Get Financial Protection for All Stages of Critical Illnesses with the Best Critical Illness Insurance in Singapore

A study has shown that working adults in Singapore have inadequate cover for critical illness. About S$256,000 gap was found. If a critical illness strikes, an individual will surely suffer a great loss in earnings. To be prepared, it’s important to find the best critical illness plan that can provide you financial confidence when critical illness strikes.

If you are looking for protection that goes beyond medical costs, critical illness insurance is an ideal choice. But, we know that there are a lot of choices. And, we are here to help you with how to find the best critical insurance in the market.

In summary, a critical illness insurance plan provides additional coverage for medical emergencies or critical illnesses such as heart attack, stroke, or cancer. Since those types of critical illness requires more medical costs. It can give a lump sum upon diagnosis of a specific critical illness.

With our supplementary tips, we are here to guide you on how to find the best critical illness insurance policy.

As we can observe, number of people suffering from cancer is rising over the years. In Singapore, the number of people living with cancer will continue to increase. From 2013-2017, about 71, 265 cases were reported – 51.6% are women and 48.4% are men.

Also, as mentioned earlier, critical illness cover for working adults falls short. They have just S$60,000 which is less than 20% the Life Insurance Association (LIA) recommendation of about S$316,000. Also, according to LIA, it will take about 5 years for a person to recover from critical illness and this implies that going within the recovery means that there is a need to deal with costs related to prolonged treatment, medication and income loss.

With that event, a critical illness insurance plays an important role in keeping you away from financial trouble and keeps you afloat while you are on your way to recovery.

Below also are the key reasons, why a critical insurance is a must-have for everyone.

Be Financially Protected when a Critical Illness Strike

When you are diagnosed with a critical illness, this insurance plan can provide a lump sum to help you afford the treatment costs and other costs related to your recovery.

If you are thinking that you are still young and you might skip getting a critical illness insurance plan, you need to check the data. A study has shown that there is a growing claim of critical illness on young adults from 31-40 years old and these implies that they are at risk of getting this type of critical illnesses.

Based on the National Registry of Diseases Office about 1 out of 4-5 Singaporeans may develop cancer in their lifetime. Also, data shows that breast cancer is among the top 3 cancers that may develop among women while 1 out 7 men have prostate cancer. These types of illnesses are rising sharply.

If that is a sad thing to hear, the good thing is that survival rates are higher with early detection and better treatments. Therefore to help financially afloat or have financial confidence, critical illness insurance is a must-have.

Covers the Shortfall of MediSave, MediShield Life, and Regular Health Insurance Plan

If you’re thinking that MediSave and MediShield Life Coverage from the government insurance plan can help you with a critical illness, the sad is that it has limitations. This is the same thing that goes with a regular health insurance plan.

If you are thinking that it is enough just to take a regular health insurance plan, the sad thing is that the regular health plans have limitations. It does not cover all your hospitalization expenses, especially when a serious illness strikes.

Your hospitalisation fees may vary and when you choose greater than a B2 or C ward, MediSave can’t cover it, you’ll have to pay for it. Also, MediShield Life can help you to stay longer in the hospital, however, it will just cover a part of the bill, in order to balance, a withdrawal from your savings or Medisave account is needed.

The same goes for a regular health insurance plan, it can’t cover all the costs related to your critical illness treatment and recovery costs. To prepare for your treatment and take the full recovery, a critical illness insurance plan is a must-have.

Protects You from Income Loss

The treatment and recovery cost from serious illness is relatively higher. As mentioned earlier about 5 years is needed for a full recovery and this implies a loss in income. But, why? Critical illness may lead to impairments and may require a long-term rehabilitation plan. This implies that you need a huge sum of money to support your recovery.

This may also mean that you need to take time off to work for your recovery. With this event, you may have used up your savings and in the end, you’ll have difficulty paying your bills. In addition, you may not able to support your family’s needs and daily expenses since your money is even not enough for your treatment costs.

Critical illness involves long-term recovery, so realistically, your savings is not enough to cover all your expenses and needs. The good news about the Critical Illness insurance plan is that you are free to use your pay-out from a critical illness plan especially with your expenses – and this is one of the main differences from a regular health plan.

It is simply flexible to use and can help you get protected from loss of income.

Are Highly Affordable Especially When You Are Young

It is always better to be prepared for the unexpected. You might find getting a Critical Illness Insurance plan is not a worthwhile investment when you’re young especially when you think that it’s not an immediate need.

However, data shows that there is a growing claim with 31-40 years old. Also, please note that this type of plan is much more affordable especially when you are still young. You will also get the full coverage.

Remember also that when you are thinking to get it at the time you are diagnosed with a critical illness, you may end up paying a higher premium or may get less coverage unlike purchasing it while you are still young. Getting also a critical illness insurance plan when you are older is much higher. Your premium may also be affected if you have pre-existing coverage.

It is always better to prepare and you’ll end up being on the safer side. Always think about the long term implications. A critical illness plan is designed to meet your financial needs.

Just like with other insurance plans like car insurance, travel insurance, or maid insurance, a critical illness insurance plan is the best way to be financially prepared for unexpected serious illnesses.

Below are the key tips when choosing for the best critical illness insurance in Singapore. If you need more help, it’s essential to seek for a financial advisor.