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Why you need critical illness insurance

It’s the New Year’s resolution we all need to keep: sorting out proper cover if you’re struck by a serious illness or accident. You might think you’re in good shape or too young to worry about it, but a heart attack, stroke or car accident could happen at any time (God forbid!). You may be taken out of action, leaving your family financially vulnerable during an emotional and difficult time. Take steps to make sure your bills are totally taken care of if you wind up recovering in a hospital bed. Three insurance experts explain why critical illness insurance is so important and what you should look out for in your choice of cover.

Expat Insurance

Family at the beach
Have your family’s needs taken care of at Expat Insurance

What they offer:

Critical illness insurance offers coverage for over 36 critical illnesses including cancer, heart attacks, strokes, lung disease, kidney or liver failure. Other conditions such as serious burns and blindness are also accounted for. Under medical insurance, treatment and hospital stays will be covered. As for life insurance with critical illness cover, you’ll receive a guaranteed lump sum payout if you become critically ill or pass away.

Why you need it:

Life insurance with critical illness cover will ensure your loved ones are protected from the financial impact of illness or death, including large expenses like rent, school fees and car payments. Be protected against the unexpected with a combination of medical and life insurance.

Tips:

  • According to your needs, select when you wish to receive the payout – at an early or advance stage.
  • Check if your pre-existing conditions can be covered. Depending on the severity of the condition, expect an increase in premium or exclusion in coverage.

Expat Insurance
B1-52 & 01-50/54, The Riverwalk, 20 Upper Circular Road
expatinsurance.com.sg | 6401 9201

Pacific Prime

Family in a field
Plan for the future at Pacific Prime

What they offer:

Critical illness insurance policies pay out for a number of major conditions, including the two main causes of death in men: heart disease and cancer. Other serious conditions covered by the policy include stroke, bone marrow conditions, bacterial meningitis, loss of sight, hearing and speech. When one of these conditions arise, you will receive a lump sum payment.

Why you need it:

Many diseases and illnesses covered by critical illness insurance are prevalent among men. The Singapore Heart Foundation states that men “generally face a much higher risk of heart disease than women” and suffer from heart attacks earlier in life. Globally, men are more likely to develop cancer and less likely to recover from it.

Tips:

  • Buy the policy at an early age to secure coverage before developing conditions like heart disease.
  • Do not pick a plan solely for its low price but ensure that it fully addresses your current and future medical and health needs.

Pacific Prime Singapore
#09-02A, China Square Central, 18 Cross Street
pacificprime.sg | 6536 6173

AXA Singapore

Family in a garden
Have your loved ones in good hands with AXA Singapore

What they offer:

Early Stage CritiCare Policy covers various stages of serious illnesses such as cancer, major burns, motor neuron disease and anaemia. You will receive lump sum payouts (as much as 100%) at early, intermediate, advanced and terminal stages of illness. Annual medical check-ups post-illness will also be reimbursed. They also have a 360° Cancer Care Policy, a holistic cancer protection plan that provides practical, financial and emotional help from pre-to post cancer treatment.

Why you need it:

Lump sum payouts can help reduce the financial burden of your loved ones to pay for mobility aid, physiotherapy, hiring domestic help or caregiving when you’re recovering.

Tips:

  • Check family history for critical illnesses you are susceptible to and ensure you are covered. Go for regular screenings and health checks.
  • Ensure your policy is within your budget so paying for premiums does not end up being a financial burden.

AXA Singapore
8 Shenton Way, #24-01 AXA Tower
axa.com.sg | 1800 880 4888 (Within Singapore)

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