In today’s uncertain world, protecting yourself and your loved ones against unexpected health challenges is of paramount importance. Critical illness insurance is a powerful financial tool that can provide much-needed relief in the face of severe medical conditions. Singapore offers a robust market for critical illness insurance. In this article, we will explore where and how you can buy a critical illness plan that suits you to safeguard your financial future.
- Find out about different options you can explore for critical illness coverage
- Learn about how these sources vary from one another
The most common and direct route to purchasing critical illness insurance in Singapore is through insurance companies. Singapore boasts a thriving insurance sector with numerous reputable players.
These insurance companies offer a variety of critical illness insurance plans tailored to different needs and budgets. You can contact their agents or visit their websites to learn more about the policies they have to offer. It’s essential to research and compare these policies to find one that aligns with your specific needs and requirements.
With the digitalisation of the insurance industry, online insurance has become increasingly popular in Singapore. With online insurance, there are no intermediaries, and you have full control over what and when you want to buy. Online insurers offer a plethora of information on their websites. You can find product details, policy documents, blog articles, and other materials to gain a clear picture of the product before making a purchase.
Group Insurance through Employers
If you are employed in Singapore, it’s worth checking if your employer offers group insurance that includes critical illness coverage. Many companies provide their employees with group insurance plans, which often include health and critical illness benefits.
Group insurance plans can be more affordable compared to individual policies since the premiums are typically lower, and pre-existing conditions may be covered. However, the coverage amount may be limited, and it may not be portable if you change jobs.
In Singapore, the government has also introduced schemes to promote health and insurance coverage. One such program is MediShield Life, which provides basic health insurance coverage for all Singaporeans and permanent residents. While it doesn’t specifically cover critical illnesses, it can help with hospitalisation and medical expenses.
Additionally, the government introduced the CareShield Life program, which offers long-term care insurance for severe disabilities, including those caused by critical illnesses. Singaporeans and permanent residents receive automatic enrolment in these programs, but you can also opt for supplementary private insurance to enhance your coverage.
Ready to Buy Critical Illness Insurance?
Critical illness insurance is a vital component of your financial security net, especially in a world where health uncertainties are prevalent. In Singapore, you have multiple avenues to purchase critical illness insurance, ranging from insurance companies and agents to banks, online marketplaces, group insurance through employers, and government schemes.
When shopping for critical illness insurance, it’s crucial to assess your specific needs, compare policies, and consult with professionals if necessary. By taking the time to choose the right coverage, you can ensure that you and your loved ones are protected in times of unexpected health crises. Don’t delay; secure your financial future and ensure you are covered adequately. Learn more about Tiq 3 Plus Critical Illness today.
Information is accurate as at 13 October 2023. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K).
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.