Why Critical Illness insurance is important?

• Do you know Cancer is the No.1 killer in Singapore?
• Do you know 1 in 4 Singaporeans die of Cancer?
• Are you aware the cost of healthcare increase much more than the normal inflation?

What is Critical Illness Cover?

Critical Illness cover is a type of health insurance that pays out a tax-free lump sum if you are diagnosed with an illness that is deemed to be life-threatening under the terms of your policy.

This means that if you have critical illness cover in place and are diagnosed with one of the conditions, you will receive a lump sum payout from your insurer to maintain the same lifestyle during the period when you are undergoing treatment to cover the loss of income.

Please watch this Video on the importance of CI cover.

How much is an adequate cover to provide financial security for the family?

The primary purpose of any insurance policy is that it should be useful on major unforeseen circumstances. For eg, A whole life policy has huge advantages, but if the total coverage is going to be only $100,000, the benefit wouldn't provide enough financial security for the family. So it's important to cover with a pure term as a priority, if one cant afford whole life, at least till another income replacement starts with the family.

For Critical Illness cover, an adequate protection could be anywhere between 3-5 years of monthly expenses. Eg. If your monthly requirement is $5,000, to maintain the same lifestyle, an adequate cover for the sole bread winner would be $300,000 in coverage and $200,000 in case both work.

When is the good time to buy Critical Illness cover ?

Similar to any insurance plans, It's always better to start early at a young age when we are hale and healthy as it not only guarantees complete coverage, but also get the same at a much cheaper price. So start as soon as possible, especially before the health conditions change due to family history or otherwise.

I strongly recommend all parents to cover the kids at a young age.  How many parents are above 40 without any critical illness cover and find it extremely expensive to start cover at 45 and above? Kids need this at some point of time in their life and we could cover for $500,000 for just $5000 that too with a whole-life plan. 

What are the conditions covered ?

Please check the details of Critical Illness covered here

Are you keen for the family to maintain the same lifestyle irrespective of the situation?? If Yes, do give me a call at +65 8113 3272 or reach me at eshers@gmail.com