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What are Critical Illness Insurance?
Critical Illness insurance is a type of insurance plan that covers highly terminal illnesses meaning that the chances for survival are extremely low.
These types of insurance tend to provide a lump-sum payment to the insured's family members to cover substantial medical costs incurred in remedying the illness due to their critical nature. Critical illness insurance can come from a standalone policy or a rider.
As of 2019, the Life Insurance Association of Singapore has provided a guideline for 37 different critical illnesses that are recognised, such as cancer, stroke, and heart failure. Some insurers will cover more for the plan. The definition of a critical condition and what is covered in the diagnosis is up to the private insurer to dictate.
As Integrated Shield Plans do not cover critical or terminal illnesses, getting a critical illness plan is advisable to have peace of mind if an unexpected event happens. Note that you will be subjected to underwriting to check for eligibility.
These underwriting procedures will check for pre-existing conditions, genetic risks via your family history of critical illness, and lifestyle risks like smoking, taking drugs, and excessive drinking.
To know more about which critical/terminal illness insurance suits you, please fill in your information in the quotation above.