August 1, 2020

10 Considerations When Buying the Best Critical Insurance in Singapore

A critical illness insurance policy is a long term insurance policy that provides you a lump sum amount. Through this policy, you can get a lot of advantages. But to get these advantages you have to buy this best critical illness insurance from any insurance company. Here in this article, we will discuss the points you should keep in mind when purchasing a critical illness insurance policy in Singapore. Now let’s move to the next section to learn something more about this plan.

Things which is covered by critical illness insurance

Critical illness insurance will pay you a lump sum amount, which adds a plus point on this. A critical illness insurance policy includes some major illnesses such as cancer, heart attack, stroke, kidney failure, cardiac arrest, etc. Through this, you can save your life and your financial expenses.

Most of the Singaporeans suffering from these illnesses, and they need to buy this plan now. But before buying this plan, you have to first ensure to read the policy carefully. You can only claim the illness, which is included in this policy. For those people who are beginners, here we provide them some information that clearly helps them get the best critical illness insurance policy fromHL Assurance.

Things which you should think at the time of purchasing critical illness insurance

  1. An income that you need during your recovery: 

Before buying any critical illness insurance plan, you must consider a certain amount in which you can continue your lifestyle. Whenever you are going to buy a critical illness insurance plan, then you should think about it. People who are suffering from any illness can’t go out for work. So, at this time, he needs financial support so that he can continue his lifestyle and can able to take the responsibility of his family.

  1. Income supporter for your family: 

If you are only one person in your family earning, then this will be a big issue. You have many dependents, and you aren’t able to provide them the financial support during your illness. So, at this time, critical illness insurance will help you. When we talk about other insurance, then it will pay money to his family after he passes away. But when we talk about the critical illness insurance plan, then you will get the amount when you are diagnosed with any illness. So, at the time of purchasing any policy, you have to consider this thing so that you can get the benefits when you need it.

  1. Get support services during recovery: 

If you want to get any additional service during your recovery, choose a critical illness insurance plan. There is some situation when you need extra care to get rid of your illness. In such cases, if you have the critical illness insurance plan, then you can visit the international doctors for check-up and consultation.

  1. Type of critical illness insurance plan you choose: 

At the time of buying critical illness insurance plan, you will consider the type of critical illness insurance plan you choose. There are different types of plan, such as:

  • Early-stage, intermediate stage, and severe stage: 

There are plans like this that are divided depending upon the level of your illness. There are many companies which provide the plans which only cover in the severe stage of your illness. But with a critical illness insurance plan, you can get coverage in all stages.

  • Single payout & multiple payouts: 

You can also choose a plan such as a single payout and multiple payouts. In a single payout, you will only get coverage for only one single time, whereas, in multiple payouts, you will get multiple coverages.

  1. Your family history: 

Before buying any insurance, look out your family’s health history or medical history. If anyone of your family has cancer, then it will be better to choose a multiple payout plan. So, before considering purchasing a critical illness insurance plan, look out the illness that you and your family are suffering from.

  1. Waiting period and survival period of your plan: 

Before buying any plan, you have to measure your policy’s waiting period and survival. The waiting period is a time in which you will get the benefits after a certain period. Similarly, a survival period defines a period in which you will get benefits from you to pass the survival period. It will be better if you buy a policy that provides a shorter waiting period and survival period.

  1. Check the policy’s renewal age: 

At the time of buying a critical illness insurance policy, look at the maximum renewal age of the plan. Many companies provide this plan for a certain age. But according to the experts, most of the companies provide this plan for the people having age 60 to 65 years.

  1. The working or claiming process of the plan: 

Before purchasing a critical illness insurance policy, learn about the process of claiming. By knowing these things, you can confidently buy it and use this in perfect time.

  1. Consider the premium amount: 

Check the amount of premium the company pays you. It is the amount that is paid by the company to you against critical illness insurance after a certain period. So, make sure to purchase a policy that provides you a higher premium account.

  1. Get higher coverage: 

At the time of purchasing a health insurance plan, consider the term where you can get higher coverage and better financial protection. A critical illness insurance policy provides you a higher coverage with low costs.

Conclusion

By following the above-discussed points, you can get the best critical illness insurance policy in Singapore. To buy this policy, you have to visit the best insurance company so that they can clear all your queries and provide you with support up to 24/7. So, get ready to search for the company and buy this plan as soon as you can.

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