How does critical illness insurance work?

I have fallen short on making sure I had critical illness insurance; it left me out of pocket and has also affected my future coverage. So, before you sign on the dotted line for your next health insurance policy, there are some key questions to ask. Read on to make sure you know what you’re buying into!

What does critical illness insurance actually cover, and does it pay out on diagnosis?

Critical illness insurance in Singapore is generally a payout that is provided upon diagnosis. The amount paid and the types of illness covered vary from plan to plan and from insurer to insurer. The main key around getting this specific insurance cover is to take away the financial stress of healthcare cost here. But, it can also cover a potential a loss in income that can come with being diagnosed with a critical illness.

What cancers are not covered by critical illness insurance?

Exclusions depend on insurers and the specific plans, but generally, critical illness insurance has a waiting period. Critical illnesses diagnosed during the waiting period are typically not covered. And, obviously, pre-existing conditions are also generally not covered.

What are the top three critical illnesses?

In Singapore, the top three critical illnesses are cancer, stroke, and heart disease.

At what age should I get critical illness insurance?

The mid-20’s to mid-30’s is generally a good time to consider getting critical illness as you’re still considered in your prime, so premiums will be a lot cheaper than when you get it at an older age where you are more at risk.

Does critical illness pay a lump sum?

Generally, yes. It’s common to for plans to have a single payout that pays a lump sum upon diagnosis, but there are also plans with multiple payouts which will allow you to make more than one claim if you suffer from a relapse of a critical illness. Again, however, it really depends on the insurer and the plan.

Learn more about getting health insurance

If you’d like to compare different options for critical illness insurance in Singapore or need help securing individual health insurance or family health insurance, get in touch with the team at Pacific Prime for impartial advice and a free plan comparison.

Written in collaboration with:
Pacific Prime Singapore
#14-05 China Square Central, 18 Cross Street
6346 3781 | pacificprime.sg

Reference: https://www.pacificprime.com/blog/best-critical-illness-insurance-in-singapore.html