Who should consider getting a critical illness plan

Wondering if you should get critical illness (CI) insurance?

According to the Life Insurance Association (LIA) Singapore, the average protection need for critical illness in Singapore is 3.9x of one’s average income and there is a current average protection gap of 3.1x.

This highlights that Singaporeans are not adequately covered for critical illness and there may be a lack of awareness towards CI protection. In the event of a CI diagnosis, a CI plan significantly relieves the pressure of the diagnosed with the payout that helps fund treatment, replace income and support other financial responsibilities.

If you fall into any of these categories of people, you may want to consider reviewing your CI coverage and get financially protected.

Sole breadwinners

As the sole breadwinner, you carry responsibilities of paying the bills, daily expenses of the family, saving up for rainy days, and other large expenses. Very often, falling sick and not working may have serious repercussions and may not be a viable option. If you are recovering from a CI, having support for income replacement and ensuring that your loved ones are well taken care of would be a priority, in addition to your recovery.

Young couples looking to become parents

Like sole breadwinners, young couples who plan on starting a family will have to be prepared to support additional dependents on top of themselves. Having a child is known to come with huge expenses, especially in Singapore. According to an estimation by Seedly, it costs S$31,541 in expenses for just pregnancy and childbirth to the first two years of a child’s life. In the unfortunate event that any of you are diagnosed with a CI during that period, treatment costs are added to your financial responsibilities. Having a safety net would help cover and fulfil the financial demands of the child’s growing years if you are unable to generate an income.

Self-employed individuals 

As a self-employed professional, you are responsible for your own career, well-being and life. You would be familiar with staying disciplined, planning ahead and managing your finances well. For people like entrepreneurs or freelancers, getting a CI plan would significantly lighten the financial burden in the months of recovery in the event of a CI diagnosis. It makes it even more important when you have dependents to support. As your own boss, ensuring that your health is in tip-top condition and having financial protection is a priority.

Individuals with a family history of critical illness

If you know that members in your family are genetically prone to developing a certain CI, getting covered with a CI plan could give you an added assurance in the event that CI strikes you. It may be that your premiums will be adjusted due to your family history. However, considering the cost of CI treatment and amount of Critical Illness protection for an average working adult, it will still save you heavy out of pocket costs by choosing to get covered.

Young adults 

CI coverage is one insurance that you can consider getting while you are younger. This is because it’s easier to get insured while you are healthy and before you develop any health issues that may complicate your purchase subsequently or exclude you from specific coverage. Additionally, your premiums are cheaper when you’re younger. Find out more about why young and healthy individuals need CI insurance.

If you’re now looking for financial protection for CI, consider a plan like FWD Critical Illness Plus insurance which covers you for 37 late-stage CIs and even early and intermediate stages of cancer, heart attack and stroke, the 3 most common illnesses that make up 90% of all CI claims¹. The plan offers coverage of up to S$300,000 and you remain covered even beyond your first Early Cancer, Heart Attack and Stroke Benefit claim².

FWD Critical Illness Plus insurance also offers an optional ICU Benefit that provides a 100% payout of sum assured if the policyholder is admitted to the ICU³ due to whatever illness or injury that you have. Getting covered is easy – simply purchase online with no medical examination required. Get an FWD Critical Illness Plus quote now  and check out ongoing insurance promotion.