Early Stage Critical Illness Insurance Singapore
What Is An Early Stage Critical Illness Insurance?
An early stage critical illness insurance policy is a kind of critical illness insurance. While the traditional critical illness insurance plans covers for severe conditions of the 37 critical illnesses (which is defined by Life Insurance Association Singapore), the early stage critical illness insurance covers for the early to intermediate stage of the critical illnesses.
The major cancer benefit of the Standard Definition of Severe Stage of Critical Illness: Version 2014 under the LIA CI Framework 2014 is define as: “A malignant tumour positively diagnosed with histological confirmation and characterized by the uncontrolled growth of malignant cells with invasion and destruction of normal tissue.”
What about carcinoma in-situ?
Carcinoma in-situ is generally diagnosed as stage 0 cancer which the cancerous cell are still confined in the cells originated and has not turned invasive and/or destructive to the surrounding tissues (different insurers might differ in their definition, please check with your insurer for actual definition).
With the changes in the health status of the population in Singapore, there is a demand to cover the early stages of the critical illnesses that is not defined under the 37 critical illnesses.
Is Early Stage Critical Illness Insurance Necessary?
In Singapore, there is a growing trend and demand from consumers that they would want insurers to offer early stage critical illness insurance because it helps to complement with the existing critical illness insurance policies.
In our opinion, it is a good portfolio to have as it helps to boost your critical illness coverage in general and yet, able to extend to the early stage illnesses.
When a person purchase an early stage critical illness policy, he/she too is covered for end stage critical illnesses. Therefore, when you purchase the early stage critical illness policy, it is “one stone kill two birds”. It is able to cover for both early and end stage illnesses.
Comparing Which Is The Best Early Stage Critical Illness Insurance In Singapore?
Many insurers like Prudential, NTUC Income, Great Eastern (GE), AIA, AXA, Manulife, AVIVA and many others provide a wide ranges of early stage critical illness insurance.
As the concept of early stage critical illness are “less severe” than end stage critical illnesses, usually the policies from different insurers might differ upon an early stage critical illness. Some policies will payout 50% lump sum and some might be lesser or more depending on what the insurers believe. The balance amount will be paid either they are diagnosed with another early stage critical illnesses or when the condition worsen and developed into end stage critical illness.
If you would like to know more about which early stage critical illness plan is more suitable for you, please kindly fill up the contact form below and we will get in touch with you shortly to address your concerns.
Financialogy is a platform to educate and encourage consumers to understand more about financial planning and insurance protection in Singapore. The ever-changing market and health status of Singaporean and internationally, there is a need to understand more about early stage critical illnesses and how you can insure yourself against financial burden when an early stage critical illness strikes.
Our competent and licensed financial planner would be able to assist you in all your queries and address your early stage critical illness coverage concerns.
Want To Know More About Early Stage Critical Illness Insurance in Singapore?
If you would like to know more about us, you may contact us at (+65) 9380 2839 or you can click on the button below to enquire about the different financial services that we provide.
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