10 Tips In Choosing The Best Critical Illness Insurance In Singapore

Insurance

The Singaporean government makes it mandatory for its citizens or permanent residents to have an insurance policy called medishield to cover their medical expenses. These necessary governmental policies may sometimes not include all forms of illnesses, especially critical and terminal illnesses. It is always advised to have some form of basic healthcare insurance and a critical illness healthcare insurance because you may never know. It is still better to plan and prepare for the future, which may have unexpected store events as well.

The citizens can avail of the medishield insurance plan, those working in Singapore and are not citizens will not be able to enjoy its benefits. This is why it is all the more reason for those on working visas to have a critical illness healthcare insurance plan that they can fall back on if such a need arises. The plan shall help them pay for their medical expenses, which can go up to millions of dollars. There are several critical illness policies in Singapore; here are 10 tips to help you narrow down the list of best critical illness insurance Singapore

  • Read the terms and conditions of an insurance policy before you decide to buy it. Do not ignore the fine prints. Many make the mistake of ignoring the fine prints, only to regret later when their claims are denied. Please make sure that you pay extra attention to the wordings of the policy. If the insurance policy is for heart attacks, please read the payout conditions, which may include things like payout only if the cause is artery blockage and not diabetes.
  • Not insurance policies in Singapore have the same duration. Some policies will only cover you for a few years, and then you will have to opt for yet another policy. So before you buy a policy, check for the duration of the policy. If the policy has a long duration and covers a lot of diseases, then the premiums will be higher for it, but it is better than opting for a policy that is cheap and covers very little.
  • Check whether the policy covers deaths accidental or not. This will sound ominous and discomforting to even think about your death, but if you are worried about your family and loved ones in your absence, it is best to choose a policy that covers death. Some insurance policies will pay out the entire amount of your policy to your family after you pass away, and some may offer other benefits.
  • Do not ignore the cost of the premium. If you cannot pay the premium, it is useless to get such an insurance policy that you cannot afford. Calculate your daily expenses and savings, and see whether you can afford to pay the premiums every month. Then you can choose a plan that suits your financial status.
  • Always check whether your insurer offers other extra benefits with the insurance or not. Like a few health insurance policies offers perks like free checkups.
  • Conduct thorough and proper research on all the insurance policies that are available at the moment. You can get all the information that you may need at the insurer’s website. If you have further questions, you can directly reach out to the insurer to help clear your doubts. Check whether the policy allows you to add new family members if you opt for a family insurance policy. When you choose for such a policy, the benefits can be enjoyed by all the family members even when one of the family members passes away and is no longer covered under it.
  • You should also consider the payout amount before you zero in on a policy. As you already know, all insurance policies do not offer the same amount when you are diagnosed. But how will you know how much you need to recover? Experts recommend you first calculate your daily expenses, lifestyle needs, and family’s needs. The amount then should be multiplied by 5. Yes, experts say that a critical illness patient usually requires 5 times the amount to help him recover and feed your family while he is recovering.
  • Usually, critical illness insurance policies offer only a one-time payout. But there are policies, although few, that allow you to place your claim not just one time but multiple times. These policies especially benefit those who suffered severe illnesses more than one time in their lives. These policies will help you cover your medical expenses and recover even if you are diagnosed with a terminal disease for the second or third time.
  • Insurance scams are not unheard of. Many healthcare insurance policies have turned out to be scams. You need to be especially vigilant not to fall into the hands of such scammers. One way to do this is to check for the website of the insurer. You should not put your signature on the documents and pay the money before you check the website. If the site looks legit, then it is not a scam; if you cannot be sure, it is best to stay away. You can instead buy health insurance policies from the top well-known insurers in Singapore, like the HL Assurance SG.Critical illness policies are generally sold by agents or brokers or financial advisors who represent the insurer. It is better to verify their identification before you buy any policy from them.
  • Some policies restrict you to particular clinics and hospitals. Before you buy any policy, check the names of the clinics that are available under the policy. Check their distance from your residence and the services that they offer.

Getting critical illness insurance at a young age is a wise thing because the premiums tend to be cheaper. If you are not financially stable, you can choose basic healthcare insurance while opting for better coverage healthcare insurance when you are older and have a stable financial situation.

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