Everything you need to know about critical illness insurance coverage

Everything you need to know about critical illness insurance coverage

You may have heard your peers talk about critical illness insurance plans in Singapore.

If you are wondering if you need a critical illness insurance coverage, then the answer is most definitely yes. Curious to know what it entails? Read further to know what a critical illness insurance plan offers.

 What is critical illness insurance?

A critical illness insurance plan pays the insured a lump sum amount should they be diagnosed with the illnesses listed in the insurance plan. A good critical illness insurance plan will cover you up to the age of a 100 years. A good insurance plan should also be able to offer room for customisation through supplementary benefits.

Some of the supplementary benefits that you can opt for include: 1.

2.

3.

4.

Coverage against early stage critical illness Coverage against relapse and recurrence of a critical illness Coverage against severe illnesses Additional lump sum payout given as death benefit

You can opt for supplementary benefits as per your requirements so that your critical illness insurance plan is in tune with your coverage needs.  What kind of diseases get covered?

Life Insurance Association Singapore (LIA) has provided a list of standard definitions of critical illnesss that insurers need to adhere to. Some of the illnesses include cancer, coma, end stage kidney failure, heart attacks, terminal illness, etc.

 Why is it important to have critical illness insurance plan?

Critical illness insurance provides much needed financial protection during a difficult period if you are diagnosed with a serious disease. If you are unfortunately diagnosed with a disease such as cancer, you may not be able to work for a little while causing your income to stop. This means you will have to rely on your savings entirely.

However, the payout you receive from your critical illness insurance plan can help you afford treatment, run your home and pay your bills even in the absence of an income.

In addition, the payout from critical illness insurance can also be used to fill any existing gaps in your health insurance coverage. For instance, if you are only covered

by MediShield Life, you can only claim a maximum of $3000 per month for chemotherapy. Any expenses in excess of this will need to come from your own pocket.

Your critical illness insurance payout can help you fund such expenses. This way, you can focus on your treatment while the insurance helps with the heavy bills.

Before opting for a critical illness insurance plan, it is important to speak to a financial consultant to help you choose the right insurance plan that fits all your needs and requirements. They will be able to help you calculate your expenses and arrive at the right amount you need for coverage. To better understand the benefits being offered to you under a critical illness insurance plan, you can visit the website of the insurer you wish to purchase your plan from. By comparing different plans, you will be able to find the right the plan which fits all your requirements.

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