Critical illness is not something that anyone is expecting. Neither does one want to have a situation where they are left to handle the condition. But when fate has other plans, we as mere humans cannot defy it. One thing we can do is to make it easy to deal with them.
Not every situation can be handled with just mental and moral support. Sometimes, we need to have stable financial support to get through such critical illnesses as well. in singapore critical illness insurance is provided for this very reason.
How Does This Insurance Policy Work?
Depending on the policy you have chosen, the benefits you receive will be different. But, like any other insurance, a critical illness policy is also expected to pay a lump sum amount when you are diagnosed with a critical illness as listed in their insurance details.
The amount you received is the premium you pay for securing the insurance. This amount may be given to you with a few added interest amounts. This money is usually given as a single payment to you, but sometimes they are given in multi-pay mode as well.
Is Receiving The Entire Sum At A Go The Only Way To Reimburse The Entire Amount?
As mentioned above, you can also opt for multi-pay mode. In this mode, the amount assured is divided into fractions. Each fraction of the large amount is then given when each of the conditions is satisfied until you receive the last fraction of the sum.
Also, you can have multiple claims over the same insurance amount. This is the case when you have a recurring illness. Not only for recurring, but you can also get the sum assured when the cured illness relapses.
Is This Insurance Different From Health Insurance?
Though they do cover the cost of hospitalization due to an illness, they are very different from one another. If you have an illness, you may as well be qualified to receive a payout from both the policies, but the method of claiming will be different.
In Singapore, critical illness insurance may be claimed by just receiving a lumpsum amount of money from the insurance company. This money is assured to you as soon as you are diagnosed with an illness listed within the policy. But health insurance is only availed when you are hospitalized.