CRITICAL ILLNESS INSURANCE: A QUICK GUIDE
Critical illness (CI) cover and its complex medical definitions can be confusing, never mind that the conditions and their exact nature are clearly listed in the policy. But then, how many people really understand the meaning of “carcinoma in situ” or “non-invasive cancer”? Most people simply take it that as long as they have bought CI insurance, they will receive cash if stricken with cancer. That wrong assumption can, obviously, cause unnecessary distress. Read on to better understand the role of CI policies in healthcare-insurance planning. FINDINGS: AIA HEALTH MATTERS SURVEY In March this year, the AIA Health Matters survey, pulling together responses from 508 Singaporeans, aged between 40 and 70 years, uncovered alarming findings: 35% 1 in 3 believes they will need to downgrade their standard of living should they be afflicted with a critical illness in the future. 30% 1 in 3 does not have CI cover. Of those who do, almost half bought it more than 10 years ago. B