Critical Illness Insurance Comparison Singapore
While the healthcare and health insurance safety net situation in Singapore is regarded as one of the best anywhere in the world, a need remains for critical illness insurance – particularly for those that want top to bottom protection should they fall ill in the future.
Critical Illness (CI) insurance in Singapore provides a degree of financial protection not available with MediSave Life insurance available from the Ministry of Health (or from private traditional health insurance plans, either).
Paying out a lump sum for those that have critical illness insurance to cover the out-of-pocket expenses should individual be diagnosed with a serious illness (stroke, kidney failure, heart attack, etc.), you’ll be able to better protect and secure your family and your loved ones should a medical emergency strike with this kind of plan in place.
At the same time, finding the best critical illness insurance in Singapore isn’t as simple or as straightforward as shopping for traditional insurance.
Not only are there a myriad of plans offering a variety of different coverages and payout schemes, but no to plans or packages (even from the same company) are completely identical. This means you’re going to have to do quite a bit of digging and due diligence to find the right solution for you.
That’s why we’ve put together this critical illness insurance comparison and guide.
AIA Beyond Critical Care Insurance Plan
Far and away one of the best critical illness insurance packages in all of Singapore, the AIA plan is going to give you top to bottom protection for more than 43 different critical illnesses – more than the “traditional” 37 critical illnesses that are protected by most other CI insurance packages.
On top of that, you’ll be pleased to know that the AIA Beyond Critical Care package also provides full protection for re-diagnosed critical illnesses as well as recurring critical illnesses. Other plans we highlight below include the same kind of protection, but this is again not necessarily and industry norm and helps to separate this offer from the rest of the pack.
Interestingly enough, you’ll also be able to receive a lump sum of “death coverage” with specific AIA packages. Those that come with a $200,000 lump sum payout include compassionate benefits of $10,000 in the event of a fertility being reported.
Mental illness coverage is provided (with five different critical illnesses protected with this plan), including Major Depressive Disorders which are very prevalent in Singapore. In fact, one out of every 17 individuals in Singapore will be diagnosed with MDD at some point and it’s nice to have coverage for this condition with this type of plan.
The only real downside here is that there is no coverage for early critical illnesses, though you will get $200 each year as part of your plan that can go directly towards health screenings.
Aviva MyEarly Critical Illness Plan
Oftentimes described by those in the healthcare industry in Singapore as an “no frills” critical illness insurance package, the Aviva MyEarly Critical Illness Plan is certainly one of the least expensive options you’ll find on the market today but still offers top-tier coverage (within reason).
An early critical illness plan with rock-bottom monthly premiums, you’ll be able to get a 100% total payout of your some as soon as you have been diagnosed of a critical illness under coverage – at any stage of that illness, too.
Healthcare industry experts believe the Aviva MyEarly Critical Illness Plan to be one of the most competitive options money can buy.
It offers upwards of $200,000 in 100% payouts, an additional 20% paid out for selected medical conditions, and the opportunity to claim up to six individual times four different medical conditions depending on your diagnosis.
Death benefits are included with every level of this plan as well, including a $5000 dispensation to help ease the financial burden that loved ones may have to carry moving forward.
Best of all, premium rates will remain locked in and exactly the same as long as you remain on this policy – all the way up to your 99th birthday.
FWD’s Cancer Insurance
This standalone package can be purchased directly online, is ideally suited to individuals that want top-quality coverage on a budget, and offers up to $200,000 in insurance protection as a lump sum payout.
The plans are available for anyone between the ages of 18 and 65 years old, and the plan begins to automatically renew as soon as you hit the 85-year-old threshold. Free secondary medical opinions are available as part and parcel of this package, giving those that hold this critical insurance policy an opportunity to figure out the perfect cancer treatment options for their specific needs without feeling as though their budget is limiting them.
Best of all, full insurance payouts are made with this package regardless of the type or stage of cancer you may have. Other cancer critical illness packages in Singapore may limit your payouts during early stage cancers, but this isn’t going to be a problem here. On top of that, you’ll also receive global FWD coverage so that your payout initializes regardless of where you may find yourself before, during, and after diagnosis.
Aviva My MultiPay Critical Illness Plan III
The first improvement upon the initial plan created by this insurance company in 2017, you can get up to four payouts on four individual claims with this platform – though you’ll only get protection and coverage if you are suffering from 36 out of the 37 “traditional” critical illnesses as listed by the Ministry of Health.
Four different layers of claim can be made, ranging from early or intermediate stages of a critical illness all the way up to a re-diagnosis of cancer, recurrent heart attack issue, or a recurrent stroke. Payouts can range from between 150% of the total sum of the policy all the way up to 300% of the total sum of the policy – again wholly dependent on the individual level of the claim you are placing.
Special 20% bonus benefits are included should individual be diagnosed with 24 specific conditions (12 juvenile conditions and 12 adult conditions), with individuals able to again make up to six different claims without their total insurance payouts being adjusted moving forward.
Manulife ReadyComplete Care Insurance Plan
Whereas other critical insurance plans may cease coverage completely after you put in a claim for your condition, the Manulife ReadyComplete Care plan not only provides you with an extra layer of protection (as we just mentioned) but it also provides you with a 100% automatic and automated layer of protection. This is very much “set it and forget it” insurance.
Individuals with this insurance policy will receive protection for every stage of more than 106 critical illness conditions, almost tripling the amount of coverage you’ll get with a more traditional plan.
On top of that, you also get free basic health checkups every 24 months, 100% optional “cover me again” protection that we highlighted above, and a bonus payout of $25,000 should you be diagnosed for 18 different (admittedly quite rare) conditions that may necessitate this extra financial safety blanket.
Tokio Marine TM EarlyCover
Providing regular, nonparticipating critical illness protections for more than 117 different medical conditions or procedures – including every stage of the traditional 36 critical illnesses as described by the Ministry of Health, nine different special conditions and nine different juvenile conditions – it’s possible to receive upwards of $350,000 in a lump sum payment with this protection under your belt.
On top of that, individuals can receive this top-tier coverage for as little as one dollar a day in monthly premiums – all while enjoying a full waiver of future premiums should the protected party be diagnosed with early or intermediate stages of critical illness while under the protection of this insurance.
As if those weren’t reason enough to consider moving forward with the Tokio Marine TM EarlyCover insurance packages, you’ll also receive 10 additional coverage dispensations for Special Conditions and 10 more dispensations for Juvenile Conditions. This package also offers lump sum cash payouts upon death, too.
Great Eastern GREAT Family Care
Thankfully though, with the Great Eastern GREAT Family Care package, you aren’t going to have to worry about those issues any longer.
Designed from top to bottom to provide full protection (multi generational protection, at that) that is easy to purchase, easy to understand, and easy to take advantage of you aren’t going to have to worry about covering children and parents simultaneously or separately with the Great Eastern GREAT Family Care setup.
Best of all, children are protected 100% free of charge while parents are under the umbrella of the Great Eastern GREAT Family Care plan. You can even add grandparents to a Great Eastern GREAT Family Care coverage option without headache and hassle, and best of all children and grandparents don’t have to go through and individual medical assessment for the coverage to be made available.
Lump sum payouts are available for up to 53 different critical illnesses, with total coverage available as well for death and total/permanent disability (TPD) issues as well. Children are protected from the same 53 critical illnesses as well as 25 specific juvenile conditions, providing them juvenile protection all the way up until they turn 18 years old.
While juveniles, children are protected with 25% of your entire lump sum payout – all the way up to $50,000 per individual child, per individual claim.
SingLife Critical Illness
Providing full and comprehensive financial protection against late stage critical illnesses, as well as optional and enhanced coverage on early and intermediate stage illnesses, you’ll get total coverage on more than 50+ individually listed critical illnesses (above and beyond the normal 37 you’ll find available through this industry).
Day critical illness claim benefits can be taken advantage of with this SingLife Critical Illness plan, helping you receive payouts inside of 24 hours after your claim has been submitted. The overall process for leveraging this protection is about as simple and as straightforward as it gets, too.
A rider as part of the traditional life-insurance package available from this company, individuals moving forward with this affordable and accessible form of CI insurance are going to be pleased to know that they’ll have almost total coverage for up to 30 of the traditional critical illnesses (as opposed to the 37 outlined by the Ministry of Health) with the added benefit of being able to leverage this protection across every age group at dramatically discounted rates.
Another big bonus of this particular CI insurance package is that it can be added or removed at any time while you are leveraging traditional life-insurance from this company, making it a more flexible edition to your insurance umbrella than some of the other more specific options on the market right now.
The traditional 37 critical illnesses as outlined by the Ministry of Health can be protected against as well when investing in a different rider to the Term Insurance plan available from this company – again with many of the same flexibility benefits you’ll find with the SingLife Critical Illness setup.
PRUTriple Protect – Critical Illness Insurance
Providing coverage that allows you to claim up to 300% of the insurance some you have been assured of (all the way up to $9 million in protection) there really isn’t any other CI insurance package out there that comes close to this kind of payout and financial security here in Singapore.
There are some restrictions to this plan, however, in that you can only take advantage of the insurance coverage that it offers until you turn age 75 – and you’ll only be able to make up to three individual claims on your policy until it has been terminated and you are no longer able to leverage the protection.
On top of that, the insurance protection that you’re able to leverage through the PRUTriple Protect plan will only be provided after you have been diagnosed at the advanced critical illness stage. There is no protection for an early or intermediate diagnosis.
You will be able to take advantage of special medical condition coverage as well as the ability to totally convert your PRUTriple Protect plan into a life insurance policy – all without having to provide any medical proof or evaluations whatsoever.
That’s a big benefit for those that want to be sure that they are able to give their family financial security and peace of mind, especially during the later and advanced stages of these kinds of critical illnesses.
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Tips For Buying Critical Insurance in Singapore
Before we dive into the nuts and bolts of the top critical insurance options available in Singapore, it’s important to cover the basics of what you should be on the lookout for with this coverage and protection.
Figure out how much insurance protection you need
Right out of the gate, you need to figure out how much insurance protection you’ll actually need from a critical insurance plan.
It doesn’t make a lot of sense to pay a monthly premium for this insurance without being able to cover all of your essential expenses, that’s for sure.
You’ll need to calculate all of your monthly expenses (your mortgage, your utility bills, your credit card debts, personal loans, etc.), expenses for any extra insurance you want to have covered with this protection, and a lump sum amount you might need to dip into to cover your medical costs or surprise expenses as well.
Once you come to a conclusion for this figure it’s not a bad idea to add a little bit extra on top just to make sure that you are totally covered from top to bottom.
Figure out how much protection you already have
Now that you have your “total protection number” it’s important to figure out how much protection you already have – in the form of insurance, healthcare benefits, etc. – that may help to bring this total critical illness insurance figure down to something a little more manageable.
The odds are pretty good that if you have gainful employment at the time of your illness you will be entitled to some sort of healthcare benefits or sick pay that might be able to defray or subsidize some of your critical illness costs.
You’ll also want to think about any investments or extra sources of income that may be able to make this final figure a bit more manageable, too.
Once you have come to a total figure for this amount simply subtract it from your “total protection number” you created earlier and you’ll know exactly how much protection and coverage you’ll need when you go shopping for critical illness insurance.
Hopefully now you have a better understanding of the different critical illness insurance policies available here in Singapore.
Be sure to take advantage of the inside information in the earlier parts of this quick guide to figure out how much critical illness insurance you’ll need and then have a look at the different packages we highlighted above to find the right one for your specific situation.
As always, you’ll want to make major decisions like this with the help of trained medical professionals and your loved ones providing plenty of input, too.
Taking advantage of insurance that offers this kind of umbrella of safety and security against major medical emergencies is always a good idea, but you want those closest to you informed about your decisions and helping you make the right ones every step of the way.
Ideally, you’ll never have to worry about filing claims on any of the insurance packages we highlighted above. But should you have to contend with a medical emergency it’ll be comforting to know that your financial situation won’t be adding to the stress and pressure of fighting back against these illnesses when you have these policies protecting you and your family.
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