Critical illness Insurance

Yes

Definitely still important to get a CI plan! Especially when you are still young and premiums are not that expensive. However, as much as it is important, it is still dependent on your financial situation and if you can afford it as you mentioned you are currently unemployed. Are you looking for a job? If so, once you get employed it would be good to set aside some money for a CI plans as medical bills in Singapore is super expensive. When you have the financial ability and looking to purchase a CI plan, you can check out this page as they compared quite the best CI plans you can consider! It doesn't have to be a standalone plan, you can see if your insurer can add it on as a rider to your current whole life/term life plan!

It's still possible and the major consideration would still be his/her

​

1.) cashflow - whether based on his or her excess, and the premiums paid, it is less than 50% of it

​

2.) emergency funds - whether the person has more than 6 months of liquid cash to tide through the expenses

​

however in the event if the person has a shaky cashflow but still wants To be insured, there are temporary solutions (e.g. a flexi term that can convert to a normal term given the stpilates time) to address these needs as well.

Hi anon,

​

Yes.

​

There's two key parts to underwriting: Medical and Financial.

​

If medical underwriting is not the issue then we have to examine financial underwriting, which seems to be the crux of your question.

​

For financial underwriting, this person would be considered a non-income earner and thus be evaluated as such.

1. There is a maximum amount of coverage that one can apply for without having the need to prove income. Typically this is up to $750K in aggregate.
2. If you exceed that amount of coverage then expect to be ask for information such as your personal net assets, in order to justify the coverage.
3. For the affordability factor, that's where analysis and planning comes in. It could be the person's spouse paying for the coverage, in which case affordability is not the main worry. Or, this person could have amassed sufficient savings such that the projected premiums are not a problem for some years to come.

Just to add on, for medical underwriting, if you are healthy, then that's normally not an issue. However if there are any health conditions that you declare, underwriters will then decide the next steps. It could range from as simple as a questionnaire to elaborate on your condition (I have a client with some knee pain, he was asked to elaborate on things like how often he had it, what caused it to worsen, whether he planned to seek surgery, etc), or a full body check up. It's really case by case.

​

Hope that clarifies