How exactly does a critical illness plan work

One needs to be extremely bless to live a long life without any serious illness. But not many Singaporeans are so fortunate. According to a study conducted by the Ministry of Health Singapore, out of the total number of deaths in 2016 (20,017 people), 29.6% Singaporeans died of cancer, 17% of them died of Ischaemic heart diseases and 1.9% of other heart diseases. In fact, the Singapore heart foundation states that 16 people die of cardiovascular diseases and stroke everyday. Additionally, in the past couple of years, these numbers have been on a steady rise. Which means we can expect the same trend to continue even in the future.

The above statistics clearly show the prevalence of critical illnesses in Singapore. It is one of the primary causes of death, and you ought to be prepare to combat them. But are you really prepared for a critical illness? Do you have the funds in place for the treatment and payment of hospitalization bills? Will your insurance plan cover your expenses in case of a critical illness? Having a critical illness plan is of prime importance to cover your medical expenses at any stage of a critical illness. Read on to know more about a critical illness plan in Singapore.

What is a critical illness plan in Singapore?

A critical illness plan is a type of insurance product that covers your medical expenses at the time of a critical illness. As per the norms of the policy, you get a lump sum payment when you are diagnose with a critical illness cover under the policy. There are usually a list of 37 critical illnesses that are covered under a critical illness plan in Singapore. However, the money given does not depend on you incurring medical costs. Once the amount is give you have full discretion as to how you want to use it. At times you may have the funds to spend on treatments for a critical illness but you might be unable to work for a couple of weeks after that. In such cases, the amount you get from your critical illness plan can be use to substantiate the temporary loss of income.

Some of the common products found in the market are AIA triple critical cover, early critical protector life plus, and the My Early Critical Illness Plan by Aviva. AIA triple critical cover is one of the few insurance plans that provide coverage for multiple critical illnesses. But there are some insurance plans that provide coverage only at the intermediate or the last stage of your illness. So, even if you were diagnosed with cancer at the first stage, you would be able to bank on your critical illness plan only when you reach the intermediate stage. Sounds absurd, right? The early stage critical illness plan covers this loophole.

How is it different from an early stage critical illness plan?

As mentioned above, to claim your money in a critical illness plan your doctor needs to ascertain the stage of your illness. But in an early stage, critical illness plan allows you to claim payouts upon the diagnosis of the critical illness (covered under the policy), irrespective of the stage of the illness.

Being diagnosed with a serious illness is already bad enough. It can have serious implications on all other areas of your life as well. If you are a working professional, then you might temporarily or in some cases permanently be unable to go to work. Amidst the stresses of having a critical illness, you do not want to wait to fall even more sick to get your insurance claim. This is where an early stage critical illness plan is necessary.

Which illnesses are cover under this plan?

Most critical illness plans in Singapore cover the following illnesses:

Heart DiseaseParalysisAIDs
StrokeOrgan TransplantParkinson’s disease
BlindnessCancerChronic Liver Disease
Loss of hearingFulminant Viral HepatitisChronic Lung Disease
Loss of speechAlzheimer’s diseaseMajor Head Trauma
Multiple sclerosisMajor BurnsAplastic Anaemia
Primary Pulmonary Arterial HypertensionComaMuscular Dystrophy
Heart Valve ReplacementTerminal illnessBenign Brain Tumor
Surgery to AortaMotor neuron diseaseEncephalitis
 Poliomyelitis Brain SurgeryBacterial Meningitis

 

Why opt for a critical illness plan?

Including a critical illness plan in your financial profile has many benefits. It can act as an income replacement. Whether or not you choose to use the lump sum amount for hospitalisation is upto to you.  But in most cases, a person with a critical illness will need a temporary source of income to cover his other expenses. A critical illness plan will help you sustain your living expenses till the time you are fit enough to work again.

We hope this article has given you a fair idea of how a critical illness plan works.


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