What Are The Tips To Buy The Best Critical Illness Insurance Policy?

In this article, we will discuss some tips to choose the best critical illness insurance Singapore. Also, we will discuss how critical illness payout can help the insured and the things that this policy covers.

What are the different things covered by this policy?

There are different kind of illness which are present in the world. Out of them, only 39 critical illness is allowed by the LIA to give out in the insurance policy. There are many plans in the market which you find, and each of them has different illness support.

The most common kind of illnesses covered by these policies is the heart attack and kidney failure. But you will have to make sure that you have the right kind of heart attack. This is because heart attacks come with different kinds of consequences like mental disorders etc. So you should select a kind of heart attack you want to make a cover for.

Here is a list of some of the things which are covered by this critical illness policy.

  •  Pre-existing medical condition

If you have any pre-existing disease like high blood pressure, blood sugar, cholesterol, and diabetes. These are some of the things that might cause some serious illness to a person.

  •  Family and juvenile coverage

This is the special kind of critical illness policy that you will find in the market. The policy can be taken for family members and also for children below 17 years of age.

  •  Special conditions

These kinds of insurance policies are not issued in Singapore like cover for osteoporosis and rheumatoid. Also, they will provide coverage for other conditions like arthritis, dengue, and haemorrhage.

  •  Total and permanent disability

This is the main kind of cover which is given to the person who is insured. It means that they give cover or salary to the person till the time of the policy or till they recover.

  •  Death and terminal illness

If the current illness being faces by a person is diagnosed as a terminal illness. This means that the person might die in the next 12 months, and the policy gives full coverage.

  •  Value-added services

Many insurance companies offer some free benefits with their critical illness policy. They provide free monthly checkups, child cover, and health and wellness programs and helps them to stay healthy.

What are the tips you can use to buy the best critical illness insurance policy?

Given below is the list of some tips you can use to buy the best critical illness insurance policy.

  •  Check how the CI plan works

The first tip is to check how the CI plan you have selected will work in the market. This means that you will have to check the whole steps on how you can redeem the money and make the payments. You will also have to check which kind of payment that you are going to make. You will also have to make sure of the amount of money you will be receiving from the insurance company.

  •  Look for maximum coverage

When you are looking for health insurance cover, you also have to look out for critical illness insurance. This is a good idea as it will help you in hospital and post-hospital charges as well. Most of these kinds of insurance policies cover expenses of different kinds.

  •  Amount of premium

Premium is the sum of money that a person has to pay every month for the insurance policy. The premium is paid in monthly EMI to make up the huge amount of insurance policy taken. You can calculate the monthly EMI either on the internet or in the insurance policy’s office. The only thing you need to remember is the term of your policy and the amount for which you have taken it, and the percentage.

  •  Check exclusions

Before you just look at an insurance policy from a company and sign it without checking. You will have to check the terms and conditions of the policy given by the company. You will have to check if they have mentioned any kind of exclusion in the policy. This is because exclusion is the one that will cancel a person getting the money of the policy.

  •  Ask for the waiting period

This period comes after you have signed the contract and made the first payment of the premium. The waiting period is the time after taking the policy from which if anything happens, you will get the money. Usually, most companies keep a waiting period of a minimum of 1 month.

  •  Sub-limits

There are different kind of sub-limit that is offered by the critical illness insurance policy. The two main types of sub-limit which you can find are hospital room rent and specific disease sub-limit. To make sure you will have to read the terms and conditions properly of the company offering them.

  •  Check the age

Before you choose and buy a policy for you and your loved ones, you will have to check the age limit. This means that you will have to see which age group of people can be covered in this policy. Normally the people from the age of 17 to 70 years can take this policy. But if you take for the whole family, the age preference and requirement is different.

Who can buy a critical illness insurance plan?

Many people in this world can buy a critical illness insurance policy for themselves. Many people also use this policy to do a maid insurance promotion or a life insurance promotion. You will have to keep the different things in mind while trying to stay healthy and safe.

So you should carefully and wisely select the best critical illness insurance policy for yourself. Here is a small list of people who can buy for themselves a critical illness insurance policy.

  • Senior citizens
  • People with a history of critical illness in the family
  • Bread earners
  • People who have a high-pressure job
  • Individuals who are above the age of 40.

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