How to Find the Best Critical Illness Insurance in Singapore

With one in four Singaporeans likely to be diagnosed with a critical illness like cancer or heart attack in their lifetime, a comprehensive critical illness insurance plan can help you cover the financial burden. In addition to hospitalisation costs, you’ll likely need to pay for living expenses while undergoing treatment or hiring a helper to care for you. Critical illness insurance builds on health and life insurance by providing a lump-sum payout to cover these out-of-pocket expenses.

Types of Critical Illness Plans

Depending on your needs, you may want to consider a plan that covers a wide range of illnesses or one that specialises in covering certain conditions like cancer. You should also choose a policy with affordable premiums to avoid jeopardising your other financial goals.

The best critical illness insurance in Singapore will vary according to your needs and budget, but some key considerations include:

Coverage of Pre-existing Conditions

Some insurers offer coverage for pre-existing illnesses within a limited period of time after you take up the plan. This is to help you manage the financial impact of a sudden diagnosis and provide some peace of mind that your existing illnesses are covered in the event of a critical illness.

Most insurance providers will have standard definitions for the 37 critical illnesses they cover, which is beneficial for consumers as it ensures that a claim from one company won’t be rejected by another based on their definition of the disease. However, you may want to check the exact definitions before deciding on a plan so that you are not caught off guard in the event of a claim.

When selecting a plan, you should also determine whether it offers a single or multiple payout. Single-payout plans typically provide a lump sum payout once you are diagnosed with a critical illness, while multiple-payout plans allow you to make additional claims if you relapse or have recurrence of the same condition. Lastly, you should find out whether your preferred plan provides any add-on riders or benefits like mental well-being coverage.

While the best critical illness insurance in Singapore depends on your unique situation, some popular plans that are available in the market include FWD’s Big 3 Plan with coverage for cancer, heart attacks, and stroke, and AIA’s Beyond Critical Illness Plan that provides a maximum payout of 900% of the sum assured and covers early, intermediate, and advanced stages of 132 different diseases. Its pioneering mental well-being benefit is especially noteworthy, as it covers five mental health conditions including Obsessive Compulsive Disorder and Major Depressive Disorder.