Don't Need A Full Critical Illness Plan? Here's Your Alternative

Traditional early critical illness (ECI) insurance

Generally used for income replacement in the event of a critical illness, early critical illness coverage can be purchased as a standalone plan or as an add-on rider. While basic critical illness only covers for the 37 critical illnesses defined by LIA (Life Insurance Association Singapore), early critical illness plans covers for up to 129 medical conditions. This includes coverage of early, intermediate and advanced stages for specified medical conditions. Providing a lump sum pay-out in the event of a critical illness claim, this allows the insured to use the lump sum pay-out for their daily expenses or long term treatment costs.

While it may be possible to get ECI coverage even with pre-existing medical conditions, we recommend not waiting until you have a medical condition to get ECI plans. This is because you may be subjected to underwriting and/or loading if you have existing medical conditions. Your insurer may also require you to undergo additional medical checkups before they decide whether or not to insure you.

(See "The Basics Of Critical Illness Insurance")

If you have pre-existing medical conditions or find traditional early critical illness insurance too expensive, here are several alternatives to traditional early critical illness insurance.

#1 Cancer insurance

Commonly used to address a temporary protection gap, term plans require lower upfront premiums and are seen as the affordable option for life insurance. A non-participating plan, term plans do not accumulate cash values.

With a simplified application process, cancer plans can be purchased directly online and do not require a medical check-up. This means that you may receive coverage even if you have existing non-cancer related medical conditions. Alternatively, those who want early critical illness coverage but find the premiums of early critical illness plans too high may also consider cancer plans.

With statistics showing a 1 in 4 chance of being diagnosed with cancer in our lifetime, having cancer insurance can prepare us for any unexpected situations.¹

Tell me more about cancer insurance

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(See "Best Cancer Insurance Singapore")

#2 Heart Attack and Stroke

While cancer may be the top critical illness in Singapore, did you know that Singaporeans are also at risk of cardiovascular diseases and stroke?² The leading cause of adult disability, more than half of stroke survivors age 65 and above faced a reduction in mobility after a stroke.³ With 26 new stroke cases on a daily basis⁴, stroke is the third most claimed for critical illness.⁵ Additionally, ischaemic heart diseases (including heart attack) are the second most claimed for critical illness in Singapore with this accounting for 34.7 per cent of critical illness claims.⁶

As two of the top three most claimed for critical illnesses in Singapore, getting a stroke or heart attack insurance is another alternative to traditional early critical illness insurance.

Covering for a single condition each, these plans provide a full pay-out upon the diagnosis of a heart attack or stroke. With no medical check-up required, heart attack or stroke insurance can be purchased directly online.

Coverage for heart attack or stroke can be purchased here:

Get Heart Attack Quote >       Get Stroke Quote >

(See "Diabetes and Glaucoma - Will Your Insurance Cover This?")

#3 Your alternative to a traditional early critical illness plan

While traditional early critical illness (ECI) insurance offers comprehensive coverage with up to 129 medical conditions covered, premiums for these plans tend to be higher. If you are uncomfortable with paying the higher premiums associated with traditional ECI insurance, you may wish to consider FWD’s Big 3 critical illness insurance instead.

Offering a full pay-out upon the diagnosis of cancer, heart attack and stroke, big 3 critical illness insurance covers for the top three critical illnesses in Singapore. While big 3 may not cover for as many medical conditions as traditional ECI insurance, coverage offered by big 3 critical illness makes up 90 per cent of the critical illness insurance claims in Singapore. Additionally, individuals may choose to purchase and claim directly online.

Unlike traditional ECI plans that may require a medical underwriting, big 3 critical illness only requires individuals to answer one health declaration before they make their purchase. With the low premiums offered, we feel that big 3 critical illness is a good alternative to traditional ECI plans for individuals who are looking to get covered at a lower cost.

Exclusive: Enjoy 25% off your FWD Big 3 Critical Illness Insurance when you use promo code "IFAST".

Get Big 3 Quote >

(See "Best Critical Illness Insurance Singapore 2020")

^{*Premiums shown are before discounts for the base plan with changes subjected to the insurer's discretion. Policies may have a fixed death benefit with this benefit differing between policies. Information accurate as of 6 December 2021.}

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Critical illness coverage on a budget for age 40 and above

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^{1Source: https://www.singaporecancersociety.org.sg/learn-about-cancer/cancer-basics/common-types-of-cancer-in-singapore.html}

^{2Source: https://www.genre.com/knowledge/publications/ri15-4-droste-xiang-en.html}

^{3Source: https://www.cdc.gov/stroke/facts.htm}

^{4Source: https://www.singhealth.com.sg/patient-care/patient-education/stroke}

^{5Source: https://www.genre.com/knowledge/publications/ri15-4-droste-xiang-en.html}

^{6Source: https://www.genre.com/knowledge/publications/ri15-4-droste-xiang-en.html}