A guide to critical illness insurance

We tend to think that critical illness only happens to other people. Unfortunately, that’s not the case, and we need to be prepared for a serious diagnosis – for example, cancer, kidney failure or a debilitating immune disease. Treatment for these types of conditions can be lengthy and costly, and could keep you from working for some time. So, what if your health insurance plan doesn’t cover all the costs involved? Luckily, there’s a special insurance to help you cope. Here, the team at Expat Insurance gives us the lowdown on critical illness insurance.

What is critical illness insurance?

Critical illness insurance is an add-on or “rider” that can be purchased on top of an existing life insurance policy. If you come down with an illness, you’ll receive payouts to cover your medical bills, and to keep you afloat.

Why is it so important?

Treatment for critical illnesses is expensive! While management of the illness is generally already covered under most health insurance policies in Singapore, this does not account for the loss of income while you undergo treatment and recovery. Managing and recovering from cancer, for instance, can be a lengthy process. Firstly, there are the therapies to consider, sometimes in addition to surgery. There’s also the cost of diagnostic testing, rehabilitation, monitoring and ongoing follow-ups to the doctor until you’re in the clear, and back to your healthy self.

These costs can add up quickly; and they can become a significant financial burden if there have been no plans made to accommodate them. This, of course, can take a major emotional toll on your family.

Also, if you’re living overseas, you don’t have the same opportunity to call upon the help of friends and family. This lack of  support network is an important factor that’s often overlooked. You may end up spending more money getting a helping hand than if you were back home with the support of family and friends.

Do I need critical illness cover if I have health insurance?

Health insurance helps pay for medical expenses such as doctor’s visits, hospital stays, medications, tests, and procedures. It helps ensure that people can afford medical care and stay as healthy as possible.

Critical illness insurance, on the other hand, is a protective measure. It’s similar to life insurance, which is designed to offer your family financial continuity in the event of your death. Critical illness cover can help secure the financial protection of your family while you undergo treatment and recovery.

The types of critical illnesses covered vary from one insurer to another. But, most major illnesses and types of surgery are covered by almost all policies. Ailments commonly covered by critical illness insurance include the following:

• cancer
• stroke
• heart attack
• coronary artery bypass surgery
• kidney failure
• Parkinson’s disease
• major head trauma
• major organ transplantation

Amy Greenburg

Originally from Los Angeles, Amy is passionate about Netflix, sipping rosé at rooftop bars, travelling, and all things health and wellness-related. She enjoys learning about different health topics through her writing, particularly critical health conditions, food allergies, alternative therapies, and pregnancy and postpartum-related issues