Critical Illness Insurance - Get a Quote

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Critical Illness Insurance Quote
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Get quotes for
China Taiping's i-Secure 
Critical Illness Insurance Cover

 

cancer

Cover for Whole of Life

 

Be assured of lifelong cover .

Early stage critical ilklness

Early to Late Stage Critical Illness

Get benefits early to ease your recovery.

multipay critical illness shield

161 Critical Illness conditions

Comprehensive cover that pays out on multiple critical illnesses.

later cancer flower

Surrender Value available

Get some money back if you surrender.

 
whole life heart beat

Death benefits available

Provides cover for your loved ones. 

Tell me more about 
China Taiping's i-Secure

 

i-Secure is a "multiplier" product. This means that you can choose to scale up your benefits up to age 86. After that, the benefits revert to the original sum assured plus any bonuses that the insurer has declared on the product. The scaled up benefit forms the "guaranteed benefit".

 

For example, if $50,000 is selected as the sum assured with a factor of 2x:

  

$25,000 sum assured can be added to the early and late-stage critical illness riders.

 

Critical illness benefit: $50,000 ($25,000 X 2) up to age 86 and the $25,000 sum assured plus bonuses thereafter. 

 

Death benefit: $100,000 up to age 86 and $50,000 sum assured plus bonuses declared thereafter.

 

 

Who should buy this product?

 

You should consider critical illness insurance if you have limited savings or are worried about high medical expenses should you fall seriously ill. In addition, you should buy a critical illness insurance policy if you want to have flexible financial support in the event of a critical illness. The payout is a lump sum amount and you decide what you want to do with it!

 

Whether or not you have dependants may not be an important consideration, as the money is principally for yourself. You can use it to get the required level of medical care, cover a variety of expenses and provide income if you are unable to work. Do note that the cost of healthcare can put a major strain on finances, especially for critical illnesses, as it often involves major surgery, long- term hospital care, or if the illness leads to disability and inability to work.

 

How much
coverage should you buy?

 

Typically, the payout from a critical illness product will go to pay for:

 

green tick circle Loss of your income during the time of illness;

green tick circle Payment of co-insurance and deductibles from hospital plans;

green tick circle Cutting-edge drugs or treatment;

green tick circle Hiring extra help to assist you with daily activities; or

green tick circle Rehabilitation after the treatment of the illness.

 

The amount of coverage that you would need could vary over a wide range. This is primarily because the cost of new drug treatments that you may want to access is dependent on the type of critical illness and medical advancements over time.

 

 

Here are some common questions
about Critical Illness Insurance Plans

1. Should I apply for my Critical Illness cover now or wait till I am older and more likely to get struck by Critical Illness?

 

Our advice is that you get your Critical Illness Insurance cover as soon as possible. As you get older, there is a high chance that you would develop medical conditions. Even if these medical conditions are not classified as "critical illness", it may mean that insurer would not be willing to offer you any cover at that time. 

 

 

2. What is the maximum age that Critical Illness Insurance will cover to?

 

It depends on the policy. Typical Critical Illness plans will cover you until 85. However, i-Secure will cover you for your whole life. 

 

 

3. Do I need to go for a medical examination if I apply for Critical Illness Insurance?

 

If you are above a certain age and/or sum assured, then, yes, you will need to go for a medical checkup.

 

4. Why is it not a "sure-thing" that I can get my money back through the surrender value? 

 

The surender value will comprise a guaranteed portion and a non-guaranteed portion. The non-guaranteed portion is based on the bonus that the insurer declares from year to year. In addition, the surrender value accumulates over time, which means that you will get a low surrender value if you terminate the policy early.

 

5. What if the sum assured plus bonuses are higher than the guaranteed benefit before age 86?

 

If the sum assured plus bonuses are higher than the guaranteed benefit (sum assured X multiplier factor) before age 86, the benefit payout will be the sum assured plus bonuses.

 

 

 

InsureDIY is an online financial adviser licensed by Monetary Authority of Singapore and we are an approved adviser by our panel of insurance companies. This advertisement has not been reviewed by the Monetary Authority of Singapore.