When you consider that 1 in 4 to 5 Singaporeans are likely to be diagnosed with a critical illness in their lifetime¹, safeguarding your financial well-being with a suitable critical illness plan has never been more important. But what happens when you’re already covered by one critical illness insurance policy? Is it ever a good idea to consider adding coverage from a different insurer? In this article, we explore scenarios when it might be sensible to double down on protection with additional critical illness coverage.

Key Takeaways

• Discover when additional coverage from a different insurer might make sense
• Is there any risk of not being able to claim from different insurers

Is doubling down on protection with a different insurer for me?

There are times when adding coverage with a different insurer may end up being an option to consider, but only you can decide if that makes sense for your protection needs. Here is a non-exhaustive list of possible scenarios.

You’re catering for life changes

Perhaps, you’re experiencing a major life event like marriage, parenthood, or retirement. These life changes can impact your insurance needs. You may consider purchasing additional critical illness coverage from a different insurer that can help you adjust your coverage to align with these life changes.

You’ve hit the maximum claim limit allowed by your insurer

You may have reached the maximum combined critical illness protection you can buy from your primary critical illness insurer, but would still like to add on coverage due to your needs.

You can benefit from competitive offers

Insurance providers often offer attractive terms and benefits for their critical illness plans. Instead of adding coverage to your existing plan, you can consider taking advantage of these offers or unique features from a different insurer that your current insurer may not provide.

You might want to cover specific conditions

Depending on what your first critical illness insurance policy purchase covers, you may want to complement it with another critical illness plan that comes with the option for riders or added benefits. Tiq 3 Plus Critical Illness, for instance, offers a Heart and Neurological rider that covers 24 early and intermediate stage heart and neurological disorders that affect the heart or brain function². It also includes coverage for special conditions like Diabetic Complications and Severe Rheumatoid Arthritis (SRA)³.

You’re focused on long-term security

The only constant in life is change, and your insurance needs can change over time. Purchasing additional coverage from a different insurer can offer you more flexibility to adapt your coverage as your life evolves. You may decide to choose a shorter period to be insured or opt for yearly renewable critical illness insurance options with a different provider. It could be a strategic way to ensure your long-term financial security remains intact.

Am I able to claim from multiple critical illness plans from different insurers?

You can claim from multiple critical illness insurance policies as long as your diagnosed condition is a condition covered by those insurance policies. Once you’ve met the criteria for the various policies, you’ll be able to make a claim.

Insurers may also have a maximum claim amount per customer. After shortlisting and reviewing critical illness plans in Singapore, you may want to take the time to check in with the insurance providers on their claim limits.

While having one critical illness insurance policy is a proactive step toward securing your health and finances, there are situations where adding coverage from a different insurer may be a sensible possibility. Whether you’re looking to add-on to your existing coverage, target specific health concerns, or benefit from competitive offerings, double-layering your protection can offer enhanced peace of mind. As you navigate this decision, consult with insurance professionals, check for quotes online and compare policy terms to choose the approach that best fits your unique circumstances.

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Information is correct as of 16 September 2023. This policy is underwritten by Etiqa Insurance Pte. Ltd (Company Reg. No. 201331905K). This content is for the reference only and is not a contract of insurance. Full details of the policy terms and conditions can be found in the policy contract. The information contained on this product advertisement is intended to be valid in Singapore only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Singapore. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. As this product has no savings or investment feature, there is no cash value if the policy ends off if the policy is terminated prematurely. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit us the Life Insurance Association (LIA) or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg). This advertisement has not been reviewed by the Monetary Authority of Singapore.

¹ National Registry of Diseases Office, Singapore Cancer Registry, Singapore Cancer (Data from 2013-2017)

² The definitions for early and intermediate stage heart or neurological disorders are found in the Tiq 3 Plus Critical Illness General Provisions.

³ Up to 20% of the sum insured capped at $25,000 per special condition. The payout from the special conditions benefit will not reduce the sum insured of the policy. Each special condition can only be claimed once under this Benefit regardless of number of times this policy is being renewed.

Tiq by Etiqa Insurance Pte. Ltd.

A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.

With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.

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