In this article, we will discuss it worth buying critical illness insurance in Singapore and some myths about it. Also, we will discuss some reasons why you should take this policy and who should buy this policy.
What are some myths about critical illness insurance?
Many people in this world are still confused about the whole critical illness policy. They sometimes misunderstand this policy and tend to ignore it and stay away from it. Also, when they do this, they tell other people to not buy this policy and tell them the wrong aspect. Here is the list of some myths about critical illness insurance.
- Critical illness provides cover for disability
The only thing for giving income when the insured is disabled, and they pay their monthly salary. This will help the insured to use the salary money for whichever thing they want to. The policy offers a lump sum amount of money when the insured is diagnosed with a critical illness. Some of the illnesses considered critical are cancer, immunological disease, and heart attack. The great advantage is that you can decide how you want to use this amount and that too anywhere.
- Once you buy the policy, will you get coverage for any critical illness?
This is another myth that is not true as there are different policies in the market for different illnesses. So you should always make it a habit to read all the terms and conditions properly before signing the contract. This is just like an insurance policy and will cover your expenses for a particular illness. You can also make your policy but will have to give it a deep thought before you select an illness.
- When diagnosed you will surely get the claim money
Each illness has its definition, which you have to understand before accepting it. If you have selected a particular Illness and you are diagnosed with it. You won’t get the money yet as you will have to fit in the definition created by the Insurance Company.
- After buying critical illness, you can buy life insurance
This is not possible as you can combine both the policies if you have life insurance beforehand. But it is against the law to take a life insurance policy once you have taken a critical illness policy. This is because a person thinks they won’t last long, so they try to take a life insurance policy also. But this is not the case as 90% of people get diagnosed with an illness and get treated.
- If critical plan cover cancer, it will cover any cancer
It is not true as if it is mentioned about cancer in the critical illness policy. This is because there are different types of cancer out there in the world. You will have to specify the type of cancer for which you have to buy a cover.
- If I have a pre-existing illness, you cannot buy this policy
This is not the case, as you can take a policy for yourself if you are already diagnosed with a critical illness. The only thing will be that you will have to pay a high amount of premium every month than regular.
- All critical illness plan comes with high premium
Not every illness plan costs a high premium as the total amount will depend on the illness cover. It is always a good thing to check the kind of illness you are taking a cover for before paying the amount. This can help you to stay safe from any kind of misinformation.
Is it worth buying critical illness insurance in Singapore?
Buying critical illness insurance is worth it not only in Singapore but in all countries of the world. This is because it covers any kind of expenses that you have to face due to any critical illness. In Singapore, many people buy this policy with their maid insurance policy. You can buy maid insurance online Singapore, and also you can buy it offline. To buy it offline, you will have to visit either a bank or a financial institution, whichever you have chosen. This is worth the money as you will get a salary cover every month because of this policy.
Another thing is that the money can be used by the insured anywhere they want. This means that the total amount of money received can be used by the insured wherever they like. They can use it to pay the bills, or they can also use it to support their family.
What are the reasons for buying critical illness insurance?
Here is a list of some of the reasons why people take this kind of policy.
- Exceptionally high cost of treatment
There are a large number of people in the world who die from these kinds of illnesses. So if you go to a hospital to get it treated, the fees for treating this will also be in huge amounts. So many people take this policy to pay for the expenses of the hospital and the operation.
- The flexibility of choosing illness cover
Many of the pre-made policies would not contain the illness you are facing, so it will be a waste of money. This is why you can make your policy and select which kind of illness you want to take cover for.
- Wider portfolio of diseases covered
In this kind of policy, many kinds of critical illnesses can be covered with this policy. There is a total of 34 different kinds of critical illness that can be taken as insurance for.
- Flexibility to modify insurance coverage
It indicates that you can select the amount for which you want to take an insurance policy. This means that you can select the amount of policy after calculating the total amount needed.
- Avail of tax benefits
With this policy, there will be no taxes charged. Only you have to pay a premium every month. Since this is a critical illness cover, the government does not take tax from these policyholders.