Is Critical Illness Insurance Necessary – The 2017 Life Insurance Association (LIA) Protection Gap Study shows that the maximum exposure (CI) for working adults in Singapore is S$59,776. In short, most Singaporeans face a protection gap of 80% CI.
Following the LIA’s advice, Lorna Tan, the bank’s head of financial education, suggests insuring around seven annual incomes against death. When it comes to hypertension insurance, get around five years of your total income, as this is the length of time it takes the average person to recover from hypertension.
Is Critical Illness Insurance Necessary
Critical Illness Insurance (CI) usually covers the risk of contracting 37 diseases caused by LIA. If you are found to have CI that includes your CI policy, you will receive more money from your insurance.
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Shows that more than 90% of insured CI cases fall into one of the following five categories: major cancer, acute myocardial infarction, stroke with persistent neurologic deficit, coronary artery bypass graft surgery, and renal failure.
According to the National Disease Registry (NRDO), critical disease statistics in Singapore show that many are sick and some are surviving.
If you think your youth is a protection against AI, don’t hold on to it. Just because you’re young doesn’t mean CI isn’t knocking on your door.
According to NRDO chronic disease statistics, more young people are getting diseases like cancer and stroke:
Medical Insurance Vs Critical Illness Insurance: Do You Need One Or Both?
Given the odds of surviving a serious illness, it’s a good idea to start spreading your CI as soon as possible so you can focus on recovery if something happens to you. Starting early when you’re already healthy means you don’t have to worry about what’s going to happen to your health.
You may ask, why get CI insurance when you already have a hospital and surgery insurance plan?
Health insurance covers your medical expenses and the cost of medicines. Although this reduces your medical expenses to some extent, it has certain limits. For example, you usually cannot claim anything other than your medical expenses or treatment, such as loss of income. The cost of treatment is also reimbursed from medical insurance.
On the other hand, CI insurance is a premium that gives you the flexibility to use it. For example, you can use it to pay for your family in retirement while you recover. You can also use it to pay for medical needs that your health insurance doesn’t cover.
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Working with AI is exhausting not only physically, but also mentally. It can also cost money. Critical illness insurance helps manage your finances so you can focus on your recovery.
For example, some CI plans may cover your stay in the intensive care unit (ICU). With eCriticalCare, if you stay in the Intensive Care Unit for 5 consecutive days (including the High Dependency Unit (HDU)
5. Cost of Critical Illness Cover: CI insurance is not as expensive and complicated as you think.
If cost is the reason you’re not considering getting CI insurance, you may be in for a surprise. Whether it’s a static CI plan or a time plan with high CI, CI coverage doesn’t have to be out of your budget.
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With eCriticalCare, you have the ability to create an optimized and budget-friendly CI plan. You can create your own affordable CI insurance policy that depends on the number of dependents and your financial situation. Full coverage and no need for health checks make it easy to close CI coverage if you have it. It doesn’t get any easier.
If you’re not sure how much coverage you need, or need a refresher, the CI calculator in your NAV Planner will be very helpful. All you need to do is enter the number of dependents, income and available insurance coverage. NAV Planner will then crunch the numbers for you to provide you with a personalized report that includes the coverage gap (if any).
Once you know how many CIs you need, simply go to eCriticalCare to create your CI security plan.
You can also speak with a Wealth Planning Manager today to learn about your health and how to best plan your finances.
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Also, check out the NAV Planner to check your true financial position. The best part is that it’s hassle-free – we just consider your financial situation and give you financial advice.
Life Insurance Association of Singapore Press Release (29 August 2019): Life insurance companies are revising the definition of critical illness to clarify what they intend to cover based on medical advances in recent years.
Speech by Mr Gang Kim Yong, Minister of Health, during the 2019 Supply Issues debate at the Ministry of Health Committee on 6 March 2019.
Colonial Critical Illness
A system that offers multiple payments for different stages of critical and medical illnesses, so you are covered at any unexpected moment.
Multipay Critical Illness is a plan that continues to financially support you through the various stages of critical illness and relapses of a known illness, so you can focus on your recovery, worry-free.
Choose the length of the benefit period – from 10 years to age 99 (within one year) – and the amount of money you use.
Full payout of up to 900% of your Critical Illness Sum Assured in multiple installments. Stop paying premiums when you are guaranteed 300% of your money.
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An amount equal to 20% of your Sum Assured applies, up to S$25,000 for life, provided:
Life can surprise you. But you can stay ahead and protect yourself and your family.
This information is published for informational purposes only and is not related to the financial goals, financial situation or needs of any individual. You can obtain a copy of the product summary from Singapore Life Ltd. and offices of participating dealers. Before you decide to buy a product, you should read the product description. You may want to seek advice from a financial advisor before purchasing the product. If you choose not to seek advice from a financial advisor, you should consider whether the product being offered to you is right for you. As there are no maintenance or acquisition costs for this product, there will be no cash costs if the policy expires or is terminated early. Purchasing health insurance that isn’t right for you can affect your ability to cover your future needs. This is not an insurance contract. Detailed information on policy terms and conditions can be found in the relevant policy agreement.
This policy is protected under the Policyholder Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). Your points are submitted automatically and nothing else is required of you. For details on the types of benefits provided under the policy and the limits, if applicable, please contact us or visit the website of the Life Insurance Association or SDIC (www.lia.org.sg or www.sdic. org.sg).
What Is Critical Illness Insurance? The Definitive 2022 Guide
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Understanding Critical Illness Cover
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