10 Tops Benefits When Securing a Critical Illness Insurance Singapore

Life is a beautiful gift that is given to every human being. Every individual thinks of spending their life as independently and disease-free as possible. Everyone dreams of having the perfect disease-free survival, but hardly a few get the chance to live that way. After a certain age, everyone gets diagnosed with something or the other. Sometimes it’s a life-threatening disease that few get out of alive fully functional, and others can hardly perform daily tasks after being cured.

Due to such life-threatening diseases, insurance policies protect us from the financial burden we experience after being diagnosed with a critical illness. Cancer is the most common critical illness that people go through, and being insured brings hope on the sufferer and their family for being financially well off for the time being.

Importance Of TheInsurance

Critical Illness Insurance is an insurance that, like any health insurance, pays for the hospitalization and treatment. Along with that, the unique part of this insurance is that it provides a lump sum to the insured person who helps the individual go through daily expenses and medical bills. Most survivors of critical illness cannot perform their daily activities like before, so the lump sum provided by this insurance policy helps cover the day-to-day expenses and provides for the medical bills.

Critical Illness policy is beneficial for those individuals who play a pivotal role in earning for the family. When diagnosed with a critical illness, there would be no income for the time being until the individual is fully functional. The financial burden would be too significant for others who are not the principal earning members of the family. Having a critical illness policy helps them in such a situation where they are provided with a lump sum that allows them to go through the daily expenses and medical bills. At the same time, there is no income in the family.

You can have critical illness cover as a stand-alone policy or add a rider to your standard health insurance. Having the stand-alone policy is beneficial as it is much more flexible than health insurance and covers many critical illnesses like first heart attack, cancer, coronary heart disease, surgery to the aorta, kidney failure, end-stage lung disease, and major organ transplantation, paralysis, Alzheimer’s disease, primary pulmonary Arterial Hypertension and many more. Apart from this having a critical illness cover provides you with a lump sum after paying off for your hospitalization and treatment. This lump sum helps a lot, which is not offered by your typical health insurance.

The coverage of critical illness policy can be as high as S$2million depends on the policy plans and companies providing the policy. The coverage of the critical illness policy depends on each individual’s age, medical history, and lifestyle. The younger and healthier you are, the more the coverage. Critical illness policies have a waiting period of about sixty to ninety days, and after buying the plan, you will get your claim only after the thirty day survival period.

Top 10 Benefits of Securing Critical Illness Insurance 

  • In case of a disability you are suffering from due to an accident or unfortunate situation, your policy will continue without you having to pay any premium. This brings hope to the insured person, and you have to worry less about being financially secure if diagnosed with a critical illness.
  • Critical Illness policy gives you tax benefits. This is because this insurance policy is tax-free under Section 80D of the Income Tax Act. Apart from your advantage, you are getting tax benefits well after securing a Critical Illness policy.
  • Critical Illness policy provides a lump sum to the affected family, helping them get through day-to-day activities and pay for medical bills. It acts as an income replacement when the family’s primary bread earner is diagnosed with a critical illness. Apart from paying for your treatment, it helps you by providing a lump sum, which acts as an income for the time being when you can’t go to work, and there is no family income.
  • After being diagnosed with a critical illness, the policy plan is structured to cover your treatment expenses irrespective of whether you are treated in Singapore or any foreign country. So you can get your treatment from anywhere in the world, and your critical illness policy has you covered.
  • Critical illness policy provides peace of mind to the insured. The individual does not have to worry about the financial situation for the time being as the critical illness policy foresees everything.
  • Critical illness policy pays double the assured amount if there is a death due to an accident. So the insured individual won’t have to worry about their family’s financial situation after they are gone.
  • If an individual is diagnosed with a terminal illness, then the critical illness policy has a plan which will pay the insured the complete sum assured.
  • Critical illness plans are available at affordable rates compared to other insurance policies. So it is beneficial for any individual to have a critical illness cover so that their family does not go through any financial burden if any critical illness happens.
  • Critical illness policyholders are provided with a free health screening every year to ensure every individual is alright and is not suffering from any disease. Thus this insurance offers complete protection to its policyholders.
  • Policyholders are provided with a second opinion to assist them in making the best medical decision.

To Sum It Up

Life is valuable, and you don’t want to spend all your income and savings behind hospital bills. So visit HL Assurance as they will provide you with the best critical illness policy available in Singapore and protect yourself and your family from any financial burden if there happens to be any critical illness. Health is wealth, so always take care of yourself and your family members and enjoy life to the fullest.

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