Why Critical Illness Protection is Really Critical

Think critical illness protection is a waste of your money? These numbers will make you change your mind.

One thing that the global pandemic has done, is make the whole world realise that disease can strike anyone down, at any age. The same way critical illnesses can strike in the most unexpected way.

But surely, you’re safe? The Ministry of Health’s statistics on the Principal Causes of Death in Singapore begs to differ. In 2018, the 5 most common critical illnesses - major cancers, severe heart attacks, coronary artery surgery, stroke and kidney failure - made up more than half of all deaths.

Nearly half of all critical illness deaths are caused by cancer. In fact one disturbing trend notes that skin cancers in young adults are rising in numbers.

The Life Insurance Association of Singapore (LIA) released a study in 2017 showing how most Singaporeans face a critical illness protection gap. This gap is the difference between the amount they are covered and the predicted needs of recovering from a critical illness, which ranges from between 3.9x to 5x your annual salary.

You can protect your loved ones through strengthening your critical illness protection. These three points are important to consider when doing so.

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Recovery Can Take Some Time

Although few patients are in treatment for 5 years, full recovery from a critical illness, especially a major cancer, requires extended care and support. During this time, you’ll likely experience a loss of income while needing greater health assistance.

The LIA study showed that most people are covered for the cost of critical illness treatment and care for up to a year, but few are covered for the cost of full recovery. That includes income lost while you recover, and regular expenses incurred as you take time to heal. Rehabilitation itself can require time and money, especially when surgery is involved.

Have Sufficient Critical Illness Coverage

You can reduce the impact of critical illness on your quality of life. Getting sufficient critical illness protection early benefits, you greatly as you enjoy lower premiums. If you are diagnosed with a critical illness, the lump sum payout can help to cover your treatment costs and provide for your family’s financial needs during the time it takes for you to properly recover from your illness.

Furthermore, early critical illness protection can help by supporting your treatment at an earlier stage. This gives you more time to make lifestyle changes that can reduce its likelihood of worsening.

Prevention (and Protection) is Better Than Cure

The bulk of the most common critical illnesses can be discovered earlier if people have regular health screenings. At earlier stages, your odds of treatment and cure increase significantly.

Critical illness protection is only one aspect in ensuring that you and your family are covered. Maintaining a healthy lifestyle and getting tested regularly, especially if you have a family history of critical illness, is just as essential. Start a healthier lifestyle today by downloading the Pulse by Prudential app here.

Find out how you can protect those you love from the impacts of critical illness better with the different critical illness plans available, or contact a Prudential Financial Consultant for further advice.

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Make health your priority and download Pulse on iOS or Android. Terms and Conditions apply.

Disclaimer:

This article is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons. Please seek advice from a qualified Financial Consultant for a financial analysis before purchasing a policy suitable to meet your needs.