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4 important features to look for in a critical illness insurance plan

Your critical illness insurance plan forms an important addition to your health insurance portfolio. Under this plan, you get paid a lump sum amount if you are diagnosed with any of the critical illnesses covered by the insurer (subject to the stage of disease covered). According to the Life Insurance Association (LIA), Singapore, there are 37 dread diseases that should be covered by insurers in the country.

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4 important features to look for in a critical illness insurance plan

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  1. 4 Important features to look for in a critical illness insurance plan Your critical illness insurance plan forms an important addition to your health insurance portfolio. Under this plan, you get paid a lump sum amount if you are diagnosed with any of the critical illnesses covered by the insurer (subject to the stage of disease covered). According to the Life Insurance Association (LIA), Singapore, there are 37 dread diseases that should be covered by insurers in the country. These include major cancer, end stage kidney failure, major burns, and coma, among others. Having the protection of critical illness insurance is extremely important. As we can see, most critical illnesses may leave you unable to work for a few years during treatment. It may even leave a person unable to work for life. If a critical illness affects the sole breadwinner, the payout can help keep the home financially afloat. Critical illness insurance is indeed an important insurance product and this is why it is not enough to simply choose the first plan that comes along. You need to carefully compare all available options and pick the one that gives you the best coverage with room for customisability. To help you out, we have listed down 4 important features that you can consider looking for in a critical illness insurance plan.

  2. Flexibility to customize coverage Whether you plan to buy your life insurance plan from a financial consultant or through an insurance website, you must take the time to compare policies. Only a thorough comparison will help you find the best coverage at the premium rates you can afford. Never buy the first plan that comes your way simple because you want to be done with buying life insurance. Remember that having life insurance is a long-term commitment – you don’t want to be stuck with a plan that in retrospect seems like a mistake.

  3. Affordability of premiums When buying any insurance product for pure protection, calculate its affordability. You would not want to terminate coverage after two or three years upon suddenly feeling the brunt of heavy premiums. If you did that, you would lose the coverage you paid for in the years gone by. Consider doing a rough estimation of how the premium costs would fit into your budget for the entire coverage period; keep in mind that your life may evolve in many ways – you may buy a house, get married or have a child.

  4. Suitable coverage amount A critical illness may leave you unable to work for a few years. It may even increase your expenses substantially – you may need to keep a domestic worker to care for you or might have to travel to the hospital frequently by taxi. If you were to pay for all these expenses from your savings, your bank account may get depleted in almost no time at all. The ideal critical illness insurance plan should offer coverage that goes high enough to cover your own unique financial needs. If you are unable to work again, the payout should ideally suffice to keep your household finances in good stead. It is also important to remember that the coverage amount chosen correlates to the premiums. Ideally try to strike the balance between the coverage you require and its overall affordability for you.

  5. Options of riders for added protection Do keep these 4 features in mind when selecting critical illness insurance plans for yourself and your loved ones. You may opt to speak to a financial consultant for further help in shortlisting suitable plans and applying for them. Good luck. Make sure to look up the riders offered along with your plan. Relapses of early critical illness can be quite common, and some insurers give you the option of getting additional coverage for this. Also do look for plans with riders that offer an additional death benefit payout after a critical illness insurance claim has been made and coverage against other conditions such as severe infectious diseases. Some insurers even give you the option of getting a monthly payout for a certain number of years if you make a claim for a critical illness. Those payouts can range anywhere between S$100 to S$5000.

  6. You can also find more interesting details on the site below: Website: https://www.prudential.com.sg Facebook: https://www.facebook.com/PrudentialSingapore/ Instagram: https://www.instagram.com/prudentialsingapore/?hl=en LinkedIn: https://www.linkedin.com/company/prudential-assurance-company-singapore/ You Tube: https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ

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