Most people know of critical illnesses such as cancers, heart attacks, or strokes. Critical illness plans in fact cover more than 30 other conditions and they can be an important part of financial risk management planning that’s standing between life and death. Adequate critical illness coverage will ensure your diagnosis can be treated while you are provided with a payout to provide for potential loss of income due to the inability to work upon diagnosis. There are officially 37 critical illness diagnoses defined by the Life Insurance Association which are covered by most insurers.

Early-stage critical illness insurance seeks to bridge the gap in the case where one is diagnosed with a critical illness but not at the “stage” where it can be covered by a normal critical illness plan. The sum assured of an early critical illness insurance plancan also be claimed in the event of certain medical procedures done, such as the removal of a kidney or a small bowel transplant.

All critical illness insurance premiums are not guaranteed, as future premium costs for such plans are subject to future claim experience.

With more advanced medical technologies these days and the higher possibility of early detection, having an early critical illness insurance plan will provide you with financial relief while you undergo treatments. The payout should be enough to let you take a break, seek alternative treatments, and allow you to spend more time with your loved ones should you get diagnosed with any critical illness.

Given the fact that there is a probability of recurrence, critical illness plans have evolved, and insurance companies in Singapore are now offering plans that address these concerns. Such plans provide continuous coverage for early-stage and advanced-stage CI should your condition persist, relapse or when another critical illness has been diagnosed.

A health insurance policy covers your bill whereas a critical illness policy will replace your income. Critical illness insurance provides an option for you to stop working and seek treatment, it may also provide you with the option to seek treatment that your health insurance policy may not cover.

One to two times of your income for early critical illness insurance and four to six times of your income for advanced-stage critical illness can be enough. We suggest you seek advice from our experts to get the best critical illness insurance coverage.

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