All You Need About Critical Illness Insurance
Life insurance is a financial safety net for your family in the event of death. The younger and healthier you are, the cheaper your premiums should be. A person pays the premiums to the insurance company monthly, quarterly, or annually. In the event of death, a pre-negotiated amount of money will be transferred to your designated beneficiary. You need to choose a beneficiary who can make responsible decisions about how the money will be spent after your absence.
Critical Illness Insurance in Singapore is a policy that pays you for your diagnosis. Certain diagnoses such as cancer or heart attack are classified as critical in the directive. The policy also describes other rules for the claim. Examples could be that you have to live many days after your diagnosis, or that a specific doctor needs to make the diagnosis. If your diagnosis meets all of the criteria, the insurance company will pay you a pre-negotiated amount of money. It is paid out in installments over a while or in a single payment.
You can also choose to combine your life and life insurance. There are several advantages of life-critical illness insurance in Singapore. As with many other things, you save on packing. It is also easier to configure and manage a policy. Your chances of making use of the service increase because not all people are diagnosed with critical illness before they die. On the other hand, these policies usually only allow one claim. So if you get paid for your diagnosis, you will have lost your life insurance. Getting another life insurance policy in this state would be almost impossible with exceptional rates.
All You Need About Critical Illness Insurance
Main diseases covered.
Cancer is covered in all guidelines, although there are now some attempts to vary the terms based on cancer and its severity. Not all cancers are the same in terms of survival rates, some are highly curable, others less so. So most policies list the cancers they cover and the ones that exclude or pay less for a limited time.
Heart disease is covered and this usually means a heart attack rather than angina or high blood pressure. Some policies can also pay off if you need surgery, such as heart bypass surgery, but with the increasing use of minimally invasive telescope surgery, payments can be limited. The overall recovery from telescopic surgery is much, much faster than after traditional open-heart surgery.
Strokes cause permanent symptoms and problems. Again, the policy should clearly state which of the many possible symptoms are covered. Mini-strokes can be excluded as they do not leave any residual problems.
While there is no suggestion that you should get insurance outright, it is worth doing a little research on the subject. It is a good idea to check out different websites to find out about the different types of serious illness insurance. You may want to get some quotes to see what type of premium payments you are considering. Sometimes things are cheaper than you thought.
Even if you think you don’t need a critical illness right now, you may change your mind at some point in the future. The main benefit of serious illness insurance is that, at the very least, you won’t suffer the financial consequences of a serious illness.
