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How to Pick the Best Critical Illness Insurance in Singapore?

As we experience different ups and downs in our lives, including our health, we should prepare the worst, especially during this current pandemic situation. For every person who is living in Singapore and broadly on this Earth, if diagnosed with any critical illness is considered one of the most unusual events that will negatively affect both our life and family.

Keeping in mind the advancement in science and technology in Singapore, you will still be able to survive any critical medical condition. Though this is good news for every person living in this country, you still need to look into your financial stability. A critical illness will burn your pocket to the fullest, and at that moment, you might be stressed more about paying the hospital bills. There are many households where it’s become difficult for people to take care of all the expenses. Here where the requirement of the best critical illness insurance Singapore comes in, where you will get a lump sum amount through your insurance if you are diagnosed with any specific illness.

Assess your present medical condition or illness properly

Before you opt to search out for a specific plan, you must know well about your health condition at present. No matter whichever critical illness insurance cover you pick, primarily, they will evaluate the health condition of yours at first and then will assess your premiums.

Look after your finances to know which plan you can opt

Before you opt for any insurance, you must check about your present financial condition and expenditure. This will help you to analyze whether you will be able to cover the insurance cost at the time. This will help you know how much you will be able to afford and budget your monthly premiums to pay to your insurer.

Pick up a plan that will give you complete coverage

When you search for critical illness insurance, it is always advisable to opt for the most comprehensive ones. To be specific, you can opt for HL Assurance, where you can fully cover any critical health problem. This will also cover financial support regarding accidental death or permanent disablement, annual health screening once for every year if you require the second opinion from any doctor, and much more. You will also be made to understand against your every query and all the necessary details before you opt for this plan. Also, you will get online consultation along with discount vouchers if you opt for the same.

Your family situation to be considered before choosing any plan

If you are the only earner of your family, then you must consider different things while picking up a perfect plan. It is very important to secure the critical illness cover so that you can prevent your family from any critical illness and remain stress-free.

  • Are your dependents young? – If positive, you must opt for the critical illness cover, which is in the long term. This will ensure that all your family members will get covered for a long time associated with financial stability until your family’s dependents get covered by the insurance. A combination of life insurance and critical illness insurance policy will help if you either pass away or get diagnosed by any critical disease.
  • Are you in the age of retirement or your children already passed university? – If this is the condition, you must opt for the policy made as per the age. We can consult any insurance company in Singapore to make you understand your policy requirement.

Taking the points mentioned above will help make the right choice in terms of a critical illness insurance policy plan.

How does this plan work?

Before you finally decide on a perfect insurer, make sure you know how the entire things work. Once you submit the diagnosis report, you will receive a lump sum amount from your insurance. With the help of this money, you will able to pay for treatment costs, hospitalization cost, medicine and doctor fees, and more.

Look for all-out coverage

When you are looking for health insurance providers, you must look for the critical illness insurance that provides you with complete coverage. Ideally, for any such critical illness, you should get an insurance cover included in pre and post hospitalization expenses for investigation, treatment, and medication. It should also include organ donors, daycare procedures, covers ambulance cost, and all the other benefits must be included.

Premium amount

Premium is the total amount that you need to pay against your policy. This can be segmented monthly, yearly, or quarterly. Based on the company, you will get the intervals. There many online calculators to calculate the same. Through this, you will understand how much money you need to pay against your insurance.

Keep in mind about the exclusions

Every insurance has different kinds of exclusions based on the company. These are the conditions that the insurance company does not include in the hospital bill, which means for those conditions, you will not get the claim. But critical illness gets the maximum coverage. Before you opt for any plan, check the renewal tenure and till what time you will be offered about it. In most cases, you are applicable to get the claim at a certain stipulated age.

Know about the waiting period

The waiting period is the tenure under when the policy can be paid. It’s better you know the details about the waiting period. Mostly for the critical illness, the waiting period is 90 days after the commencement of the policy period or for any pre-existing diseases which are for at least 48 months.

Look out for broad options

Searching for the right one is a never-ending process, and you will always get a temptation to choose once you see. Though it might be tedious to buy essentials that you must search for various options and insurers before finally choose the same, so that suits your need the best.

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