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Critical Illness Insurance

10 Factors to Consider Before Getting a Critical Illness Insurance

Technology and science made numerous drugs for the betterment of health; instead of that, people are dying. Medications can help you live longer with a truckload of expenses. By this time, the world has provided us life-taking diseases that can’t get cured completely even after proper diagnosis. According to the statistics of the death of Singapore due to conditions were 56% as of 2017. It takes a lot of money to heal when you have met an accident, or maybe you have an untreatable illness like cancer. Also, there are multiplying medicine and hospital bills; in these cases, you need life insurance to help yourself when you’re financially distressed. Critical illness can happen anytime in the future; you cannot change the future, and for that, you have to create an insurance plan that will help you get a full treatment package.

What is Critical Illness, and why do you need Insurance?

There are illnesses, diagnosis of which generally takes a lot of money than other typical diseases like fever or catching a cold, and these illnesses are critical. According to the statistics, there are 37 kinds of critical conditions and for which they have significant surgeries. To afford all the medications and bills, you have to buy the critical illness insurance, which will support you in your hard time. When you are down with your illness, the insurance will provide you a lump sum amount you can spend your bills and become fit.

Always plan something for the future, which will help you in the harsh conditions, it can be some other savings, but it is still a much secure option to buy insurance. It is a kind of investment which will pay back when you need the money. The protection will hereafter look after against all your medication expenses and hospital charges. There are some factors which you need to consider before getting insurance for your illness, they are:-

  1. As we all know, it has been made mandatory by the Singapore government to have an insurance plan for all the permanent residents. There are many kinds of insurances relating to health. There is a basic one which is made mandatory by the government. Also, there is a term life insurance that has more coverage than the basic insurance and also has a quite affordable premium program.
  2. As per the study, you can expect diseases that may happen to you in an unforeseeable future, which will cost you ten or twelve times more than your present per year income. Check and cut off your regular unnecessary expenses and pay the premiums regularly. Choose your insurance plan according to your savings. Don’t choose the higher premium plans if you can’t repay it; then, it will be useless.
  3. Insurances that have more than one-year duration cover many diseases and charge a hefty amount of premium against it. So, it is better to avoid that kind of insurance plan and opt for small duration insurance plans, which covers maximum because if anyone has other loans to repay, then it will be impossible for them to buy the first one.
  4. Always go through the insurance policies, whether they provide maximum coverage of the critical insurance or not. Critical illness has many related expenses, which are also high and should get covered by the insurance plan. For example, when a patient gets diagnosed, there are before and after charges, hospital expenses, medicine costs, and many more. The High insurance premium gives high coverage, so try to find a cheap insurance premium with maximum coverage.
  5. Always double-check the amount of premium you need to pay. It will help you from getting into fraud insurance companies. Recheck the terms and conditions of the insurance before signing it. Never ignore small font letters and emphasize in the wordings of the coverage. If possible, hire a lawyer before signing such insurance.
  6. The exclusions should always be less than the coverage list. Insurance should cover maximum and exclude something, check what the exclusion points are. Go through the insurer’s site, and if more confusion arises, contact them personally or visit them. You can always take your lawyer with you so that you don’t face a great loss.
  7. Before buying an insurance policy, check whether it covers the accidental death or not. You cannot leave your family with zero savings; you cannot give them trouble when you’re gone. So it is necessary to plan everything, no matter what is coming in the future. Choose the plans in which, after your death, all your savings will go to your family members. Read the instructions clearly and make these conditions write and sign in the terms and conditions paper. Also, check the maximum renewal age of the insurance before you buy insurance, and many insurers don’t want to protect people above the age of sixty years.
  8. When you’re in a family insurance plan, always check that if a new member comes into your family, whether they will receive the facilities or not. The family insurance says every family member can enjoy the facilities, so according to that talk with the insurer beforehand and make a decision.
  9. Some insurance policies state that you have to get admitted to a particular hospital decided by the insurer and have to complete your whole process of reviving from there, maybe you have a different doctor which you were visiting for years. So, check before thoroughly.
  10. There is a system of single time payout to illnesses, but for some illness, there are multiple time payouts. In these cases, you can claim your money for diagnosis more than one time because maybe you need the money due to more than one-time suffering from the critical illness.

To Sum It Up

Once you have a family depending wholly or partially on you, buy your insurance policy at that time. It is for your health and financial help contact the HLAS today.