Critical Illness in Singapore – The Reality
In recent times, most of our hospital and illness related conversations have pointed to Covid-19. But that’s not to say that other threats have abated. In fact, now that vaccinations have steered us to the path of victory in the battle against Covid-19, we need to re-focus our attention on one of the bigger threats – critical illness.
Cancer, heart attack, and stroke are amongst the most common critical illnesses affecting adult Singaporeans, and they are on the rise. In fact, 90% of all critical illness claims come from these 3 illnesses. (Gen Re’s “2012 Dread Disease Survey”)
1. Cancer
Did you know that cancer accounts for 28.4% of all deaths in Singapore? According to the National Cancer Centre Singapore, “Cancer cases have been rising over the years, and the number of people living with cancer will continue to increase”. During the period of 2014 – 2018 itself, 74,356 cancer cases were reported in Singapore. (https://www.nccs.com.sg/patient-care/cancer-types/cancer-statistics)
2. Heart Attack & Stroke
Cardiovascular disease is the leading cause of death globally. 85% of the deaths were due to heart attack and stroke. In Singapore, “19 people die from cardiovascular disease every day” and it accounted for “31.7% of all deaths in 2020”. (https://www.myheart.org.sg/my-heart/heart-disease-statistics/) Alarmingly, stroke is increasingly affecting younger Singaporeans. A study done by the National Council of Civic Service (NCSS) reported that around 1 in 10 stroke patients are under the age of 50! (www.healthxchange.sg/news/one-in-ten-stroke-patients-here-aged-under-50)
The Importance of Coverage
Treatment for these illnesses also comes with a hefty price tag, even with public healthcare subsidies. Late-stage cancer treatments in Singapore can easily cost $100,000 to $200,000 a year, or around $16,700 a month. (https://smartwealth.sg/cost-cancer-treatment-singapore/) As for heart disease-related illnesses, the average bill is between $2,944 at a public subsidised ward and $24,000 at a private unsubsidized ward. (https://www.valuechampion.sg/average-cost-cardiovascular-disease-treatment-singapore)
These numbers aren’t meant to scare you. They are just an indication of how real the threat is, and why it is important for us to protect our loved ones from financial burdens and additional anxiety in the unfortunate event that we fall ill.
Having the right coverage ensures that there is lifetime protection for your family during hard times, and helps to cover costs with payouts for treatment, loss of income, hospitalisation, or even death. Since the lion’s share of Critical Illness claims come from these illnesses, it may be a wiser option to get coverage at affordable rates than to be burdened financially, in addition to having an illness.
Here’s how we can help. Etiqa Insurance can help you to stay ahead of the curveballs that life may throw at you.
Tiq by Etiqa Insurance’s Critical Illness Coverage
It all sounds rather heavy, but that’s not to say that critical illness coverage has to be expensive or complicated. In addition to the regular insurance payouts, Tiq by Etiqa Insurance’s 3 Plus Critical Illness offers you very affordable coverage of $30,000 to $300,000 from just $0.24^ a day! Your existing hospital plans will reimburse your medical bills while you are in hospital while 3 Plus Critical Illness will offer you financial support in the event that if you suffer any of the 3 critical illnesses and you are unable to work, you can use the lump sum payout and focus on your recovery with peace.
3 Plus Critical Illness also provides you more protection with a Special Conditions Benefit to protect against Diabetic Complications or Severe Rheumatoid Arthritis (SRA). Furthermore, it includes a Complimentary Cover for Children to provide a death benefits of up to $20,000 per child for a maximum of four children.
We know how busy you are, especially as working parents, so the process of purchasing 3 Plus Critical Illness is a breeze. All you need is an online application with one health declaration and no medical checkup is required. It’s best to get your Critical Illness plan early as your chances of having health issues increase with age.
You can be rest assured that Etiqa Insurance is regulated by the Monetary Authority of Singapore and owned by Maybank. You’re in good hands! Etiqa Insurance is clear and honest, making both purchases and claims as easy as it can get for you.
Mums and dads, remember, the most important thing that you can do for your family and loved ones is to offer them protection for life’s unexpected turns. We never know when we will be faced with a challenge, so we always need to stay ahead. Visit Tiq by Etiqa’s website to find out more about 3 Plus Critical Illness and how you can do so today!
^Based on the sum insured of $30,000 for a 17-year old non-smoking male.
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K)
This advertisement is for general information only. Full details of the policy terms and conditions can be found in the policy contract. 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. 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.
Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as of 2022.