In this article, we will discuss how to choose the best critical illness insurance for yourself in Singapore. Also, we will discuss what things constituted in critical illness are and why do you need extra coverage.
What is a critical illness, and why do you need its insurance?
Critical illness is a very deadly disease that can happen to almost anyone in the world. This does not happen only in Singapore but in other countries of the world also. But the majority of these critical illness cases arise in Singapore itself due to unhygienic things.
Many people who live in Singapore do not keep proper hygiene as they think that it is not that important. This is the main reason why many people suffer in Singapore from different critical illnesses. Most of the common critical illnesses are heart attack, kidney failure, and strokes.
Kidney failure is also caused due to high pollution levels in the country. But heart attacks and stroke are created due to different reasons and need to be taken care of. There are a small number of people dying almost every day in Singapore due to these illnesses.
One of the most important things to take when facing this kind of illness is the critical illness insurance policy. This is because this policy is specially created after the recommendation by the LIA. This is because when a person faces a critical illness, it takes them around five years to recover.
If they are facing a very dangerous illness, then it might take them anywhere from 5 – 10 years to recover. Many people should take this kind of policy to pay for the bills of the hospital and to help their families. This is because once the operation is done, the person will not be able to do anything other than resting. So this policy will pay the bills and also give the person a certain amount of money every month as salary.
Why do you need extra cover?
Many people think that by just taking the life insurance or health insurance policy, they will be safe and fine. This is not the case as these insurance policies are given for a small amount. While if you take the critical illness policy, it is given for a long period and a huge amount. This policy helps the person to pay his bills and also to help his family even with a disability.
It is the main and the most important reason why one should take a critical illness policy. There are certain expenses and things that need to be taken care of, and so you need this extra cover. This is because you other policy like life or health and the hospital will only pay for the hospital bills. They will not give you money after you have recovered but need time to rest.
It would be a great idea to take the critical illness policy with your other policies. Some people even say that the critical illness policy acts as a retirement plan for people who undergo this thing. This is because even after the payment of the bill when the person is unable to work.
The policy provides them with a fixed amount of money every month, like their salary. The main reason why this policy is taken is to keep you safe from any kind of serious payments.
What are the basics of critical illness insurance?
This is a critical illness that disables the person from even complete household chores. So to treat such a disease, you will need a huge amount of money. The total time for which you want to take the policy and the money will depend on the type of illness.
Some of the illnesses will take at least five years for the person to recover fully. While if the illness is very serious and dangerous, it might take the person around 5 – 10 years to recover. Many people include this policy in their life insurance, maid insurance, and health insurance.
They do this to keep themselves protected from any kind of financial loss. That is why they need to renew their insurance policy when it expires to keep it going with the critical illness policy. Many people take a maid insurance policy for less time, so they need to do a maid insurance renewal. This will keep their maid protected from any kind of huge loss in their life.
- Dynamics of critical illness plan
This is not like the normal health plan that you buy from the market. That is, you are ill with a disease. You will show a certificate and get the money for treatment. The insurance company will first check with the hospital personally and then give you the lump sum amount. They do this so that the person can make the payment for their treatment.
- Examples of critical illness
The most common kind of critical illnesses is a heart attack, paralysis, cancer, stroke, artery bypass, etc.
What are ways to choose the best critical illness policy?
Here is the list of ways you can use to select the best critical illness policy.
- Budget for treatment
The first thing is that according to the illness, you will have to estimate the budget required for treatment. Following this budget, you can take a critical illness policy to stay safe from any financial problems.
- Check illness covered in the policy
Before you sign the contract and take the policy, you will have to check a different kind of illness. Then you will have to select the illness you are facing and then sign the contract. This will help you to stay relieved that you will be insured against any hospital charges.
- Waiting period involved
You will also have to check for the waiting period, which is mentioned in the terms and conditions. The period will be the minimum time the person has to survive and then undergo surgery. This is done to make sure that the insured does not try to cheat the insurance company.