Critical Illness Insurance in Singapore: Your Essential Guide for 2024

How Critical Illness Insurance Works in Singapore

Benefits of Critical Illness Insurance in Singapore

• Financial Protection : Provides a lump sum to cover medical costs and living expenses during treatment and recovery.

• Income Replacement : Offers financial support if unable to work due to illness.

• Flexibility in Use of Funds : Payout can be used for any purpose, including experimental treatments or overseas care.

• Complement to MediShield Life : Covers gaps in basic health insurance coverage.

• Peace of Mind : Reduces financial stress during a health crisis.

• Early Stage Coverage : Some plans offer payouts for early-stage critical illnesses.

• Multiple Claims : Certain policies allow claims for multiple critical illnesses.

• No Impact on Savings : Prevents depletion of personal savings or retirement funds.

• Tax-Free Benefits : Payouts are generally not taxable in Singapore.

• Affordable Premiums : Compared to whole life CI plans, term CI insurance offers lower premiums.

12 Best Critical Illness Insurance Policies in Singapore 2024

• GREAT Critical Cover

  • 100% payout for every covered critical illness claim

  • Coverage for 53 critical illnesses at all stages

  • Premiums do not increase with age

• Singlife MyMultiPay

  • Coverage for 132 conditions across all stages

  • Multiple payouts up to 900% of sum assured

  • Premiums waived after 300% sum assured payout

• PRUActive Protect

  • Coverage up to age 100

  • Multiple claims up to 500% of sum assured

  • Complimentary child cover benefit

• FWD Critical Illness Plus

  • Comprehensive coverage for late-stage critical illnesses

  • Future Protect Benefit for undiscovered illnesses

  • Auto-reload Benefit resetting sum assured after first claim

• Singlife Multipay Critical Illness

  • Coverage for 132 conditions across all stages

  • Claims up to 900% of sum assured

  • Additional benefits for special conditions and ICU stays

• Singlife Cancer Cover Plus

  • Up to S$1.5 million annual coverage for cancer treatment

  • Coverage for local and overseas treatments

  • Covers advanced therapies and outpatient drug treatments

• Great Cancer Guard

  • 100% payout for all cancer stages

  • Affordable premiums that don't increase with age

  • Guaranteed renewal until age 85

• FWD Big 3 Critical Illness

  • Coverage for all stages of cancer, heart attack, and stroke

  • Guaranteed renewal up to age 85

  • No medical examination required

• HSBC Life Super CritiCare

  • Multiple claims up to 600% sum assured

  • Coverage for re-diagnosed cancer and recurrent heart attack/stroke

  • Complimentary Diabetes Care Programme

• PRULady

  • Comprehensive coverage for female-specific conditions

  • Preventive health screening every 2 years

  • 36-month premium waiver upon female illnesses claim

• AIA Absolute Critical Cover

  • Coverage for 187 critical illnesses

  • Cash value accumulation up to age 100

  • Claims up to 500% of sum assured

• AIA Power Critical Cover

  • Coverage for 175 conditions including pre-early stages

  • Power Reset Benefit for multiple claims up to 500%

  • Power Relapse Benefit for recurrence of same critical illness

How to Choose the Best Critical Illness Insurance Plan in Singapore

• Assess Coverage Needs : Consider your financial obligations and lifestyle costs.

• Number of Conditions Covered : Look for plans covering a wide range of critical illnesses.

• Coverage Amount : Ensure the sum assured is sufficient for your needs.

• Premium Affordability : Balance coverage with your budget for long-term sustainability.

• Policy Term : Choose a term that covers your most vulnerable years.

• Early Stage Coverage : Consider plans that cover early-stage diagnoses.

• Multiple Claim Feature : Look for policies allowing claims for different critical illnesses.

• Waiting Period : Check the survival period required before payout.

• Exclusions : Understand what conditions or circumstances are not covered.

• Insurer's Reputation : Research the company's claim settlement ratio and financial strength.

Types of Critical Illness Insurance Available in Singapore

• Term Critical Illness Insurance : Provides coverage for a specific period at lower premiums.

• Whole Life Critical Illness Insurance : Offers lifelong protection with a savings component.

• Early Stage Critical Illness Plans : Cover illnesses at earlier, more treatable stages.

• Multi-Pay Critical Illness Plans : Allow multiple claims for different critical illnesses.

• Gender-Specific Critical Illness Plans : Tailored coverage for male or female-specific conditions.

• Standalone Critical Illness Policies : Dedicated CI coverage without life insurance component.

• Riders to Life Insurance Policies : Add-on CI coverage to existing life insurance plans.

Critical Illness Insurance for Different Life Stages in Singapore