Critical illness coverage can be more complex than life insurance coverage. For life insurance plans, a payout to your beneficiaries is triggered when you pass on or are left in a situation of total permanent disability (TPD).
For critical illness coverage, different insurers may offer varying levels of coverage, based on number of critical illnesses, types of critical illnesses and/or stages of critical illnesses covered – whether early, intermediate or major stage critical illness. Another factor that may prevent people from trying to learn more about critical illness insurance is the medical jargon that are commonly used to describe coverage levels.
Rather than avoid the topic, you should spend more time and effort trying to learn more about critical illness plans and which provides the most suitable coverage for your needs.
One way to determine if a critical illness insurance plan is comprehensive is to look into the LIA’s critical illness framework detailing a standard list of 37 major stage critical illnesses and its definitions. You can also refer the Ministry of Health (MOH) data for principal causes of death in Singapore.
AIA strives to go beyond a base level of coverage. Our latest critical illness plan, AIA Power Critical Cover, offers comprehensive coverage for 175 conditions. This includes 10 Pre-Early Benefit, 150 multi-stage critical illnesses and 15 special conditions.
AIA Power Critical Cover also provides a Power Reset Benefit, which fully restores your coverage amount once 12 months have passed from your last claim allowing you to make multiple claims of up to 500% of your coverage amount. There’s also a Power Relapse Benefit, which provides up to 200% coverage amount if you suffer from any of the five leading critical illnesses once 24 months have passed from the last claim of the same critical illness (any stage).
You can read about this in greater detail in our AIA Power Critical Cover brochure.