In this article, we will discuss what are the things you need to know about critical illness coverage Singapore. Also, we will discuss why do you need to take a critical illness policy and how can critical illness policy payout help.
What is the different type of critical illness faces by people?
Critical illness is a very serious thing as these kinds of illnesses might be the cause of someone’s death. This is because these kinds of illnesses take a long time to go, and some even have side effects afterwards. Critical illness insurance is a policy that is aimed at helping people pay for their things.
There are around 39 different kinds of critical illnesses that a person might suffer from. But the people have narrowed it down to the five main categories of illness you can face. These are the main categories under which the rest of the disease or illness falls.
Initially, 37 critical illnesses were accepted by the insurance companies. But due to the order of the Life Insurance Association (LIA) Singapore, they consider 39 illnesses. This critical illness can have a really bad effect on someone’s health after it has been treated. It can either leave the person paralyzed, go into a coma and also cause some physical damage.
These critical illnesses are those kinds of diseases that take a long time to heal and empty the savings of the insured. That is why taking a critical illness policy is a must, as it can save the person from a huge financial debt. These policies are created to support the family of the person suffering from a critical illness. The main type of illness is major cancer, heart attack, stroke, and artery bypass surgery and end-stage kidney failure.
Why did a person need to have critical illness cover?
There are several reasons why a person should take a critical illness. They should not take this policy for themselves but at least for their family member. This is because when a person faces a critical illness, it takes a minimum of 5 years for it to heal.
This is why many people suggest that a critical illness policy is the best way to go. Given below is a list of few things about why you need to take a critical illness policy.
- Chances of getting the critical illness are high
The chances of someone getting affected by this illness are very high. This is because of the pollution and other things which are being done by humans. The most common thing in Singapore is that people keep getting ill here.
Here are some of the illnesses and deaths caused by them in Singapore.
- Seventeen people in Singapore die from cardiovascular disease almost every day.
- One in3 death that is caused in Singapore is due to either heart attack or stroke.
- Every day in Singapore, almost 39 people are diagnosed with cancer, and 15 people die.
- 1 in 4 people in Singapore develops cancer in the whole lifetime.
- The incidence and occurrences of chronic disease are increasing among young and adults.
- There are limits to MediSheild and hospital plan cover
Health care in Singapore is a very expensive thing to have, and not many people can afford it. This is why many people prefer to take subsidies that can help them to pay for healthcare. They take regular life insurance policies and health insurance policies to make up for the expenses.
But the amount offered by these policies is not enough to pay for the treatment and care of the insured. This is why you should take a critical illness insurance policy to pay for the treatment and other times.
- Critical illness recovery can take years and costs money
Critical illness recovery can take a long time and also will cost the person lots of money. This is because these kinds of illness have their side effect which needs to also be looked after. That is why you still need money after the illness has been treated.
Many of the policies for the critical illness you find will be for people till the age of 70 years. This is because of the age limit set by the LIA that is between 17 to 70 years.
What are things you need to know about critical illness insurance?
Here is the list of different things you need to know about this critical illness insurance policy.
- What is covered in the policy?
This is a very complex and a covered policy and has multiple benefits of taking it. You will have enough money to pay for the operation to the treatment of the critical illness. Also, you will have money left which you can use after the treatment when you are healing.
- How long does critical illness provide cover for?
The total time of the coverage policy will depend on the kind of illness that you are facing. But the most common kind of cover you will get is for five years. This is because the LIA has told the minimum. If you have heart disease, they might give you cover for at least ten years.
- How much insurance coverage do you need?
The total amount of critical illness coverage will depend on the type of disease that you are facing. If you are facing heart disease, then you will have to take coverage for a long time. This is because heart diseases take a long time to recover. The total cost of coverage will depend on the estimated price of the operation.
- What else does critical illness insurance provide cover for?
They provide maid insurance coverage, life insurance coverage, and also other kinds of coverage. The coverage will be selected by the person who is taking the insurance or is the insured one.
- What is the cost of critical illness insurance?
The total cost of this policy will depend on the expenses you might face in the future. Many of the people tend to take double the amount of expenses to have money for everything.