What is Critical Illness Insurance?
Life Insurance Association of Singapore (LIA) has significantly defined critical illnesses to give greater transparency to Singaporeans for insurance comparison. Critical illness insurance will give you lump-sum money if you’re suffering from a critical disease that is covered in your policy.
Today, insurance providers have widened their array of offerings in their portfolio of insurance plans. Critical illness insurance is a type of health insurance for those who are diagnosed with or more likely to be diagnosed with critical diseases. These diseases may take a very long time for recovery and are expensive as well. Hence, insurance companies have provided various plans for different types of illnesses. Let’s understand the types of illness and its plans in Singapore market.
Types of Critical Illnesses Covered by Insurance Companies
The types of illnesses vary from company to company but, most of the critical illness insurance policies cover a minimum of 37 different diseases. However, you will receive the insurance benefit only if the illness or surgery is exactly as stated in the policy.
- Heart attack with a specific severity
- Kidney failure
- Major cancers
- Coronary artery bypass surgery
- End-stage lung disease
- Aplastic anaemia
- End-stage liver failure
- Deafness (loss of hearing)
- Heart valve surgery
- Major burns
- Loss of speech
- Multiple sclerosis
- Major organ/bone marrow transplantation
- Muscular dystrophy
- Surgery to aorta
- Parkinson’s disease
- Fulminant hepatitis
- Alzheimer’s disease/severe dementia
- Primary pulmonary hypertension
- Motor neurone disease
- Benign brain tumour
- HIV due to blood transfusion and occupationally acquired HIV
- Bacterial meningitis
- Viral encephalitis
- Blindness (loss of sight)
- Angioplasty & other invasive treatment for coronary artery
- Paralysis (loss of use of limbs)
- Major head trauma
- Progressive scleroderma
- Apallic syndrome
- Terminal illness
- Other serious coronary artery disease
- Systemic lupus erythematosus with lupus nephritis
- Loss of independent existence
Critical Illness Insurance Features and Benefits
AIA Triple Critical Cover
- You can get coverage for intermediate and major stages. This policy essentially covers 104 health conditions. Also get an additional coverage for 5 special conditions. You will get an extra 20% of your coverage amount up to S$25,000 per condition.
- You get the option to choose the period of your plan and also whether you want cash value with this plan. The coverage age for AIA Triple Critical Cover Value plan is up to 75 years. You can extend your age coverage up to 100 years with the AIA Triple Critical Cover Life plan.
- AIA Triple Critical Cover plan has a Power Reset feature where, it restores your coverage amount back to 100% every year, even if you have made a claim.
- For multiple critical illnesses at any stage, enjoy up to 300% of your coverage amount without disturbing your actual coverage.
- Your family will get 100% of your coverage amount in the event of your death (less any critical illness claims paid). Additionally, your family will also get a compassionate benefit of S$5,000.
- If you can make healthy lifestyle changes with AIA Vitality you can get 5% discount on premiums for AIA Triple Critical Cover plan in the first year. As you get healthier, you can get 15% discount on premiums for subsequent years.
AIA Diabetes Care
- Get your coverage after diagnosis with AIA Diabetes Care by just answering 5 questions for access to the coverage.
- Your policy will be renewed annually ensuring that there is no change to your premium across the policy period up to the age of 80 years.
- If you incur any diabetes-related complication, after the limb amputation you can get 20% payout of your coverage amount.
- You can enhance your plan by adding Cancer Cover to your main plan. This add-on will payout 20% of your coverage amount after diagnosis. This is applicable only for early or intermediate stage cancer. Further, it also pays out 100% of your coverage upon diagnosis of cancer.
- If you can make healthy lifestyle changes with AIA Vitality you can get 15% discount on future premiums. You can also earn AIA Vitality points upon improving your condition.
AIA Glow Of Life
- The AIA Glow Of Life plan is specially designed for a range of conditions that affect women.
- Get renewal bonus i.e. additional coverage of 5% every time you renew your policy (for the first 5 years only).
- From third year of your policy you can enjoy complimentary medical check-up once in every 2 years.
- You can get payouts for conditions like rheumatoid arthritis, osteoporosis, and breast cancer that particularly affect women.
- In the event of accident or burn, reconstructive surgeries, you can get reimbursement up to 100% of your coverage.
AIA Prime Critical Cover
- AIA Prime Critical Cover is designed for people of age group 40 to 70 years who can easily afford comprehensive critical illness coverage. This policy comes with affordable premiums and provides wider coverage. The medical examination procedure is waived, which means you can get the coverage whenever you need.
- Your coverage will be increased by 50%, especially in situations when you need extra coverage.
- For special conditions like Parkinson’s, Alzheimer’s disease, and 7 others, you can get early payouts.
- From the fourth year of your policy, get reimbursements for health screening expenses of up to S$250 (once in 3 years).
Manulife Global Medical
- With Manulife Global Medical you can get worldwide coverage wherever needed. The coverage includes outpatient treatments, hospital stays, maternity expenses, optical, and dental expenses.
- You can enjoy exclusive access to one million medical service providers around the world. It includes Parkway Health Advantage in Asia.
- You can get cashless claims settlement (worldwide) when you have to stay in hospitals. Cashless claims settlement can also be applicable for outpatient claims if you visit specialists or general practitioners from Manulife’s panel in Singapore.
- While renewing your policy, enjoy no-claims discount up to 15% on premiums.
AXA Early Stage CritiCare
- Early Stage CritiCare covers you right from the early stage to terminal stages of critical illness. It’s also applicable for special conditions.
- Get lump-sum payouts at 4 different stages of illness like early, intermediate, advanced, and terminal stage.
- Receive extra payouts during various illness stages, you can get up to 150% of your coverage amount during terminal stage.
- As you make your first claim of Early Stage CritiCare critical illness policy successfully, you can get all future premiums waived for rest of your policy duration.
- Enjoy 10% loyalty discount on your Early Stage CritiCare premiums, when you get Early Stage CritiCare plan with another AXA Life Insurance Singapore plan. This discount is applicable for the complete duration of your Early Stage CritiCare plan.
- Enjoy special conditions benefit where you get one claim for each of the conditions like severe rheumatoid arthritis, angioplasty, diabetic complications, dengue haemorrhagic fever, osteoporosis, and other invasive treatments for coronary artery.
- This plan enables payout for post-critical illness health check-up benefit.
Great Eastern Life Critical Care Advantage
- You can choose your own coverage and policy premium up to the age of 85. Coverage range is from S$50,000 to S$1 million.
Critical Care Advantage covers you for 3 stages of illness: early, intermediate and critical. Get payouts in the following manner:
- Early Stages of illness – S$100,000
- Intermediate stages of illness – S$200,000
- The plan covers 37 critical illnesses and 7 special conditions with additional payouts up to S$185,000.
- After claiming for the early or intermediate stage, your coverage continues without being charged extra premiums.
- You need not wait for making multiple claims. There is no minimum interim period between the claims.
HSBC Early Critical Care
- Early Critical Care covers 102 conditions of illness.
- Enjoy 100% payout for early stage critical illness.
- This policy covers prevalent illnesses like diabetic retinopathy, severe rheumatoid arthritis, and dengue haemorrhagic fever.
Aviva My Early Critical Illness Plan
- You can claim up to 6 times for various medical conditions that are covered under the special benefit.
- Enjoy 100% payout up to S$200,000 at early, intermediate or severe stages of illness.
- Also get an extra payout of up to 20% of the critical illness benefit amount assured without negotiating on your death benefit or critical illness benefit.
- Your coverage can be up to the age of 99.
- With My Early Critical Illness Plan, the premium will not change throughout the policy period.
- You can also get a death benefit of S$50,000.
Sometimes critical illnesses might turn your health into a liability. It is always better to ‘be safe than sorry’. When you have an anticipation of incurring illness, it’s advisable to get critical illness insurance as per your health condition. As said earlier, there are several insurance providers in Singapore who provide payouts at any stage of your illness.