What is a critical illness insurance plan?
Before knowing whether critical illness insurance in Singapore is worth it or not, let us understand the concept deeply. So, what does critical illness insurance means?
There are various types of insurance, and medical claims plan that are available for the eligible ones. However, these insurances are not much related to health cares. Yes, most of the insurance plans are subjected to car insurance, property insurance and many more like this.
One such type of critical illness insurance. Critical illness covers are not just another type of insurance because of their unique name. Yes, there are many more things to consider when it comes to these types of medical covers.
In critical illness covers otherwise known as dread disease policy, the insurer will pay out the claims when the policyholder gets diagnosed with any of the illness. Well, you might think that it’s similar to health care insurance and something like that.
Here is the twist, critical illness covers can be only claimed by the insurance holder when they contract any disease or illness that is deadly. Or in short and simple words, the critical illness covers is useful when the person comes in contact with the disease, wherein the expert treatment is required within no time.
Some of the most common yet fatal illness and/or disease covered in this type of insurance are cancer, cardiac arrest, brain tumour, kidney failures and so on. If we take into consideration the total medical expense only for the treatment and medical care, the number will go up to lakhs of dollars.
Why you need critical illness insurance?
Critical illness insurance is like a cover or shield that protects you from dreadful disease financially. Yes, there are other types of insurance that are somewhat similar to this one. To name the few, foreign maid insurance and full-body insurance, etc. However, these types are not suitable when it comes to critical illness.
So, is critical illness insurance worth it Singapore? If you are one of those who doubt whether this insurance cover is suitable and worth it or not, then here are the reasons you should and must consider.
- Deaths due to improper health care
In countries like Singapore, hundreds and thousands of people day monthly by getting in contact with a disease like cancer and so on. However, this can’t be the reasons for the deaths.
Most people die not because of disease but because of improper health care. Yes, some of them also try to save money by not getting well treatment. And in the end, they succumb to death.
However, if you have your critical illness insurance done, then you don’t have to worry about the finance and treatment expense. After all, these covers are specially for those who want to become financially prepared and independent against the disease that can cause fatality.
But, if you choose money over health, then be ready to face the consequences of the illness.
- Helps to prepare in advance
If you can predict the future of yours and determine whether you are going to contract any disease or not, then there is no need for critical illness insurance. Although, it is nearly impossible for anyone to predict their own future.
So, the best thing we as humans can do is to prevent and get prepared before we become the next target of any disease.
Yes, critical illness covers can be the best ideal ever when it comes to preparing financially for any disease. Of course, you don’t have to keep on saving your monthly income in the bank’s savings account and FD’s.
Frankly speaking, there is no point to debate just to know whether critical illness covers are worth it or not. It’s definitely a yes if you want to protect yourself from any disease well in advance. Remember one thing. Your first priority must be health over money.
- Flexibility over selecting the right plan according to disease
Planning to buy the critical illness covers in Singapore but still thinking whether it’s worth it or not? Well, then you probably don’t about the different types of plans and insurance policies.
Flexibility over selecting the right plan or type of critical illness covers does not mean you can set the number of claims on your own. Then what it is?
Almost all the illness covers in Singapore include the disease and illness in the plans that cause high risk to the human body health. The list of disease is the default. Although, you can modify the list and include only those disease according to your preference.
So, if you are diagnosed with that particular disease, then you can claim the insurance easily.
You may be apprehensive of being diagnosed with a specific disease in future, let’s say, for example, liver cancer, depending upon the health history and records of your predecessors. Yes, there is an extreme chance of contracting a disease that is genetic in the human body, like the illness caused by diabetes or even heart attack.
If so, then go for the critical illness covers of only that particular disease. By this, you can ensure safety, and moreover, you don’t have to spend too much for paying out on insurance.
- Lump-sum payment for all the illness-related needs
Consider the cost of treatments and expenses of hospitalization is not the only thing you must think of. In fact, if you get in touch with a critical illness, then there are many more things to take into consideration.
One of them is the expense of medical supplements and medicines, accessories and equipment’s needed to cure the disease completely, etc.
However, critical illness insurance can be the best idea ever to deal with all such expense at once. Once you get diagnosed with the disease, all the insurer will pay you the amount for these extra expenditures over health treatment.
You will never reach the edge to beg for cash. Simply buy the critical illness covers to get the claims directly into the bank account.