The Critical Illness Insurance in Singapore (2021)2021-07-21T06:35:38+08:00

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

Compare and Find the Best Critical Illness Insurance Plan in Singapore

Top 5 Critical Illness Insurance in Singapore

HLAS – Critical Illness Protect360

HLAS - Critical Illness Protect360
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  • Having a High coverage of up to S$2 million for all 37 critical illnesses
  • For Personal Accident with High Coverage of up to S$2 million in the event of an accidental death
  • Offered at an affordable cost and securing this critical illness insurance policy is easier
  • Eliminate Financial Concerns upon Diagnosis of Critical Concern
  • Provides Annual Health Screening
  • Have a wide panel of specialists in Singapore for consultation on second opinions

FWD – Big 3 Critical Illness Insurance

FWD Maid Insurance
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  • Covers the 3 most common critical illnesses in Singapore – cancer, heart attack, and stroke
  • It’s comprehensive yet affordable, wherein you can get about S$50,000 of coverage from as low as S$18 a month (for a 35-year-old non-smoking male)
  • In the event of death, get a lump sum of S$20,000
  • You may opt to take coverage for 1 year with a guaranteed option to renew up to age 85
  • Offers full payout for all stages of cancer
  • No medical examination needed, you just have to answer one health declaration.

Aviva – My Early Critical Illness Plan II

Aviva - My Early Critical Illness Plan II
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  • 100% of the Sum Assured upon diagnosis of any one of the covered 132 conditions across various stages of critical illnesses
  • Additional 20% of the Sum Assured, up to S$25,000 (or equivalent currency) per life upon a complete surgical excision of a Benign Tumour (suspected malignancy) requiring surgical excision from any of the 22 specified organs covered or upon diagnosis of a Borderline Malignant Tumour
  • Additional 20% of the Sum Assured, up to S$25,000 (or equivalent currency) per life upon Intensive Care Unit (ICU) stay of 4 days or more
  • Additional 20% of the Sum Assured, up to S$25,000(or equivalent currency) per life per condition(due to illness or accident) in one hospital admission Upon diagnosis of any of the covered 27 special conditions.
    S$5,000 (or equivalent currency) upon death
  • You may choose for 10 years and up to 99 ANB

AXA Super CritiCare

 AXA Super CritiCare
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  • Provides unlimited claims payout up to 600% Sum Assured (SA)
  • Have Coverage for Re-diagnosed Cancer. Recurrent Heart Attack and Stroke at any stages
  • Provides Diabetes Care Programme (worth S$2,500 per annum) with personalised diabetic consultstion
  • Extra protection for 11 Special and 10 Juvenile conditions and receive pay-out of 10% up to S$25,000 for each special or juvenile condition
  • Death benefit up to S$10,000
  • You can able to enhance your plan with optional riders

Great Eastern GREAT Family Care

Great Eastern GREAT Family Care
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  • Provide protection for three generations in a single plan – for yourself, children and parents.
  • Covers up to 53 critical illnesses (CI), Death, Permanent Disability (TPD), and Terminal Illness (TI)
  • Providing children with free protection against 53 critical Illnesses and 25 juvenile conditions. The plan offers a one-time payout of 25% of the sum assured, up to S$50,000 per child
  • Allows you to enhance coverage by adding Parent Protection Rider and no medical assessment needed. The parent must be 80 years old next birthday or less at the time of rider issue date. The rider offers a one-time payout of 15% of the sum assured or S$15,000, whichever is higher.

Last Updated: 9 July 2021

Best Critical Illness Insurance in Singapore (2021)

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.

Why Getting a Critical Illness Insurance is Important?

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.

How to Choose the Best Critical Illness Plan in Singapore?

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.

Check on the Critical Illness Coverage

Most critical illness insurance covers the 3 most common illnesses – heart attack, stroke, and cancer. But, most of these plans may vary, they may cover more than 3 critical illnesses, it best to check it out and see what’s included.

Also, remember to read the coverage and the severity of the condition, before you can claim the pay-out. The wider the coverage at an affordable the better.

Consider Your Dependent’s Situation

If you are the family’s breadwinner and you need to support your parent or you have children, getting a family plan can be ideal. It covers major and minor illnesses. It’s the best way to prepared and will ensure that your dependents are taken care of when you are seriously ill.

What if you are young and single? That is the best time to get better coverage and a critical illness plan at a much lower premium. Also, it the best way to prepared for unexpected emergencies in our lives.  By the way, you don’t have to worry about your investment, there are insurance companies that will return your money if you are still healthy and haven’t claimed it even you’re 75 years old.

Consider your Medical History

Insurance companies will always check and consider your pre-existing condition. For instance, if you are a smoker, you will have a different premium and level of coverage. Thus, you can observe that they are premiums offered for non-smokers.

In addition, this is why it’s better to take this insurance while you are still young. It is much affordable than if you have a pre-existing condition or you are older.

Check your Current Financial Status

Choose a critical insurance plan that can help you manage your finances while critical illness strikes.  Remember that the treatment costs are not cheap, and it needs a long-term recovery. So, a critical illness plan is essential to help you be financially prepared when you developed a serious illness unexpectedly.

Also, when choosing the best critical illness insurance premium, take into consideration your long-term debts. You may opt to choose for higher coverage. This will help you prepare and have the ability to repay in case you need to take time off from work for your recovery. But, if you don’t have any debts, a low-level coverage can do.

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