Insurance policy is the appropriate choice when you want protection that extends beyond just covering your medical expenditures. But, with so many alternatives available, how can you know which ones are ideal for you? In this article, we look at it.
In a word, critical illness insurance pays out a cash payment if you are identified with a specified critical illness. It can be thought of as a supplement to medical insurance, which only covers your healthcare bills and does not reimburse you for any money lost – such as if you’ve been forced to miss work or incur additional costs (such as transportation to the hospital, nutritional supplements, mental wellbeing sessions, and so on).
It’s here that critical illness insurance comes in handy. It is an essential supplement, even though it is a ‘supplement.’ In summary, if you’re concerned about losing your job or money due to a catastrophic illness, consider purchasing critical sickness insurance. We’ve chosen a few plans, each of which is the winner in its relevant category. Check best early stage critical illness insurance.
Many people in Singapore will be diagnosed with a serious illness at some time in their lives. When this happens, the financial consequences of paying out-of-pocket medical expenditures while also dealing with the inability to work can be devastating.
That’s why critical illness insurance is so essential: the payments from a critical illness plan provide financial stability, replace lost revenue, and can be used to pay medical bills or maintain a family.
It would be best if you were identified with an ailment covered by your critical illness insurance policy in order to be insured. Cancer, stroke, heart attack, open-chest heart surgery, and angioplasty are the top five essential illnesses and medical treatments usually protected.
The FWD Big 3 Critical Illness Plan Is The Best Basic Critical Illness Plan Available.
FWD’s Big 3 Critical Illness is for you if you want something more comprehensive than cancer insurance but don’t want to pay the high costs connected with most critical illness policies. It’s a ‘simple’ policy that only includes the major three fatalities in Singapore: cancer, heart attack, and stroke.
Bear in mind, though, that this is just a basic strategy. To be eligible for the compensation, the cardiac arrest must be of a certain severity, and the stroke must result in a persistent neurological deficiency (also known as brain injury). However, if you want something simple and inexpensive, this is a fantastic option.
Aviva My Early Critical Illness Plan II – The Best Coverage For Early-Stage Illnesses.
The first item that springs to mind when people hear “critical illness” and “early-stage” is cancer. However, cancer isn’t the only serious condition that can be detected early. There are numerous others, including Parkinson’s disease, multiple sclerosis, and Alzheimer’s disease, all of which are covered by Aviva’s My Early Critical Illness Plan II.
This policy covers 132 ailments at various phases of serious illness and pays out in full for initial or middle diagnoses. This policy provides coverage for the rest of your life, up until the age of 99 (the ‘Unique Advantage’ only covers you up to the age of 18/85, based on your health condition).
The Best Multi-Pay Critical Illness Plan Is AXA Super Criticare.
A multi-pay critical illness plan, on the other hand, permits you to receive repeated pay-outs, resulting in total coverage that is a multiple of your sum assured. For example, AXA Super CritiCare, our top option in this category, provides coverage of up to 600 percent of your sum assured.
With many critical illnesses being recurrent, this sort of insurance provides greater peace of mind; you’ll receive 100% of the basic sum in reimbursements not just for advanced stages but also for initial and medium phases.
However, there are some limits to be aware of.
The highest policy age is 75, and each claim must be made after a 12-month waiting period. In addition, the total sum payable for the “big three” disorders – cancer, heart attack, and stroke – has been set at 300 percent of the sum assured, and the waiting time has been prolonged to 24 months.
In short, AXA Super CritiCare is a terrific plan for those who want to take their critical illness insurance to the next level while still keeping costs low. This strategy attempts to strike that balance, and it mostly succeeds.
GREAT Family Care From Great Eastern Is The Best Way To Safeguard Your Entire Family.
If you’re already seeking a way to shield your entire family from catastrophic illness? GREAT Family Care from Great Eastern may be the answer, as it is Singapore’s first multi-generational critical illness plan, with coverage for 53 critical illnesses. Check for list of best critical illness insurance in Singapore.
If you want to protect your parents as well, you can buy a rider (‘Parent Protect’) that will cover them for 15% of your sum assured (identifying critical cancer, Alzheimer’s, and Parkinson’s) until they turn 100. There is no need for a medical examination.