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Interestingly, Critical illness insurance was first introduced by Dr Marius Barnard, a renowned cardiac surgeon from South Africa. Witnessing the financial struggles faced by his patients even after successfully treating their critical illnesses, Barnard advocated for the development of a novel insurance product.
He emphasized that while he could restore patients' physical well-being as a doctor; it was the role of insurance companies to restore their financial stability.
Having Critical illness insurance will be the only silver lining in the event that you receive a critical diagnosis. Critical illness insurance offers a lump sum payment upon diagnosis of a critical illness.
It can complement health insurance, which primarily covers medical expenses but may not fully compensate for income loss due to factors such as time off work or additional costs (transportation to the hospital, living expenses, home modifications, caretaker cost.) that may arise.
If you are exploring which for the best critical illness insurance in Singapore, we have shortlisted 4 top critical illness plans to consider in each category.
Best standalone Critical illness Insurance: Singlife Multipay Critical illness
-Get covered for 132 critical illness conditions across early, intermediate and severe stages
-Total potential pay-out of up to 900% of sum assured for critical illness in multiple stages
-Premium waived once 300% of sum assured is paid and the policy will continue until the policy term
-Advance care Option to have additional 100% sum assured pay-out for eligible severe critical illness diagnosis (I.e. 100% + 300% sum assured)
-Recurrent Critical illness benefit of 150% sum assured for eligible severe critical illness
- Additional 20% sum assured payout for 27 covered conditions under Special benefit
- Additional 20% sum assured payout when you require a stay in ICU of 4 days or more in one hospital admission
- Additional 20% sum assured payout when a borderline malignant tumour or benign tumour (with suspected malignancy) requires surgical removal
Honourable mention for Best Standalone Critical illness insurance in Singapore: Manulife CI Flexicare Deluxe
Best Cancer Insurance: Chinalife Cancer Guardian
- Coverage on cancer of all stages up to 100 years old
- Receive all 100% of sum assured payout even for early Cancer diagnsosi
- No claim discount of 8% of previous yearly premium from 2nd policy renewal year
- Guaranteed renewable till age 99
Honourable mention for Best Cancer insurance in Singapore: TM #go TotalProtect Cancer
Best Critical Illness Insurance for Diabetes: Singlife Essential Critical illness
-Receive 100% of sum assured for Death, Terminal illness, TPD and 14 different critical illness
-Receive 20% of sum assured for any of the 4 covered Diabetic conditions
-Receive advanced lump sum payout of 10% of sum assured for Angioplasty & Other Invasive Treatments for Coronary Artery
-No claim reward: Receive 20% of total premiums paid at the end of policy term
Honourable mention for best Critical Illness Insurance for Diabetes: Manulife SelectCare
Best Whole life with Critical illness Insurance: China Taiping i-secure Legacy II
-Only whole life insurance to offer lifetime guaranteed benefit of up to 5x of basic sum assured for Death and Critical illness
-AdvancedCare rider covers 55 Advanced Critical illness conditions such as major Cancers, Stroke, and Heart Attack
-Early Care Rider covers up to 137 critical illness conditions across early, intermediate and advanced stage, and also up to 12 special benefit conditions and 12 Juvenile conditions
Honourable mention for Best Whole life with Critical illness Insurance: Singlife Whole Life
Seek advise for the best Critical illness insurance in Singapore
Ready to find the best insurance coverage at the most competitive rates? Enquire with us today to compare and advise on the best insurance plan for you.
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