SINGAPORE: In a recent Reddit thread, user sunshinegirl909 raised a common concern that many individuals grapple with when reviewing insurance policies: Is critical illness insurance (CI) ever worth the hefty premiums? As the user pointed out, “Reviewing my insurance policies and just wondering if anyone has ever found CI worth it as the premiums are extremely high and I’m assuming if you’re that sick at some point you would require hospitalization which can then cover prior and post hospitalization treatments?”
One response was from Redditor a_nonny_mooze, who shared a personal experience: “My partner had a massive heart attack in his 30s. Survived, but it was serious enough that the CI paid out. All his policies are now paid for until they expire or until he does, plus the payout from the policy itself when he was incapacitated. He’s in his 50s now, so I’d say for him was extremely worth it.”
CrowdGoesWildWoooo offered a contrasting viewpoint: “Insurance is never ‘worth it’ until you actually got sick.”
Another Redditor, nf0rc3r, highlighted the intangible benefits of CI: “For peace of mind that u can rest for couple of years without worrying about work. It’s the type of stuff that you never realize u need it till u need it. Not talking about illnesses that can recover quick but those that need to go thru months of treatment and rest Even if u have savings. Burning through them is as painful as going into debt. Imagine work so hard. Fall sick. Den still need to work when u r not 100%.”
One Redditor noted, “Don’t save on insurances because once you’re out, you can’t get in again if you have a pre-existing illness.” This echoes a common concern that CI, specifically, becomes prohibitively expensive or unattainable if one develops a critical illness without prior coverage. The unpredictability of life, coupled with the potential financial burden of critical illnesses, reinforces the importance of considering insurance as a long-term investment.
Such_Yogurtcloset405 weighed in on the discussion, expressing a positive stance on CI: “I bought it. I feel like its the most valuable one because it has value, unlike the standard health insurance plans. And Ive seen a couple friends get heart attacks and other stuff and get paidout. So yeah. I think its ok. Just abit of defensive investment.”
According to MoneySmart Financial, “A critical illness insurance policy is specially designed to offer a lump sum payout in the event that you get diagnosed with a serious illness. While each critical illness insurance policy maintains a set number of covered illnesses and each list varies from insurer to insurer, heart attack, stroke and late-stage cancer are almost always included on the list.”
Getting covered by critical illness insurance is safer when you don’t know when you’ll be ill. It’s smarter to avoid financial burdens when critical illness comes knocking without notice.
As Singaporeans grapple with whether critical illness insurance is worth the premiums, consulting reputable sources and understanding the coverage offered by different insurers can play a crucial role in making an informed decision about this type of insurance. For more information on critical illness plans, check out the Life Insurance Association Singapore (LIA)’s list. /TISG