Compare & Find The Best Critical Illness Insurance in Singapore

We partner with unbiased financial advisors to help you compare and find the best critical illness insurance policies.

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What is Critical Illness Insurance?

Pros & Cons of Critical Illness Insurance

Who Should Get Critical Illness Insurance?

Best Critical Illness Insurance Plans

How To Apply?

FAQ

What is Critical Illness Insurance?

Critical illness insurance stands as your financial guardian, providing a lump sum payment to support you through the tough times of battling a serious illness. This coverage ensures that during your time of need, you can focus on recovery without the added stress of financial strain, covering costs that health insurance may not. It’s not just insurance; it’s a promise of support and peace of mind, allowing you to concentrate on what truly matters: your health and recovery.

Standalone Plans

Standalone critical illness plans offer specialised coverage, ensuring direct financial support tailored specifically to your needs in the face of serious health challenges, without being tied to any other insurance policy.

Whole Life Plan

A whole life insurance plan with critical illness rider enhances your coverage, offering lifelong protection combined with flexible benefits for early critical illness, critical illness, and more, tailored to evolve with your changing life stages and needs.

Term Life Plan

A term life insurance plan with critical illness rider provides you with a customisable safety net for a specified period, allowing you to add critical illness and other specific protections, ensuring comprehensive coverage that matches your life's temporary needs and concerns.

Pros of Critical Illness Insurance

Comprehensive Support

Critical illness insurance provides a lump sum payment upon diagnosis of a covered illness, offering financial assistance that can be used for medical treatments, daily living expenses, or any other financial needs, ensuring you can focus on recovery without the burden of financial stress.

Coverage Beyond Health Insurance

It fills the gaps left by standard health insurance, covering costs that may not be included, such as alternative treatments, rehabilitation, or lost income due to inability to work, offering a broader safety net.

Peace of Mind

Knowing you have critical illness coverage brings peace of mind, as it prepares you and your family for the financial impact of serious health conditions, allowing for better financial planning and security in uncertain times.

Cons of Critical Illness Insurance

Limited Coverage Scope

Critical illness insurance typically covers a predefined list of illnesses, meaning conditions not specified in the policy won't trigger a payout, potentially leaving policyholders uncovered for certain health issues.

One-time Benefit

The lump sum payment is a one-time benefit unless you selected a multiclaim policy, which, once claimed, often ends the policy or significantly reduces its future benefits, limiting long-term support for recurring or multiple illnesses.

Cost vs.
Benefit

The premiums for critical illness insurance can be high, especially as you age or if you have pre-existing conditions, making it important to weigh the cost against the potential benefit and financial relief it offers.

Who should get critical illness insurance?

Individuals who are the primary breadwinners or have significant financial responsibilities towards their family members often prioritise the well-being and financial security of their loved ones. For them, critical illness insurance is crucial as it ensures that, in the event of a serious illness, their family’s financial needs are taken care of, allowing them to focus on recovery without the added stress of financial burdens.

Those who are keen on planning ahead and managing risks associated with life’s uncertainties will find critical illness insurance appealing. This personality type values the peace of mind that comes from knowing they have a financial safety net in place, which aligns with their goal of ensuring personal and family financial stability in the face of health adversities.

People who are aware of their health risks, especially those with a family history of critical illnesses, are more likely to appreciate the importance of critical illness insurance. Understanding their increased risk, they seek to mitigate the financial impact of potential health issues, ensuring they can afford the best possible care without draining their savings or assets.

Best Critical Illness Insurance Plans in Singapore

AIA Absolute Critical Cover

The AIA Absolute Critical Cover stands out in the critical illness insurance landscape with its comprehensive coverage for 187 conditions, including critical illnesses, age-related illnesses, and chronic diseases. This plan is unique for offering a surrender value at the end, adjusted for claims, making it the only policy in the market with such a feature. It also provides the option to accumulate cash value up to 100 years old, a distinctive advantage over most standalone policies. With a wide range of covered conditions and the multipay feature, alongside additional benefits like premium discounts for insuring children and a cash value component, the AIA Absolute Critical Cover offers a robust safety net. Despite its higher premium, especially with the ASCC Booster, its extensive coverage and potential for some return of premiums at the end make it a valuable choice for those seeking thorough protection against a broad spectrum of health issues.

Tokio Marine MultiCare

The Tokio Marine MultiCare plan is a multipay critical illness (CI) policy that stands out for its comprehensive coverage across early, intermediate, and advanced stages of critical illnesses, allowing for multiple claims that can extend up to 900% of the basic sum assured. A distinctive feature of this plan is the absence of waiting periods for claims between the first and second layers, offering immediate and successive coverage, which is crucial for individuals facing multiple health challenges in a short period. With a maximum payout of S$350,000 for early-stage Critical Illness – the highest in Singapore – Tokio Marine MultiCare offers a balanced option for those seeking extensive CI coverage without the complexity of waiting periods.

Manulife CI FlexiCare (Deluxe)

The Manulife CI FlexiCare (Deluxe) is a standout critical illness insurance plan in Singapore, offering unparalleled coverage for up to 169 conditions, including 126 early, intermediate, and advanced-stage critical illnesses, plus additional special conditions. Its unique selling points include coverage for children's illnesses, ICU or HDU admissions benefits, and the flexibility of coverage up to the ages of 85 and 99. This extensive protection, combined with the option for long-term coverage, makes it an exceptional choice for those seeking comprehensive and enduring critical illness coverage.

Singlife Multipay Critical Illness Plan

The Singlife Multipay Critical Illness is recognised as one of the best critical illness insurance plans in Singapore, offering comprehensive coverage for up to 132 conditions across different stages of critical illnesses, including relapses, with a policy term extending up to the age of 99. This plan stands out for its ability to allow claims up to 900% of the sum assured, providing a robust financial safety net for policyholders at a competitive premium. With features like coverage for juvenile and special conditions, a waiver of premium option after 300% of the sum assured has been paid, and additional benefits for ICU stays and advanced care, the Singlife Multipay Critical Illness plan offers a flexible and extensive protection package, making it a top choice for those seeking thorough critical illness coverage.

PRUActive Protect

Prudential's PRUActive Protect is celebrated for its flexibility and comprehensive coverage, making it a standout choice in the critical illness insurance market in Singapore. This multipay plan covers up to 36 critical illnesses, offering policyholders the option to select coverage terms ranging from 10 to 99 years, catering to diverse needs and life stages. Notably, it extends beyond single-event protection, allowing for multiple claims on both early and critical illnesses, which can cumulatively reach up to 500% of the initial coverage amount. Additionally, the plan includes unique benefits like complimentary children's coverage for serious illnesses and a waiver of premiums under certain conditions, enhancing its appeal by providing added value and peace of mind to policyholders.

HSBC Life Super CritiCare

The HSBC Life Super CritiCare is a multipay critical illness plan that allows for claims up to 600% of the basic sum assured across various stages of critical illnesses, including early, intermediate, and advanced stages. It uniquely covers all stages of rediagnosed cancer and relapsed heart attack or stroke, and it features a diabetes care program, positioning it as a highly competitive option in the multipay CI insurance market. Despite its late entry, it stands out for its affordability and comprehensive coverage, making it a strong contender among multipay critical illness plans. However, it's important to note that it permits only a single claim for early/intermediate stage critical illnesses, and payouts are capped at 100% of the sum assured regardless of the illness stage, which may necessitate additional coverage for those diagnosed with advanced-stage critical illnesses.

Great Eastern GREAT Family Care

Great Eastern's Great Family Care is a multi-generational critical illness plan designed to provide comprehensive coverage for the whole family, from the policyholder to their children and even extending to the policyholder's parents. This policy stands out for its ability to cover up to 53 late-stage critical illnesses, terminal illnesses, total and permanent disability, and death, ensuring a broad spectrum of protection. For children, it offers protection against 25 juvenile illnesses in addition to the 53 critical illnesses, without requiring additional premiums. A unique feature of this policy is the Parent Protect Rider, which allows for the inclusion of the policyholder's parents under the coverage without the need for a medical examination, simplifying the process and extending the safety net to include elder family members. This policy is particularly appealing for its affordability and the extensive coverage it provides, making it an ideal choice for young families or single parents looking for a budget-friendly option to secure their family's health and financial well-being across generations.

How to apply for a comparison session?

Step 1

Submit a request for a comparison session with Life Insurance Singapore. Based on your request, we will match you with one of our MAS-licensed partners.

Step 2

Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.

Step 3

Once you've found the perfect critical illness insurance policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!

Why do I need critical illness insurance?

You need critical illness insurance to provide financial support in case you are diagnosed with a serious health condition, ensuring you can focus on recovery without worrying about financial burdens.

How much critical illness insurance do I need?

The amount of critical illness insurance you need varies based on your financial obligations and lifestyle, but it’s generally recommended to have ECI coverage of 1 to 3 years and CI coverage of 3 to 5 years of your annual salary.

Should I choose a standalone plan, whole life insurance plan, or term life insurance plan?

When deciding between a standalone critical illness plan, whole life insurance, or term life insurance, consider your coverage duration, budget, and additional benefits. A standalone critical illness plan offers specific coverage for serious health conditions, ideal for those seeking targeted protection. Whole life insurance provides lifelong coverage with a critical illness rider for comprehensive protection, suitable for long-term financial planning. Term life insurance, offering coverage for a specified period, can include critical illness riders for temporary, cost-effective protection. Assess your financial situation, health risks, and coverage preferences to choose the most suitable option.

How much is critical illness insurance in Singapore?

In Singapore, the cost of critical illness insurance is influenced by several factors including the policyholder’s age, health condition, lifestyle habits (such as smoking), and the level of coverage desired. Premiums tend to increase with age and the presence of pre-existing health conditions. Additionally, the type of plan (standalone critical illness plan, term life with critical illness rider, or whole life with critical illness rider) also affects the cost. On average, premiums can range from a few hundred to several thousand Singapore dollars annually, emphasising the importance of comparing different policies to find one that fits your financial situation and coverage needs.

How common is critical illness in Singapore?

Critical illnesses are increasingly common in Singapore, reflecting global health trends and the impact of lifestyle factors. The nation’s top critical illnesses include cancer, heart diseases, and stroke, with cancer being the leading cause of death. Lifestyle changes, environmental factors, and an aging population contribute to the rising incidence of these conditions. The Ministry of Health’s reports indicate a steady increase in critical illness cases, underscoring the importance of early detection, prevention, and having adequate critical illness insurance coverage. This trend highlights the need for individuals to consider their health risks seriously and plan financially for potential critical health issues.

What is the most common critical illness in Singapore?

In Singapore, cancer is the most common critical illness, consistently ranking as the leading cause of death and a significant health concern. The prevalence of cancer is followed by cardiovascular diseases, including heart attacks and strokes, which also account for a substantial number of critical illness cases annually. The high incidence rate of these diseases reflects broader global health trends and underscores the importance of preventive measures, early detection, and comprehensive health coverage. With Singapore’s advanced healthcare system, there’s a strong emphasis on awareness and screening programs to combat the rise of these critical illnesses effectively.

What illnesses fall under critical illness?

Critical illness policies typically cover a range of serious health conditions that have significant impacts on an individual’s life and require substantial medical treatment. These illnesses often include, but are not limited to, cancer, heart attack, stroke, major organ transplants, kidney failure, coronary artery bypass surgery, and multiple sclerosis. Some policies may also cover conditions like Parkinson’s disease, Alzheimer’s disease, and severe cases of rheumatoid arthritis. The specific illnesses covered can vary between insurance providers, so it’s important to review the policy details to understand which conditions are included.

How much does critical illness treatment cost in Singapore?

In Singapore, the cost of treating critical illnesses like cancer, heart disease, and stroke can range from tens of thousands to hundreds of thousands of Singapore dollars, depending on the severity and duration of treatment. This includes expenses for hospital stays, surgeries, medications, and ongoing therapies. Advanced treatments and private healthcare options can further escalate costs. Given the high standard of healthcare in Singapore, securing comprehensive critical illness insurance is crucial to mitigate these potential financial burdens, ensuring access to necessary treatments without depleting savings or incurring significant debt.

Is critical illness cover worth getting?

Critical illness cover is considered highly valuable for several reasons. It provides a lump sum payment upon diagnosis of a covered critical illness, offering financial relief during a challenging time. This coverage can help cover medical expenses, daily living costs, or lost income, allowing individuals to focus on recovery without the added stress of financial worries. Given the rising healthcare costs and the increasing prevalence of critical illnesses, having this type of insurance can offer peace of mind and financial security. Ultimately, whether critical illness cover is worth getting depends on individual circumstances, including health history, financial situation, and existing coverage.

Compare & Find The Best Critical Illness Insurance in Singapore

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