good idea. These plans will cover all stages of the illness – this way you can fight the illness while the plans handles the finances.

3. Additionally, there are gender-specific critical illness plans that cover illnesses specific to men and women separately. For instance, critical insurance plans for women will cover illnesses such as breast cancer, Rheumatoid Arthritis, and other women-specific illnesses. Similarly, critical illness insurance for men will cover conditions such as testicular cancer, prostate cancer, muscular dystrophy, and so on.

4. Expenses during recovery According to the LIA, the average person takes around 5 years to fully recover from a critical illness. Some of this time may also see you take a break from work for treatment. Choose a critical illness plan that will help you manage your bill payments, domestic help salary, and other needs that make up your current lifestyle.

5. Number of dependents The coverage you opt for will be ideally determined by the number of dependents such as spouse, children, and aged parents. You might still need to provide for them even as you take time off work to recover from your illness. Premium affordability If budget is a constraint, opt for lesser critical illness coverage now and then, increase coverage of the plan later. Some coverage is better than none at all. Also paying your premium annually can reduce the cost.

6. Multiple payouts Some critical illness plans cover you with just one single payout on diagnosis. Post this payout, the policy lapses. So, always make sure to choose a critical illness cover that offers multiple payouts in case you relapse. Studies show that most major critical illnesses – such as cancer and heart disease – have a high chance of reoccurring. Or, one critical illness could lead to the onset of a second critical illness. You would not want to be stuck with a single payout that gets exhausted in paying heavy bills. When you choose multiple payouts, you create a financial safety net of sorts so that you can take as long as you need to recover. With a slight twist to the old adage, health insurance is wealth. Do discuss with your spouse and take a mutual decision on the best critical health cover for your needs.

7. Reference https://dollarsandsense.sg/5-things-need-know-getting-critical-illness-plan-singapore/ https://www.aviva.com.sg/en/money-banter/2018/5-factors-consider-critical-illness-plan/ https://www.insurancebusinessmag.com/asia/news/breaking-news/aia-singapore-hosts-dialogue-on-bridging-critical-illness-gap-180190.aspx#:~:text=According%20to%20a%202017%20study,of%20SG%2459%2C776%20on%20average.

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