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What is standalone critical illness insurance?

  • Pays you a lump sum in the event that you are diagnosed with any of the listed critical illnesses covered under the policy conditions (Eg Cancer, heart attack, Stroke and etc)
  • The payout may varies and dependable on the stages of the critical illness
  • Some standalone critical illness insurances comes with multipay functions 
  • Policy usually consist of only critical illness coverage only

What is Critical illness insurance?


          Critical illness insurance in Singapore can come in the form of whole life insurance, standalone term insurance or added as a critical illness rider to a main insurance plan.


          Critical illness insurance will pay a lump sum if the insured is diagnosed with a critical illness condition covered     in the policy. The types of critical illness covered may vary from one insurer to another. Critical illness can be classified into different categories of severity: mainly early, intermediate and advanced critical illness.


   As the term suggests, critical illness refers to a serious condition/illness that will affect the quality of life.

Why is critical illness insurance important?


Statistically, the prognosis of recovering from a critical illness diagnosis has been going up as medical advances. However, as the person continues to recover, financial commitments such as medication, daily living expenses, and transport will continue to build up.


A critical illness health insurance plan can be a financial safety net to have in place if you are ever diagnosed with a critical illness. Critical Illness insurance pays out a lump sum when you are diagnosed with a critical condition. The insurance plan may ease your out-of-pocket medical expenses while you recover and until you return to work.


According to research findings, it is shown that the majority of critical illness claims received by life insurers are:
•Major Cancer
• Heart Attack of Specified Severity
• Stroke with Permanent Neurological Deficit
• Coronary Artery By-pass Surgery
• End Stage Kidney Failure


Should a person be diagnosed with a critical illness (such as cancer, heart attack and stroke), they most certainly will not be able to work and earn an income. As such, it is important to be covered with Critical illness insurance as a safety net and ensure that they have a lump sum of money as income replacement in the event of a critical illness diagnosis.


There are plenty of critical illness plans in the insurance market, do speak to our partnered advisors to compare and recommend the best plans for you.



Why You Must Consider Standalone Critical Illness Insurance Plans

Non-Communicable Diseases are on the Rise

The current life expectancy in Singapore is 83.9 years. It will be 85.4 years in 2040. While the average life expectancy can increase, most individuals suffer from long-term disabilities and chronic illnesses. Such conditions can affect them psychologically and physically, making it difficult to partake in daily activities, let alone to be able to continue working and earn an income.


Cancer is the most common critical illness diagnosed in Singapore. The sad truth is that not only do cancer patients have to adjust to their daily life, but their families must also follow suit to accommodate the sudden change in lifestyle.



Medical insurance and Critical illness insurance

A common misconception is that one may think they do not need any critical illness insurance if they have existing medical/hospitalization insurance.


Having medical insurance in place will pay the hospital for any eligible treatment cost, whether critical or minor, and ensure you will not be ridden with any financial ruin from receiving medical treatment.


Critical illness insurance, on the other hand, will provide a lump sum payout to you if one of the listed critical illnesses covered in the policy is diagnosed. The lump sum payout will make up for the loss of potential loss of income if you are unable to continue working.


Critical Illness Can Make You No Longer Fit for Work

The unfortunate reality is that you may find yourself in a situation where you cannot work and earn an income upon critical illness diagnosis. Daily bills and other financial commitments will continue to pile up even as you struggle with illness.


If you do not have emergency cash set aside to cover expenses, it is usually the need to sell off your assets or downgrade your lifestyle.


In the words of Jack Ma, “Insurance is a form of backup, if your life is smooth sailing, you will need to prepare for the unexpected so you will have more options when your life is at a downfall.”


If you want to ensure your emergencies are covered and you are ready for anything that comes your way, it helps to get ready with a standalone critical illness plan!



Before You Choose a Standalone Critical Illness Insurance

The case of regular health screenings

Early detection of critical illness is essential for a good prognosis. More often than not, when signs and symptoms of critical illness show, it might be too late for a good prognosis. Therefore, it is always a good practice to go for regular screenings. Regular screenings can uncover critical illnesses in the preliminary stages. Early treatment of critical illness will increase the chances of recovery and survivability.


Additionally, with critical illness insurance in place, it allows the person to completely focus on recovery without worrying about the financial aspect of treatment.


When it comes to critical illness, there is also the possibility of hereditary risk if there is a family history too.


Regular health check ups also ensure you are one step ahead of any possible medical condition or disease that may develop to something more serious in the future. With early detection of illness, early medical intervention can help manage the potential risk of critical illness.


Early critical illness vs Advanced critical illness coverage

Purchasing insurance is not just about providing a safety net for you and your family, it also allows you to focus on managing your finances better, build wealth and achieve your goals.


It is important to look out and ensure you have early critical illness coverage too. Critical illness diagnosis comes in different stages and severities.


As a common example, early cancer can be seen as Carcinoma in Situ (focal autonomous new growth of carcinomatous cells confined to the cells in which it originated and has not yet resulted in invasion or destruction of surrendering tissues), or Stage T1.


On the other hand, Advanced Major cancer refers to a malignant tumour positively diagnosed with histological confirmation and characterized by uncontrolled growth of malignant cells with invasion and destruction of normal tissue.


Having only advanced critical illness coverage is insufficient to have holistic insurance coverage. In the case that the individual has only advanced-stage critical illness coverage and is diagnosed with Carcinoma in Situ by the doctor, there will not be any insurance payout received.



The financial pain of a critical illness can be mitigated by preparing for the worst and having a proper insurance portfolio. Critical Illness insurance can provide financial security for you and the people who matter most in life.


With many insurers offering standalone critical illness plans, and also critical illness coverage as a rider, comparing the best critical illness insurance in Singapore can be complicated. Speak to our licensed financial advisor for a detailed comparison and recommend the best critical illness plan in Singapore for you.

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