A Guide to Critical Illness Insurance Plans in Singapore

 A critical illness insurance plan offers crucial protection in case of a serious health issue, making it an important part of financial planning. It offers a safety net against the financial fallout of being diagnosed with a severe medical condition. Let us further understand what critical illness insurance is, its features, and the benefits it offers. 

What is a Critical Illness Insurance Plan?

 

Critical illness insurance plan is an insurance plan that provides a payout to the insured in the event of a diagnosis of a critical illness. Some example of illnesses covered under the plan include cancer, heart attack, and stroke. The Life Insurance Association Singapore (LIA) has standard definitions for 37 severe-stage critical Illnesses. However, critical illness plans offered by the various insurers may vary in the number and type of critical illnesses covered. If you are diagnosed with a critical illness covered, then you will receive a payout from the insurance company. Payout can be used to cover treatment expenses, daily expenses, and other financial obligations during this time. 

 

Why is Critical Illness Insurance Important?

 

A critical illness insurance plan is important as it provides comfort and security during challenging times. Diagnosis of a serious illness can cause significant financial stress. Medical expenses, job loss due to inability to work, and additional costs associated with ongoing care and treatment can be both physically and emotionally draining. With the payout you receive from your critical illness insurance policy, you can concentrate on your recovery instead of worrying about the expenses. A critical illness insurance plan helps in easing these financial responsibilities. 

What Does Critical Illness Insurance Cover?

 

Most critical illness insurance plan cover the list of critical illnesses defined by LIA.  Some policies also offer coverage for early-stage illnesses as well. In addition to covering medical bills, the lump sum payout can also be used to lessen other financial burdens. The payout can be used to pay daily expenses, childcare needs, and other living expenses. This flexibility allows you to use the funds as you see fit during such trying times. 

 

Customisable Options:

 

Many insurance providers offer critical illness insurance plans that cater to the policyholder's needs and preferences. These customisable options may include the ability to choose additional benefits or riders to further strengthen your coverage. Various providers also offer flexibility for premium payment and policy terms, allowing you to tailor your plan based on your budget and goals. 

Who Should Consider Critical Illness Insurance?

 

Everyone should consider buying critical illness insurance. People of all ages and walks of life can be affected by a critical illness. The plan can offer support to you and your loved ones, bringing you peace of mind and knowing that you are protected. 

 

Critical illness insurance is a great way to make sure you are protected against the diagnosis of a critical illness. The stress of the diagnosis not only affects you but your family, too. With the finances sorted, you and your loved ones can emotionally depend on each other and focus on recovery and not the expenses.

Original Source:- A Guide to Critical Illness Insurance Plans in Singapore