Many people believe that wealth comes in the form of fame or fortune, while others advocate that true wealth is being healthy in both mind and body. Although both claims are true, the latter is arguably better if you wish to lead a long and happy life and live it to the fullest. But despite our best efforts to stay fit and eat healthily, life’s unpredictability means that it could throw us a curveball in the way of critical illnesses at a moment’s notice.
You may not have been afflicted with any sort of serious illnesses, hence that is why the thought of getting medical insurance has never crossed your mind. However, believing that you will always stay in the best of health is not a prudent assumption, especially when our bodies are only set to grow older and more vulnerable to diseases by the day.
Below, we cover some of the critical illnesses that Singaporeans may face in their lifetime and how having an insurance plan with critical illnesses coverage helps protect them and their loved ones.
Five Common Major Illnesses in Singapore
Several major illnesses affect many Singaporeans each year, often leading to loss of life. According to the Ministry of Health’s statistics on the Principal Causes of Death in Singapore, the following five most common critical illnesses make up more than half of the total number of deaths:
- Ischaemic heart diseases (including severe heart attacks)
- Cerebrovascular diseases (including stroke)
- External causes of morbidity and mortality
Why Do We Need Critical Illnesses Coverage?
Critical illness insurance is essentially a form of protection against major illnesses such as Cancer, Stroke etc. This coverage, in most cases, is the only thing that stands between you and financial ruin, given that getting treatment for any of the five critical illnesses above will generally incur an exorbitant cost that not everyone can afford nor is covered in any standard health insurance plans.
By having this critical illness coverage, you can have peace of mind knowing that you or your family will not be heavily burdened financially in such circumstances. The lump sum payout benefit allows one to seek medical treatment and also supports one’s daily living expenses since one may not be able to continue working and earn a steady income while getting treatment and recovering from the illness.
Protecting Yourself with Insurance Coverage
In whole life insurance plans, age is the most crucial factor in determining the premium for your coverage. The younger you are, the lower your premiums will be.
Buying insurance while you are young enables you to benefit from a lower premium as age is a key factor when it comes to Critical Illnesses insurance charges. Moreover, no one is sure when their health condition may change. At any given moment, one may be diagnosed with a disease regardless of their age or how seemingly healthy they appear to be. When this happens, they will be at risk of being excluded from certain coverage or even be wholly uninsurable in the worst-case scenario. Thus, it is wise to get protected while you are young and healthy. Get ahead of any potential conditions and stay on top of knowing your health status with regular health check-ups.
Critical illnesses coverage is available either as a standalone plan or as an optional rider in whole life insurance and term insurance plans.
China Taiping Insurance Singapore offers a selection of insurance protection plans with optional add-on riders for critical illness coverage, such as:
- i-Protect: A term plan that gives the insured maximum protection at an affordable premium. It also serves as an income replacement or a legacy for your loved ones in the event of Death or Terminal Illness. The optional EarlyCare Rider safeguards against 149 conditions and pays a lump sum benefit upon diagnosis of the covered critical illnesses at the Early, Intermediate, and Advanced stages.
- i-Secure Legacy: A whole life plan specially designed to provide lifetime coverage against Death, Terminal Illness, and Total and Permanent Disability while accumulating cash values and bonuses throughout the policy term. It offers an optional Whole Life Critical Illness rider covering 161 conditions ranging from the Early Stage to the Advanced Stage.
Health is wealth, and it is always in our best interests to secure our well-being today and in the future. By getting critical illnesses coverage on top of regular health insurance, you can rest assured that no matter what hurdles life may throw at you, you have sufficient protection to overcome them all.Download PDF