How Much Critical Illness Insurance Cover Do I Need?

Critical Illness Insurance Cover

If the policyholder gets diagnosed with a pre-listed serious condition such as cancer or kidney disease, a crucial illness, the HL assurance maid insurance plan pays a prime cost fee to the insurer. On the day of the treatment, the insurer gets the full amount assured.

But first, let’s define what serious illness insurance coverage is.

Stroke, heart disease, cardiac failure, liver failure, respiratory failure, and other critical diseases are covered by critical condition insurance. If you are afflicted with some serious illnesses (described throughout the plan) and during the policy’s term, the insurance provider will reimburse you the amount promised. However, as in health insurance policies, you don’t need to include ambulance costs, medical costs, or any documentation to receive the amount promised.

Many policies have a 30-day survival period, which means that if the policyholder lives 1 month after getting diagnosed with the disease, the amount insured is compensated to him or her.

Now that you’ve learned what serious illness insurance is, it’s time to figure out how much compensation you require.

The expense evaluator process is a highly scientific way of determining compensation for life policy and serious disease insurance. We’ll note some crucial factors and the chances of getting proper insurance coverage.

In Singapore, the probability of receiving critical illness insurance is perfect just the way.

According to statistics, around 90% of serious stage CI compensation claims fall into several classifications: heart attack of a certain magnitude, severe cancer, strokes including permanent neurological impairment, final stage kidney failure, and coronary bypass operation.

As per the National Registry of Disorders Office (NRDO), medical insurance estimates in Singapore indicate that more people are becoming ill but surviving2, due to developments in medical science and shorter treatment times:

Cancer: Although one in every four to five Singaporeans can have the chances of developing cancer throughout their lifespan, most will survive it, contributing at least five to ten years of their life expectancy. This is attributed to advancements in medical research, increased public awareness, and early cancer detection.

Heart attack: While the number of serious heart attack cases rose from 6,800 in 2010 to 11,900 in 2018, the number of deaths decreased from 1,020 to 850 over the same time span. Increased costs of revascularization surgery and pharmacotherapy care are likely to be responsible for the improved survival rates.

Stroke: While the strokes rose between 5,780 throughout 2009 to 8,340 throughout 2018, the 30-day fatality rate fell by 8.4% in 2009 towards 6.4 percent in 2018. It’s possible that the change was related to a quicker start to stroke care.

What to purchase serious illness insurance: The illusion of youth invulnerability is debunked. 

If you feel your longevity would protect you from CI, think twice. Even though you’re young doesn’t mean you won’t get a call from CI. 

So, according to the NRDO critical illness statistics study, younger people are developing CIs such as cancer & stroke:

Cancer: Since 1993, the number of children and adolescents (15-34 years old) diagnosed with breast cancer has increased significantly. Till 2003, cancer diagnoses have risen among people aged 35 to 64.

Stroke: During 2009, there has been a substantial rise in stroke between 15-29 year adults, 40-49 year adults, and 50-59-year-olds.

The number of cancer cases: Among 15-34-year-olds as well as 35-29-year – olds is increasing. 

Since 2009, there has been a significant rise in heart problems among the aged 30-69. 

Critical Illness Statistics: Huge rise in heart problems among people aged 30-69. 

Strokes: These are on the rise between 15-17-years, 40-49-year-olds, as well as 50-59-year-olds, according to Critical Illness Stats 3. 

With the possibility of overcoming a major illness, that’s a good reason to begin your medical insurance coverage early so that you can concentrate on recovering if the worst happens. You won’t have to think about future exclusion if you plan when you’re in good health.

Benefits of Critical Illness Insurance: It helps you to concentrate on your treatment. 

It’s not just mentally and physically draining to cope with a CI. This can be economically taxing as well. The compensation from critical illness benefits makes you share care of your expenses so you can concentrate on getting better.

Cost of Critical Illness Insurance: Critical illness insurance is not as costly or complex as you might assume. 

If you’re putting off getting CI insurance because of the expense, you might be shocked. CI policy doesn’t seem costly or difficult, whether it’s a single policy or even a term policy with such a CI rider.

Calculate how much money you’ll need for expenses:

You can measure and include all of the costs you will pay throughout the years you will be unable to function due to sickness or accident. Subtract your annual bills for housing, lodging, medicine, home care, mortgage payments, groceries, & so on from that particular amount of income you may receive from other sources, such as your partner or family or the insurance package, and add by the period of time you expect to be unable to function due to the disease.

Such considerations:

When deciding the level of serious illness insurance, you’ll need, bear in mind a few other considerations that might influence your decision. Other family members who work, if costs are likely to rise in the immediate term due to the contingency, whether health or family expenditures are likely to increase for inflation, and so on.

Critical diseases, such as cancer, will cost very high to treat. It is suggested that you weigh all considerations, such as rising treatment rates, inflation, a family’s lifestyle, and so on, before deciding on medical insurance.


Since some future expectations have been taken into account, the formula we used to measure serious illness insurance coverage is not entirely foolproof. It does, though, give you a general understanding that you can do it.

However, essential insurance coverage is almost as vital as getting a health & critical illness insurance plan, regardless of the amount (as you assume).