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How To Find The Best Critical Illness Insurance In Singapore

Critical illness insurance like cancer, strokes, heart disease are the most widespread disease of Singapore. About 56% of the Singapore population results in death because of the above cause, as recorded in 2017. These diseases can be both dangerous and costly. To get secured against this critical disease, some insurance company has come up with a protection plan.

If you get diagnosed with any of the acute diseases, they offer you support and assistance against them. They offer peace to many people, especially those who have a family history of acute disease. Let us see how to get the best life insurance Singapore for critical illness.

A best critical illness plan

If you want your critical illness plan to be necessary without any extra benefit, you can combine it with your regular health insurance plan. The insurer will suggest several option plans to add to your health insurance plan. Then comes the reason behind why you want to purchase the policy:

  • Medical history- Check whether there is a medical history of critical illness of you and your family. If you think you have a high chance of being diagnosed with cancer, then you should consider a policy that covers cancer. Likewise, if there is any other illness that runs in your family, you can get insured for it. This policy is because you want to secure yourself from these critical illnesses as it can be deadly and expensive to treat.
  • Gender-specific illness- Those who are worried about gender-specific illness can opt for insurance that provides coverage for all gender-specific diseases. Like if you want to take coverage against breast cancer, cervix cancer, or prostate cancer. They assist with diseases more prevalent in a specific gender. The plan provides extra benefits like reconstructive surgery insurance, outpatient treatment benefits, and biennial regular check-ups.
  • Precaution for the future- If you are a person who wants to secure your future and do not want to take any pressure or stress, you can consider a beginning stage critical disease plan. This plan supports every stage of the disease, unlike the other policy that assists in the later illness stage only. This option can be a better option financially and health-wise because a critical illness can be more successful at the initial stage and a comparatively low cost.

Why consider it?

You should consider getting the best life insurance Singapore for critical illness if you worry about your future and whether you will afford the treatment cost if you have a severe illness. You will also have some family obligations that you require to fulfill. It would help if you also kept in mind that the average recovery period for those suffering from critical illness is five years. For the time being, you will not be able to work. So to secure all this and work loss critical illness plan is essential for everyone.

Essential things you should look

You have to look at every single detail before taking the insurance, but there are some particular things which you will have to confirm from before.

  • The assistance you get under angioplasty: Suppose you have found that you are suffering from angioplasty or need to perform invasive coronary artery treatment. In the case, you will get 10 percent of the total policy value or a maximum of 25000 dollars. However, you will have support for other types of acute diseases. But the amount that will cover for the future disease will be excluding the amount provided in angioplasty.
  • When critical illness is not covered: There are specific conditions in which the insurance company does not provide coverage. If you are in end-stage liver failure or a coma, the insurer will not provide coverage if the condition is due to alcohol or drug addiction.
  • Direct purchase insurance (DPI): If you are insuring your critical illness by purchasing a DPI life insurance plan, The sum you will claim at the time of critical illness will be less than the total of death sum coverage.

For example, suppose if you have an insurance policy of 200,000 dollars as death sum coverage in your regular health insurance and you add 50,000 dollars critical illness policy in it. So when you claim this 50,000 dollars in your critical illness, this amount will get minus from your death coverage. Moreover, if you get a critical illness policy of the same amount as death coverage, both the policy will end after the payout.

  • Coverage time of specific disease: Certain critical diseases and surgery provide coverage only after 90 days after you purchase the policy. The acute disease that comes under this criterion is cancer, bypass surgery, heart attack, and angioplasty. This criterion makes it necessary for you to get the coverage a lot before you are likely to fall ill.

Appropriate coverage proportion

It is appropriate to take coverage that is 3.9x times your yearly income. So supposedly, you earn 60,000 dollars in a year, you should apply for coverage of 234,000 dollars for a critical insurance plan. However, there is no hard and fast rule you can apply for as much coverage as you think is needed to support you and your family during the difficult stage of critical illness.

If you think you require a more significant amount of coverage policy, go for it. If you think you have a surplus amount of saving to support you in the future and do not require this much coverage, opt for less.

Conclusion

A significant advantage of a critical illness insurance plan is that policy coverage can vary according to your requirement. You can opt only for those diseases you think you will not be able to afford or is probable that you might suffer later. They provide you assistance in treatment and your family, which is essential in today’s world. In Singapore, it is also compulsory to take maid insurance coverage, and you want to learn about that too, you can search for domestic helper insurance coverage.