All you need to know about how critical illness (CI) insurance works in Singapore

 


Critical illness insurance is one of the most talked about insurance policies in today’s time. However, people tend to think that critical illness will not happen to them, especially when they are in their prime years and are far from the age of retirement. On the other hand, according to Singapore Cancer Society, a single day in Singapore will see about 41 people being diagnosed with cancer and 15 people dying from it. As a matter of fact, 1 in 4 people may develop cancer in their lifetime. Hence, it is imperative that you get coverage against critical illnesses by getting a critical illness plan. To help you with your financial planning so that you are covered against the unforeseen, this article attempts to understand how critical illness policies function in Singapore.

  • The need to understand critical illness insurance for better financial planning

A study published by Life Insurance Association Singapore namely 2017 Protection Gap Study– Singapore highlighted the protection gaps of working adults in Singapore. The overall national protection gap for mortality protection and critical illness protection came up to around S$893 billion in the year 2017. This equates to S$169,673 mortality protection gap and S$256,826 critical illness protection gap per economically active adult. This study further reaffirmed the need for Singaporeans to review and update their insurance coverage. Knowing more about critical insurance plans can help you make better financial planning decisions...

READ MORE : All you need to know about how critical illness (CI) insurance works in Singapore.

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