Is Critical illness coverage necessary?

Yes, critical illness cover is essential. Without it, you could be exposed to significant financial risks. Sure, you have MediShield Life, but this will only provide annual coverage up to $100,000 which not nearly enough when it comes to the medical expenses of a major illness. A recent study showed that the average monthly cost of late stage cancer treatment was between $8,000 & $17,000.

Add to this, a critical illness could also leave you without an income for extended periods of time. In this case, covering monthly expenses, any outstanding payments, etc. will become extremely difficult. Therefore, even with MediShielf Life, the avergage coverage gap for a critical illness in Singapore is around $ 250,000!

Another reasons why you need to have critical illness cover is simply because the number cases of major illnesses in on the rise. There are around 35+ case of cancer reported in Singapore almost every day. And this is just one major illness.

There are several good critical illness plans you can opt for today. Some of them will cover multiple claims and provide financial protection against critical illness, dealth and total permanent disaability. Some of these plans also offer coverage of up to $9 million in a single payout! This should be more than enough to cover all your expenses, medical and otherwise, to ensure you get back to good health wihtout ever worrying about the finances!

For more information about critical illness cover, you can refer to my blog: https://justpaste.it/1r7pr​​​

Hi Anon,

Critical Illness is one of the crucial coverages in our current time and age. As critical illness can occur to us during our lifetime. But sadly most people tend to over-look it, as we feel like we're paying for something that we might never use. Thus it's ideal to buy a whole life plan, that provides Critical Illness Coverage in these situations.

All Critical Illness plan is good, as long as it meets your needs and your affordability. Also in regards to what you mentioned about paying x amount of years and provide life coverage, that is a limited payment option, which I do believe most whole life plans have that option now.

I cannot recommend other insurer products, as I'm not familiar with them. But for Prudential, you can look at our new product, PruActive Life. It's a whole life plan that covers Death, Total Permanent Disability, Critical Illness & Early Critical Illness; also it has a limited pay option and a flexible multiplier benefit of up to 5x sum assured till 80 years old.

Do reach out if you have further queries, or drop me an email at [email protected]​​​