The diagnosis of a critical illness can be devastating, not just emotionally but also financially. Other than your out-of-pocket medical expenses, you might also worry about keeping your household afloat while grappling with not being able to work.
Critical illness insurance offers the financial protection you need so you can concentrate on treatment and recovery.
Cancer insurance is one type of insurance that offers a payout if you are diagnosed with certain types of cancer. However, unlike critical illness insurance policies, which offer protection for a wide range of conditions, cancer insurance only offers protection against cancer.
But cancer is not the only critical illness that could strike. Here are some reasons why you should opt for critical illness insurance rather than cancer insurance.
There is no way to predict if you will be diagnosed with cancer or some other critical illness
One of the biggest limitations of cancer plans is that they only offer protection against cancer.
But cancer is just one of many critical illnesses you could potentially suffer from in your lifetime. In fact, in 2018, 29.2% of all deaths in Singapore were due to heart disease or stroke.
Heart attack and stroke are both very serious conditions that require immediate medical attention, the earlier the better. For instance, in the case of stroke, early detection and treatment can play a huge role in the patient’s outcome. Likewise, a heart attack is a medical emergency which might require cardiopulmonary resuscitation or defibrillation in order to save a person’s life.
Given the prevalence of heart attack and stroke in Singapore, it is vital to ensure you have the financial resources to enable you to seek medical help and tide you through recovery should you be struck by one of these conditions.
To do so, you should get a critical illness plan that will protect you from heart disease and stroke in addition to other conditions like cancer.
One example of such a plan is HL Assurance’s Early Protect360, which protects you from a wide range of critical illnesses, including major cancers, heart attacks, coronary artery by-pass surgery and stroke, filling the gaps and offering protection in areas that cancer insurance does not.
At an affordable cost, you are protected from a wider range of conditions
Insurance needs to be cost-effective as well as comprehensive. To give you the best value for your money, you should look for insurance policies that offer the best coverage at a particular price point.
Early Protect360 is an example of an insurance policy that punches above its weight by giving you extensive protection at an affordable cost.
For the premiums you pay, you enjoy protection not just from cancer but from a range of other early stage and advanced stage critical illnesses.
You also receive 10% of the sum assured up to a maximum of $25,000 if you undergo angioplasty and other invasive treatments for coronary artery.
Early Protect360 also offers perks such as free medical tele-consultation, which enables you to save money on medical expenses from the comfort of your own home.
Unlike a cancer plan, critical illness insurance does not leave you open to critical illness protection gaps
Ultimately, the main problem with cancer plans is that they do not offer protection against conditions other than cancer. That means, for instance, that if you have a heart attack, you will not receive any protection from a cancer plan. A cancer plan is thus not able to fully cover your critical illness protection gaps.
Bearing that in mind, cancer plans cannot be considered a comprehensive form of critical illness protection.
A critical illness plan like Early Protect360 is designed to overcome the limitations faced by cancer plans and offer protection from a wide range of critical illnesses. With Early Protect360, you are assured of protection, regardless of whether you are suffering from cancer or a different condition such as stroke.
Protect yourself from whatever life throws at you with HL Assurance Early Protect360, a critical illness plan that protects you from cancer and much more.