Critical illness insurance is an essential component of financial planning, providing much-needed financial support in the event of a serious illness diagnosis. However, one common question that often arises is whether it’s possible to obtain critical illness coverage without undergoing medical checks. In Singapore, the answer to this question varies depending on several factors. This article will explore the nuances of obtaining critical illness coverage without medical checks and shed light on the options available.
Key Takeaways
– Why are medical checks required when purchasing critical illness insurance?
– When are medical checks NOT required?
Critical Illness Insurance in a Nutshell
Before delving into the specifics of obtaining critical illness coverage without medical checks in Singapore, let’s first understand what critical illness insurance entails. Critical illness insurance is a policy that pays out a lump sum upon the diagnosis of a critical illness covered by the policy. These illnesses typically include cancer, heart attack, stroke, and organ failures, among others. The funds received can be used to cover medical expenses, ongoing care, or any other financial obligations that may arise due to the illness.
Medical Checks in Critical Illness Insurance
Traditionally, critical illness insurance policies require applicants to undergo medical underwriting, which involves a comprehensive assessment of the applicant’s health. This process includes medical examinations, blood tests, and the disclosure of medical history. The purpose of these checks is to assess the applicant’s health status and determine the level of risk they pose to the insurance provider. Based on this assessment, the insurer sets the premium rates and determines whether to approve or decline the application.
Want To Get Critical Illness Coverage Without Medical Checks In Singapore? Yes, You Can.
Online insurance providers have revolutionised the way individuals can access insurance products, including critical illness insurance. One notable advantage of these online platforms is that they often offer critical illness insurance policies that do not require a medical check. This feature has made it more convenient and accessible for people to secure financial protection in case of a critical illness diagnosis.
Here are several key points to consider regarding the benefits of online insurance:
Simplified Underwriting
Online insurance providers typically offer simplified underwriting processes for certain insurance products, including critical illness coverage. Instead of undergoing extensive medical checks, applicants may need to answer a few health-related questions during the application process. This streamlined approach makes it easier for individuals to obtain coverage quickly.
Accessibility
Online insurance platforms are accessible 24/7, allowing individuals to research, compare, and purchase critical illness insurance policies at their convenience. This accessibility is especially beneficial for those with busy schedules who may not have the time to visit physical insurance offices or undergo medical examinations.
Quick Approval
Because online insurers use simplified underwriting, they can often provide quicker approval decisions. This means that you can receive coverage within a relatively short period, sometimes even on the same day you apply.
Flexibility
Online insurance providers typically offer a range of policy options, allowing applicants to choose coverage that suits their specific needs and budgets. This flexibility extends to the choice of whether or not to undergo a medical check, depending on the policy type selected.
Transparency
Online platforms often provide detailed information about the policies they offer, making it easier for consumers to compare coverage options, terms, and conditions. This transparency allows applicants to make informed decisions about the critical illness insurance policy that best suits their needs.
Digital Documentation
Online insurance providers typically deliver policy documents electronically, reducing paperwork and administrative hassles. This digital approach makes it easier for policyholders to manage their coverage online.
Ready to Buy Critical Illness Insurance?
Critical illness insurance is a vital component of your financial security net, especially in a world where health uncertainties are prevalent. In Singapore, you have multiple avenues to purchase critical illness insurance, ranging from insurance companies and agents to banks, online marketplaces, group insurance through employers, and government schemes.
When planning for critical illness insurance, it’s crucial to assess your specific needs, compare policies, and consult with professionals if necessary. By taking the time to choose the right coverage, you can ensure that you and your loved ones are protected in times of unexpected health crises. Don’t delay; secure your financial future and ensure you are covered adequately. Learn more about Tiq 3 Plus Critical Illness today.
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Information is accurate as at 27 November 2023. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K).
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 the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
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 or if the policy is terminated prematurely.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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.
