Did you know? Singaporeans spend 8 years of life in ill health – and they aren’t prepared for it.

Nasreen Majid

When you’re young and free, you wake up every morning feeling invincible and ready to take on anything that life throws at you. But as you get older, especially with precious, loved ones in your care, there’s so much more to think about. Because you see, things can turn on a dime—it comes with no warning and for some, it lingers.

The day the first unmistakable sign that something is wrong appears begins just like any other. And it changes your life forever.

In the 2017 National Day Rally, Prime Minister Lee Hsien Loong cited Global Burden Disease Study 2015, saying that the average Singaporean spends 8 out of 82 years in ill health. Furthermore, based on the Life Insurance Association’s (LIA) Protection Gap Study conducted by Ernst & Young, Singaporeans are not prepared for 80% of the cost.

The average employed person here has about S$60,000  worth of illness coverage, but requires about five times this amount to ensure their families are well taken care of.

 

The Concerns of Mums

And as mums, protecting your family is undoubtedly of paramount importance to you. Chances are you’ve already sorted out your life insurance, health insurance and pension plans individually. But have you ever thought about the potential gaps there might be? Do you have all the bases covered when it comes to protecting you and your family?

How much thought have you given to critical illness coverage?

 

What is Critical Illness?

Critical illness refers to a specified serious injury, illness or medical episode. However, unlike terminal illnesses that are expected to lead to death within the year, critical illness looks towards a long, arduous, and costly road ahead.

Some diseases that fall under this category include chronic diseases, cardiovascular diseases, benign and borderline malignant tumours, cancer, liver failure, lung disease, stroke and diabetes.

Though  critical illnesses may be considered common, many still do not consider getting coverage for them. Some common reasons for this coverage gap could be attributed to “a lack of understanding of such protection, people thinking they are unlikely to develop a critical illness—giving it a lower priority, as well as the perceived cost of getting such insurance.”

In addition, early detection of critical illness greatly increases the chances of recovery. The advancement of medical technology and general awareness of regular health screening has made it easier to detect critical illness at an early stage.

While illness is never good news, the silver lining in the cloud is that in contrast to critical illness coverage in the 1990s, which only covered the severe stage of the illness, plans in recent years cover these illnesses from much earlier stages. 

 

The True Cost of Critical Illness

Imagine the price tag of battling a critical illness for 8 precious years of your life? Apart from just the financial cost, such an illness would take a huge toll on you, and one can only imagine the physical and emotional cost of it and the cost on your family.

While 86% of the mums that we asked are aware of critical illness insurance, only 58% of them claim to be fully covered against it!

In the AIA Power Critical Cover Study 2019, 1 in 5 respondents were unsure if their life insurance plans even have critical illness covered and 8 in 10 surveyed were under the wrong impression that Critical Illness plans cover against all tumours. The dismal truth is that even amongst critical illness survivors, 4 in 5 continue to face a lifetime of chronic illnesses even after a full recovery! As such, the importance of coverage cannot be understated.

 

Protect Yourself Today

So mums, if you haven’t already gotten yourself and your family the necessary critical illness coverage, don’t sit on it, for there’s no predicting what will happen tomorrow, especially if your family has a history of critical illness.

The AIA Power Critical Cover plan starts coverage for babies as young as two weeks old to senior citizens at age 65. This plan even includes coverage for special conditions that may be child-prone such as Dengue Haemorrhagic Fever, Kawasaki Disease with Heart Complications, Attention deficit Hyperactivity Disorder (ADHD)and Autism Spectrum Disorder (ASD). 

The plan protects you extensively without disrupting your coverage from as early as the detection of chronic conditions, such as Congenital Septal Defect and the diagnosis of Type 2 Diabetes (first-in-market to cover) as well as 150 multi-stage critical illnesses. Even in the face of relapses and different critical illnesses, you’re still covered. If you’re concerned about ‘losing out’ on the premiums you have paid if you are fortunate enough to never make a critical illness claim, fret not for this is the only standalone plan with guaranteed cash value.

To find out more about the plan, visit the AIA Power Critical Cover page and leave your contact details for an AIA Financial Services Consultant to further explain the coverage in detail.

Remember, mums, in the face of adversity, the last thing you need is the additional worry of finances. Get that burden off your shoulders and focus on what matters most. Leave nothing to chance by giving yourself and your loved ones total assurance today.

 

 

This insurance plan is underwritten by AIA Singapore Private Limited (Reg. No. 201106386R) (“AIA”). All insurance applications are subject to AIA’s underwriting and acceptance.

This publication is not a contract of insurance.  The precise terms and conditions of this plan, including exclusions whereby the benefits under your policy may not be paid out, are specified in the policy contract. You are advised to read the policy contract.

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should consider carefully before terminating the policy or switching to a new one as there may be disadvantages in doing so.  The new policy may cost more or have fewer benefits at the same cost.

Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs.

Protected up to specified limits by SDIC

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The information in this publication is correct as at 6 November 2019.

The post Did you know? Singaporeans spend 8 years of life in ill health – and they aren’t prepared for it. appeared first on theAsianparent - Your Guide to Pregnancy, Baby & Raising Kids.