Critical Illness Policy
A critical illness insurance policy is specially designed to offer a lump sum payout in the event that you get diagnosed with a serious illness.
3 key features of Critical Illness (CI) Policy
Coverage for certain critical illnesses
A critical illness policy usually pays out a lump sum of money when you get diagnosed with an illness, such as cancer, heart attack, stroke or even lung diseases. Depending on the policy, payouts may have certain criteria, such as stage at diagnosis.
Usually for late-stage illnesses
Most critical illness policies cover late-stage illness diagnosis. But there are also policies that offer payouts at early and/or intermediate stage of an illness.
Payouts not dependent on medical expenses
Depending on one’s monthly living expenses during recovery, this lump sum payout can be used to help manage financial needs and other obligations not covered under your hospitalisation policy.
Coverage for certain critical illnesses
A critical illness policy usually pays out a lump sum of money when you get diagnosed with an illness, such as cancer, heart attack, stroke or even lung diseases. Depending on the policy, payouts may have certain criteria, such as stage at diagnosis.
Usually for late-stage illnesses
Most critical illness policies cover late-stage illness diagnosis. But there are also policies that offer payouts at early and/or intermediate stage of an illness.
Payouts not dependent on medical expenses
Depending on one’s monthly living expenses during recovery, this lump sum payout can be used to help manage financial needs and other obligations not covered under your hospitalisation policy.
4 Common FAQs about Critical Illness (CI) Policy
How can I increase the coverage of my Critical Illness Policy?
The types of Critical Illness policies will differ between insurers. The coverage can span from early-stage to late-stage diagnosis, and your financial advisor will be able to tell you more.
Alternatively, you can also add Riders to your existing Term Life or While Life policy. Click to find out more.
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