4 Myths On Critical Illness Insurance That You Need To Stop Believing Today

 

We all are aware of the importance of health insurance. Even if you don’t already have your own Integrated Shield Plan, MediShield Life helps in the heavy lifting of hospitalisation costs during an illness. However, not many are aware of the uniqueness of another form of medical coverage known as critical illness insurance[FHG1] . In fact, a study by LIA Singapore revealed that working adults in the country face a critical illness coverage gap of S$256,826. That is no small figure by any means.

Critical illness insurance pays you a lump sum if you are diagnosed with any of the dread diseases covered in the plan. This payout can be used as you deem fit – you can use it to pay for gaps in your existing coverage or even to run your household while you receive treatment.

A diagnosis with critical illness often leaves a person unable to work as they receive life-saving medical treatment. In such a situation, the payout they get from critical illness insurance can truly help keep food on the tab. So, why is there such an alarming gap in critical illness coverage in the country? Perhaps, there are some myths standing in the way of you getting the coverage you need. Let’s look at 4 of these myths and unveil the truth behind them.




Myth 1 – MediShield Life will offer enough coverage if I am diagnosed with a critical illness

Truth – MediShield Life has a lot of limitations to the coverage it offers. For instance, kidney dialysis is limited to S$1000 per month . Any expenses in excess of this will need to come from your own pocket. The lump sum you get from critical illness insurance will ensure you can afford your treatment no matter how expensive it gets.

Myth 2 – I only need critical illness insurance after a certain age

Truth – Critical illnesses like cancer can strike at any age. It is a misconception that such illnesses affect you only in adulthood. Moreover, critical illness insurance premiums can increase as you grow older. So, it makes sense to secure yourself right away.

Myth 3 – Critical illness insurance claims are a hassle

Truth – Leading insurers in the country offer a smooth and hassle-free claims process for critical illness insurance. They understand that being affected with a dread disease can be emotionally difficult; as such, they make the claims settlement easy for you. Your claim usually won’t get rejected unless it falls outside the purview of your insurance policy coverage or, you made an error while filling up the claim form. [FHG8] 

Myth 4 – I don’t have a history of critical illness in my family, so I don’t require critical illness insurance

Truth – Critical illnesses can affect almost anyone. For instance, a person who has a habit of smoking might fall prey to lung cancer even if they have no family history of the disease. Or, you may develop heart disease if you work in a highly stressful job. It helps to know that you have the backing of critical illness insuranceshould you fall ill.

With these myths out of the way, do look into getting critical illness insurance for yourself and your loved ones. Speak to a financial consultant today for help in selecting a plan. Good luck. 



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