Best Critical Illness Plans in Singapore

According to statistics released by Ministry of Health, cancer is the top principal cause of death from 2014 to 2016. Cancer accounts for close to 30% of all deaths in Singapore.

Over the past 40 years, the diagnosis of breast cancer here has more than doubled – from 25 to 65 per 100,000 women. Over the same period, prostate cancer has gone up fivefold – from six to 30 per 100,000 men. In addition, for women, breast cancer is not just the most common cancer (33% of cancer in women), it is also the top killer.

What is Critical Illness Insurance?

Critical illness insurance is an insurance policy that pays a lump sum if you are diagnosed with an illness covered by the policy. The cash benefits are only paid if the illness meets the definition as stated in the policy wordings. Some critical illness policies cover early-stage cancer or have a limited payout for early-stage cancers. These payments are subject to the sum insured or policy limits.

What do you have to consider before getting a Critical Illness plan? 

Early to Late-Stage Coverage 

Most Critical illness plans will cover a list of illnesses such as major cancers, heart attack, kidney failure and stroke. Some plans will cover early stages, while other plans will only cover a late-stage diagnosis. 

Lump-Sum Payout

Payout is a lump sum of money if you’re ever diagnosed with a critical illness covered by the policy. It does not depend on how much your medical expenses cost.

These emergencies or illnesses often incur greater than average medical costs, hence having a Critical Illness Insurance will help to pay out cash to cover those overruns where traditional life insurance may fall short.

Current Health Condition 

If your current health condition is classified as a “high-risk” it means that an underwriter would have to decide if the policyholder can be insured. If you have pre-existing conditions or have been diagnosed with a critical illness before, then you may have to appeal to be covered. After the underwriter sees the case, the underwriter may decide to:

  • Accept the policy charging the standard price for the policy,
  • Accept the policy with exclusions for all pre-existing conditions,
  • Accept the policy with higher loading (premium price)
  • Reject the policy  

Therefore, it is crucial to get critical illness coverage early so that you will avoid the unnecessary hassle of having to appeal your case to an insurer’s underwriter. 

Current Age

If you understand how insurance works, then you will know that critical illness insurance premiums increase with age because of the increasing risk of insuring your life against critical illness. In addition, the likelihood of critical illness occurring increases exponentially with age. This means that your critical illness insurance premiums will increase exponentially the later you purchase it.

Best Critical Illness plan with future premium waiver

Full insurer Critical Illness details may be found here:

Best Critical Illness plan for the highest number of critical illness covered

Best Affordable Critical Illness plan with premiums that are less than $1 per day

Full insurer Critical Illness details may be found here:

Case Study Illustrations:

For AIA Power Critical, it is suited for 

  • Individuals who are looking for comprehensive protection against critical illnesses including early-stage CI and which allows them to claim up to 5 times

 

For Aviva My MultiPay Critical Illness Plan III, it is suited for 

  • Individuals who are looking for comprehensive protection against critical illnesses including early-stage CI and which allows them to claim up to 5 times

Claims & Contact Information
 Contact Information
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims[email protected]

Schedule a Free Teleconsulting service with us today

You will be able to enjoy a free financial portfolio review. This review will help you better understand how to create a suitable financial plan for you and your family. We will analyse life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns. 

Our advisor will be more than happy to help you understand any of these insurance policies: 

  • Health Insurance
  • Critical Illness Insurance
  • Endowment/Savings Insurance 
  • Personal Accident Insurance
  • Term/Whole Life Insurance
How will I be able to schedule an appointment?

You can WhatsApp us at 87500688 and let us know your preferred date and time for the appointment.

If you would like to know more about a specific life insurance product you can also let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.

What platforms can I use during the Tele-conferencing call?

You can use Whatsapp phone call or video call.

We would recommend using Zoom as it is a free video-conferencing app that you can download for clear audio and video consulting on your computer or your phone. 

You can also include your details here and we will contact you to help you set up an appointment. 

In addition, you can also Scratch & Win up to $550 credits exclusively on PolicyPal when you schedule a consultation. Ends 31 Aug 2020.

Terms & Condition Apply.

Submit your interest now!

PolicyPal

PolicyPal

PolicyPal is here to help you make informed and savvy financial decisions through the good times and the bad.

Recommended Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Show Buttons
Hide Buttons