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How Much Should Critical Illness Insurance Cover In Singapore?

In this article, we will discuss how much coverage should critical illness insurance Singapore give. Also, we will discuss why it is important to take this policy and is it necessary to take a critical illness policy.

What is Critical illness?

This is an insurance policy that can be taken by anyone who is living in the world. The only thing is that they will need to be above the age of 17 to take this kind of policy. The is a policy that takes care of the emergency payment that occurs when a person is ill. It means that they will cover the salary expense of that person till they recover from the illness.

This is the case which is used by almost everyone in this kind of policy in the world. There are around 39 types of critical illness in the world which anyone can face and at any time. This is why many people tend to take this policy as soon as they feel some health problems. They do this so that they can keep a kind of security back with their family members.

The policy’s money can be used by the insured person in any way that he wants. This means the insured person can either send the money back to his family or pay his bills. Critical illness is a thing which is being common nowadays due to the rise in pollution. The pollution level is creating a different kind of respiratory diseases. These diseases take a long time to heal, while some still have effects after getting healed.

How much critical insurance coverage do you need?

The first step to understanding a critical illness policy is to understand how coverage is calculated. You can calculate the total amount of coverage either by going to a person or on the internet. The best thing will be by going to a person as they will give you everything in writing.

But the advantage of online is that you will get a message of the quotation and also can take a screenshot. This will give you a digital proof of how much coverage you have been offered. The main way in which they calculate the total need of the coverage is by checking the person.

This means that they will conduct a series of tests to see which kind of illness is the person facing. According to that illness, they will ask the person some questions which they have to answer. The questions will be like for how long do you have this illness or side effects etc.

After answering the question, the person will then start a calculation on the cost to be incurred in the future. Then after some time of calculating, they will note everything down and add them.

Once they have added everything, the total cost will be in front of the person. After which, they will have to decide the amount of coverage they want to take. It can either be more than the expenses incurred, but it cannot be less than that. Also, if you do it online, you just have to click on calculate option and select the disease you have.

Within seconds it will calculate and tell you the number of expenses that you will face. After which, you can decide the amount of critical coverage that you need. You should take twice the amount of the expenses that you are facing.

What is the importance of critical illness insurance?

You can see this kind of policy in maid insurance promo, life insurance promo, and many more. This is because they want to encourage more people to take this kind of policy in the mix with other policies. Given below is the list of importance for which you will need to take critical illness insurance.

  •  The chances of getting the critical illness in Singapore

There are several kinds of research going on in the market, and it shows that around 90% of people face a critical illness. This research has also mentioned a different kind of critical illness that a person goes through. The most common kind of illness is major cancer, heart attack, and coronary artery bypass, and kidney failure. These were some of the critical illnesses for which it is suggested that you take a critical illness policy.

  • Cancer

It is said that from 1 to 5 people in Singapore, a single person will be affected by this illness. When someone is diagnosed with cancer, their expectancy is from 5 to 10 years.

  • Heart attack

The heart attack cases have increased in Singapore to 11,887 in the year 2018. This is said that many people can face this problem, but there are facilities to keep this illness under control.

  • Stroke

The number of stroke patient cases is also increasing in Singapore. However, there is technology to prevent many people are still facing this illness.

  •  When to buy critical illness

If you think that without a critical illness policy, you are safe than ever. Then you are wrong as this policy will help you to stay safe and make payment for whatever you want. It is advisable that at the first sign of any disease, you should buy a critical illness policy.

  •  Critical illness insurance vs health insurance

Many people think that if they have a life insurance policy, hospital and surgery policy, they are good to go. This is not the case, as the money involved in critical illness treatment will be huge. So you need to take the critical illness policy to pay for the bills. As the life insurance of health and surgery will not be enough to make its payment.

  •  Cost of critical illness cover

Critical illness is not that much expensive, but people often give bad news about it in the market. This is why many companies are keeping promo for people to buy this kind of policy. Also, to pay back the amount of the critical illness policy is just like paying monthly EMI.