The Pros & Cons Of Critical Illness Insurance In Singapore

There are many illnesses around the world, which is affecting many individuals as well as their families. Such disease is not only related to their health but also it is affecting families financially. Most of them are from middle-class families who cannot afford to pay for their health treatment. Such illnesses need a large amount of money to be treated. There is much such illness that is classified as a critical illness. Some of them are major cancer, heart attack of specified severity, end stages of liver failure, kidney failure, lung diseases are some of the critical illnesses.

Such critical illnesses are very costly for treatment, and some of them can’t even afford to pay their bills. What do we do? The best option would be to purchase critical illness insuranceThe insurance would protect them for their health and financially also. It also gives them good security where they don’t panic when such illnesses strike them as these illnesses are drastic and life-changing. As, psychologically their insurance is always there to protect them financially.

Insurance – 

It is a contract between two persons where one will guarantee the other to protect him from dangers specified in the agreement on the payment of premium. The two parties are known as the insured and the insurer. The person who pays the premium is the insured, and the other person receiving the premium and protecting him from dangers is known as insurer.

Insurance is taken for critical illnesses so that one can protect himself from an excessive amount of money charged in the hospitals. These insurance policies will allow the comfortable treatment of patients diagnosed with such illnesses. This insurance would enable you to save more money for other things as well. By paying premiums from time to time, you can always have a backup when you are admitted because nobody can pay such a high amount of money at one time. So this will allow you to be assured of unexpected illness.

Who should buy the insurance for Critical illness

Anyone who wants to protect himself from paying excessive amounts of money when diagnosed with critical illness should buy the insurance. For younger people, the premium amounts are lesser compared to older people. This is because young people are healthier and the chances of an illness catching them are very less. But it’s not the only factor while the insurer is protecting you. You will have to give them family history and their diagnosis as well. Any individual between the age of 18 to 64 years can get himself protected with such insurance. To be eligible, you must also be a Singapore citizen having a permanent residence in Singapore or even a foreigner holding a valid pass issued by the Singapore government and residing in Singapore.

Pros and Cons of buying the insurance of Critical Illness – 

Purchasing this insurance has many advantages. It not only comes with the benefits, but also, there are the cons that are attached to this. Let us discuss both of these in detail.

The Pros of buying Critical illness insurance-

  1. This pays out a lump sum amount of money when you claim the same. There is a high coverage also which is provided. As it is very affordable to buy this insurance, one should not overthink buying since it secures your financial concerns when diagnosed with a critical illness. So this is crucial insurance to buy.
  2. Accidents can happen at any time when it is usually the least expected. Many illnesses are in the same way, it might accidentally pop up in your life, and you might be panicked by this. To protect yourself from such danger, your thoughts run very fast during those moments; sometimes, this panic can even cause death or permanent disablement. Such high personal accidents can be covered under the critical insurance policy.
  3. To make the protection complete, when you buy the insurance or renew the same, you will have the chance to get a free health screening once a year to stay healthy and fit. This is another good reason to consider having this kind of insurance for you.
  4. Another pro, in this insurance, is that you get a medical second opinion. What is a medical second opinion? Sometimes you will need a second opinion on treatments from a different practitioner, as you might be worried about the first one. To get these opinions, you might have to pay them a certain amount of money. Mostly you might be having nothing to pay. This insurance allows you to consult such medical practitioners, and such fees will be covered under guarantee.

The cons of buying critical illness insurance –

  1. The premiums might be expensive. The premiums for such insurance are varied depending on various factors. As people grow older, the risks get higher, and the premiums also get higher. These expensive premiums can be hard for some people to pay.
  2. The number of times an individual can claim for insurance is limited. There might be a limitation as to the number of times an individual can request from the provider. So you might have to consider reading the terms or asking an insurance agent regarding this matter.
  3. Another condition you might have to look for is whether it covers most of the common illnesses. Reading the terms and conditions of the policy can provide you with this information. It is better to have insurance where you are protected with the most common illnesses.

Conclusion –

HLAS Insurance is very much essential for everyone. It would help if you considered buying the insurance to avoid paying excessive fees for treatment and keeping your financial worries away. It is also wise to contact your insurer for furthering your doubts related to the insurance. The medical costs this day are getting higher and higher every day, so it is better to have an insurance policy that will keep your health and finance secure.