Important Factors for Critical Illness Insurance to Consider

You’d like the peace of mind in knowing that you and your family be financially supported if you are diagnosed with a serious illness. So, you’ve decided to protect yourself with critical illness insurance.

In the event that you do fall ill, you want to be able to count on your critical illness insurance payouts to replace your lost income, support your household or pay for medical expenses.

Here are some factors to consider in order to identify the best critical illness plan for your needs.

Illnesses being covered

Critical illness plans offer a payout for a list of health conditions. The catch is that each critical illness plan has its own list of conditions that might differ from that of others. In addition, critical illness plans may also differ in whether they cover early-, middle- or advanced-stage conditions.

For instance, HL Assurance’s Early Protect360 focuses on covering the top critical illnesses from early stages and onwards.

The illnesses covered by the plan are top killers in Singapore, including major cancers, heart attack and stroke. The plan pays out 30% of the sum assured for early-stage critical illnesses, and 100% for advanced-stage critical illnesses. Even after making the first claim under early stage critical illnesses, you continue to enjoy protection under the plan.

Amount of coverage

Now that you know what you are being covered for, it’s time to ask yourself how much coverage you need.

The amount of coverage, or sum assured, refers to the maximum payout you can receive from your policy if you are diagnosed with a critical illness.

Ideally, your critical illness policy payouts should enable you to maintain your lifestyle for at least five years if you are unable to work. You might also want to factor in additional costs such as medical bills when calculating how much protection you need.

Premiums payable

Ultimately, you will have to strike a balance between affordability and having sufficient coverage.

What if you are unable to afford the level of coverage you would like? Well, some protection is better than none at all. So, if the premiums for the ideal level of coverage are out of reach at the moment, buy what you can.

HL Assurance’s newly launched early critical illness protection, Early Protect360, offers coverage starting from as low as $0.35 per day. With affordable and flexible coverage amount, you can tailor the protection that suits your needs best.

Ease of signing up

Insurance is supposed to make your life easier, not harder. If you’re pressed for time or want to avoid the hassle, opt for a critical insurance policy that’s easy to purchase and involves a simple underwriting process. It only takes 5 mins to answer Early Protect360’s Health Declaration Questions to get yourself covered.

A simple, straightforward application process and no hassle of medical examination required can make applying for a critical illness coverage a little less stressful.