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This insurance plan is designed to cover you against selected major critical illnesses and age-related conditions, even in your prime years
It’s a well-known fact that the biggest factor which affects whether a person qualifies for certain types of insurance coverage is his or her age. Your health insurance will greatly change based on how old you are so it’s always important to understand the policies you are interested in as well as the annual premium amounts.
Therefore, if you’re aged 40 and above—purchasing a protection plan can be a real challenge. Thinking of purchasing an insurance plan that can help with medical costs? Insurance company Manulife Singapore has introduced Critical SelectCare, a plan that is designed and available to those from 40 to 70 years old. It’s meant to cover against selected major critical illnesses¹ and age-related conditions for policyholders.
One of the key benefits of this plan is that it is available to those who already have existing health conditions such as high blood pressure, high blood sugar, high cholesterol or diabetes.
What is critical illness insurance?
Basically, critical illness protection refers to the coverage that can come in the form of life insurance policies or as additional riders. Policyholders will receive a lump sum payout if they’re diagnosed with a critical illness or if they’ve had any type of surgery that’s also protected by the insurance plan. In August last year, the Life Insurance Association Singapore (LIA) reviewed the definition of critical illnesses and changes will take effect from August 26, 2020. The industry list of 37 critical illness conditions is available on LIA’s website.
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How Manulife Critical SelectCare can help
If you are a 40-year-old looking to increase your critical illness coverage, the application process for Manulife’s Critical SelectCare is one that is hassle-free.
For starters, you only need to answer three questions²—with no medical check-up needed.
Additionally, the policy safeguards against selected common critical illnesses¹ and medical conditions³ where the risks increase with age. So, if an interested applicant is worried about the potentially high costs of medical bills that come with critical illnesses such as stroke or cancer, Critical SelectCare plan will be suitable.
In a study published in 2017, the LIA revealed that working adult Singaporeans do not have adequate critical illness coverage. Many people here only have policies that would cover just 20 per cent or so of their protection needs should they be struck by critical illnesses. An average working adult has a critical illness cover of $60,000, which is below the LIA recommendation of about $316,000—or approximately 3.9 times the average annual income.
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