Critical illness policies provide a lump sum payout in the event you are diagnosed with a disease covered under the plan. However, buying a large coverage or early-stage critical illness plan can be quite costly for some.
One way around this is to get targeted coverage for cancer, which is the leading principal cause of death in Singapore and may also be hereditary. A standalone cancer plan, such as the AIA MultiStage Cancer Cover, can enhance your cancer coverage at an affordable insurance premium.
As its name suggests, AIA MultiStage Cancer Cover provides you with a 100% lump sum payout regardless of early, intermediate or major stage cancer diagnosed.
While you and your family’s lives will be severely disrupted, this payout can cushion the financial impact on your family. It can also provide peace of mind for you to focus entirely on your treatment and recovery rather than having to worry about additional financial stress.
Another good thing about the AIA MultiStage Cancer Cover is that your premiums will not increase over time. This gives you more visibility of the cost of your insurance premium in the long run. Premiums for a non-smoker 35-year-old male who wants $100,000 coverage is $30 a month. A non-smoker 35-year-old female with the same coverage needs will pay $56 a month. Again, these premiums do not increase over the entire policy term.
You can choose from three coverage amounts - $100,000, $150,000 $250,000 – for a 20-year term, during your crucial income earning years.