Early Stage Critical Illness Insurance Quote
How Early Stage Critical Illness INsurance Works
Critical Illness like cancer, heart attack and stroke are the 3 main reason for claims as experiences by many insurers in Singapore.
However, most of the critical illness plans that you may have only pays a claim when the critical illness becomes "advanced" or "critical stage". This means, carcinoma-situ or 1st stage cancer are usually not claimable. Thus, a lot of people who have critical illness plans may find themselves unable to make a claim when the illness are in the early stage.
Insurers have in recent years introduced Early Stage Critical Illness Insurance Plans to cater to this growing demand.
Some may find it unnecessary to own such a plan because usually in the early stage of illness, insured are usually still able to work and thus their income may still not yet be affected. If you are adequately covered by Hospitalisation Plans and Health Insurance, most of the expenses related to Early Stage Cancers are usually expenses incurred for treatment. Very few would suffer long term loss of income and thus it may not be critical.
However, some feels that when illness strikes, they may want to slow down their hectic work life and choose a different line of work that does not pay as well.
Recent years, there are also early stage critical illness riders introduced to whole life insurance that provides coverage to age 99 for people who wanted to provide protection for whole life while only paying a limited period for the premiums. There are also Term Plans available for people who would prefer to buy a Early Stage Critical Illness Term insurance as compared to a Whole Life Plan.
How much does Early Stage Critical illness Insurance cost?
As these plans pays a claim on the initial stage of critical illness, the claims ratios will be much higher and thus the premiums will be more costly than the usual critical illness plan. I personally feels that as more people goes for medical checks in the future, early detection for most critical illness would be more common and these may drive up cost further.
Principal Cause of Death in Singapore.
Source: MOH website 2012.
Cancer, Heart Disease and Stroke are 3 major illnesses that caused most of the Death in Singapore. They are also the highest claims reasons for critical illness claims experienced by many insurers.
Be sure to be adequately protected against the loss of income and have a replacement income plan should you are unable to work due to Critical Illness.