You’ve decided that now’s the time to get critical illness insurance, but you’re confused and unsure about how you can compare critical illness coverage now. Here is a critical illness insurance guide to help you understand how you can make a decision on choosing a critical illness plan that meets your needs.
Key Takeaways
- Important factors when comparing critical illness insurance
- Benefits of purchasing your critical illness insurance online
What are important factors to compare in critical illness insurance?
Coverage and Conditions
Start by reviewing the list of critical illnesses covered by the plan. Overwhelmed by the number of conditions covered? Look out for illnesses that you’re most concerned about. You can consider if there are any conditions like stroke, cancer or heart attack that are prevalent in your family’s medical history.
Benefits and Payouts
Many online insurers now offer you the flexibility to decide on how much payout you’d like to receive in the event you’re diagnosed with a covered critical illness. Tiq 3 Plus Critical Illness, for example, allows you to get an online quote quickly for coverage between $30,000 and $300,000.
While you may already have great hospital coverage, you could consider how this sum of money will be able to cover other costs. Your financial needs may be different depending on whether you’re a sole breadwinner of your family with kids or if you’re one half of a DINK couple (dual income no kids). Would this additional payout be able to cover your daily living expenses and caregiving expenses for your family?
Read about the hidden costs of critical illness and personal stories on what surviving and recovering from a critical illness can mean for your family.
Policy Terms
Review the policy terms, including the coverage period and renewal options. Does the policy have a limited coverage period or renewable terms? It’s better to be aware about the limitations of each critical illness insurance policy.
Premiums
Does the premium fit your budget while offering you the critical illness coverage you need? Compare the premium cost across different insurance providers. Ensure that the premium amount fits within your budget and remains manageable over time. You can refer to premium tables that show you the cost of your policy over your desired policy term. For Tiq 3 Plus Critical Illness, you can download the premium table after getting your quote.
Medical Underwriting
When getting a quote and applying for a critical illness plan from an insurer, you may need to get a medical check-up done, disclose your medical history and conditions or make a declaration about your health. It’s best to be honest! When you make a claim, the insurer may investigate your medical records and they can deny your claim or even cancel your policy if they discover any discrepancies.
When you get a quote for Tiq 3 Plus Critical Illness, you don’t have to worry about going for a medical check-up if you pass the medical questionnaire. You’ll only have to pass these three medical questions and you’ll qualify to purchase Tiq 3 Plus Critical Illness without any hassle. The 3 qualifying questions are:
- Have you ever had, or been told that you have, or are you currently undergoing medical testing or investigation for diabetes, high blood pressure, cardiovascular disease, cerebral vascular disease, disorders of the nervous system, urogenital disorder, rheumatoid arthritis, AIDS or infection with HIV, cancer, carcinoma in situ, pre-malignant changes, tumour, lump or polyp? (For tumour, lump or polyp which have been removed without recurrence and confirmed as benign, please select ‘No’)
- In the past 2 years, have you had abnormal results or results outside the normal range in a pap smear, mammogram, breast ultrasound, prostate examination or tumour marker blood test?
- In the past 3 months, have you experienced unexplained weight loss of 5kg or more, blood in urine, persistent coughing, bleeding from the bowels or in stools, diarrhea or constipation for 30 days or more?
Exclusions
What are the limitations and exclusions of your shortlisted critical illness insurance policy? Some policies might not cover certain pre-existing conditions or high risk activities. If you’re currently on medication for specific illnesses, you may want to check on whether you they are considered a pre-existing condition that is excluded from being covered.
Policy Riders
Some policies offer optional riders, such as early critical illness coverage or disability coverage. This will increase the premium of your critical illness insurance. You may want to consider if these riders and the additional coverage is in line with your needs. Tiq 3 Plus Critical Illness offers a Heart and Neurological Disorder Rider1 that you can opt for, which covers additional early and intermediate stage heart and neurological conditions, to expand your critical illness coverage beyond stroke, heart attack and all stages of cancer.
Waiting Period
Critical illness insurance policies may have a waiting period after purchase before you can claim for specific covered conditions. Make sure you’ve checked on the waiting period for the critical illnesses you are concerned about.
Claims Process
Research into the claims process and requirements. A smooth and straight forward claim process can be crucial during a challenging time. Tiq by Etiqa Insurance is a digital insurer with a seamless online claims process. Claims and supporting documents can be submitted online via the Tiq by Etiqa App or customer portal.
Insurer Provider’s Financial Strength
Choosing a reputable insurance provider with a strong financial standing is important. If you’re considering Tiq 3 Plus Critical Illness, just know that you’re in good hands. Tiq is the online channel for Etiqa Insurance, which is backed by 2 giants, Maybank (Southeast Asia’s fourth largest bank) and Ageas, rated ‘A’ (Strong) by credit rating agency, Fitch. Etiqa is a licensed life and general insurance company registered in the Republic of Singapore and has been providing insurance solutions since 1961.
Is there any benefit to purchasing my critical illness coverage online?
You may be wondering what are some benefits of purchasing your critical illness coverage online and if you’d be better off doing it online yourself.
No Medical Checks Needed
You may need to get a medical check done before you can get a quote from an agent for critical illness. Your family history may also be considered.
| Did you know? With online critical illness insurance product, Tiq 3 Plus Critical Illness, you don’t have to undergo any medical checks and your family history is not considered when generating your quote. |
Convenience
Purchasing online may allow you to research, compare, and buy policies all from the comfort of your own home, without the need to schedule meetings and follow-up meetings with an agent.
Cost Savings
Buying a critical illness insurance online may eliminate agent commissions and this might result in a lower premium. You should still do your research and request for quotes to compare if this is true for your case.
Speed
When you purchase your critical illness insurance online, you may find that you’re able to do so faster than through an agent since you won’t need to wait for an agent to process your paperwork or schedule appointments.
No Pressure
Worried about hard-selling or bias that an agent might exert to sell you a specific policy? Purchasing your policy online may mean avoiding that.
Don’t purchase your critical illness insurance impulsively
While there are many benefits to purchasing your critical illness insurance online, remember that purchasing any insurance is a long-term commitment. You shouldn’t rush into buying your critical illness plan and may want to take the time to research, ask more questions, understand the promotions available, and choose a plan that provides the right balance of coverage and affordability for your situation and needs. We hope this guide helps shed some light on how you can make a decision towards finding the right critical illness insurance plan for you.
Ready to find out how much your desired critical illness coverage costs with Tiq? Get your quote for Tiq 3 Plus Critical Illness online in just a few minutes. Tiq 3 Plus Critical Illness also has a 14 day free-look period. You can also speak to someone via our Customer Care hotline +65 6887 8777 or through live chat on our website or Tiq by Etiqa App.
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Information is correct as of 05 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 The definitions for early and intermediate stage heart or neurological disorders are found in the Tiq 3 Plus Critical Illness General Provisions.
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.
Discover the full range of Tiq online insurance plans here.
