Is It Worth Buying Critical Illness Insurance?

If you had the power of predicting the future, there would not be any uncertainty. Thus to secure the uncertainty, you would not have to take any measure. But unfortunately, it is not the case. You will have to take every possible step to secure your future. To prepare yourself for the worst and all the possible critical illness, you need to take cancer and critical illness insurance policy.

To calculate correctly if critical illness insurance is worth buying, you need to have the estimation of all the possible risk of future. Expenses required for the diagnosis of critical illness and the treatment cost of the same should also be taken into consideration.

Risk of diagnosis

In 2018, approx 1.8 million of the Singaporeans has been diagnosed with cancer and one-third of them were not able to treat themselves. Cardiac arrest and heart attack are also increasing day by day; about 735000 cases are occurring each year. At the same time, stroke cases are increasing to approximately 800,000 annually.

Survival rate

You may have gotten scared knowing the rate of risk arising every year. But the good news is this the survival rate is also increasing day by day. The rate of cancer survivors in Singapore is around 15.5 million in the year 2016. The National Cancer Institute experts are expecting that by 2026 this rate will increase to 20.3 million. If you are diagnosed with cancer, this does not mean you will die, but the treatment can cost you a fortune. So it best to back it up with insurance.

Financial pressure for critical illness

Forty per cent of Singaporean in suffering from medical debt because of the treatment expenses of critical illness people have to incur. The average budget that most of the people of Singapore have is 15,800 dollars which is just a fraction of the total expense required for cancer treatment. You have to bear this cost for several years as cancer treatment can stretch for a couple of years.

After you pay for the treatment, you have left with very less amount that you can use for everyday cost. Apart from the treatment cost, there are other expenses like lodging cost, transportation cost, loss of work, etc. This condition is the story of the cancer disease. Similar is the case for other types of acute disease. The insurance is needed for covering all this expense to lessen the financial pressure on the individual.

The reason why should you buy a critical illness insurance plan

There are many reasons why you should buy a critical illness insurance plan. Some of them has been mentioned for you.

  • High treatment cost: The approx cost of treatment of the illness as per the research is as follows-
  • Cancer: 13,586 dollars
  • Liver transplant: 24,452 dollars
  • Cardiac arrest: 4,754 dollars
  • Lung disease: 27,169 dollars

These are just the tentative cost and is enough to make you bankrupt until you fully recover. If you have a policy that can help you in a financial storm and can secure your and your loved one’s life, then you should consider. Then you will not feel burdened from the unaffordable medical expense and unexpected doctor’s visit.

  • Cover regular health plan: The standard healthcare plans that do not cover critical illness rider do not reimburse the full amount. The actual expense that you pay in the hospital is not insured entirely, and there is also a limit up to which they pay which gets exhausted in the initial stage only. If a standard healthcare plan just secures you, it is nothing in comparison to critical insurance.
  • You can choose a specific disease: You can choose the disease for which you want to insure yourself. If you have a family history of liver problem, you can get critical illness insurance for liver failure. You can shield yourself against the potential cost that you see you may incur in the future.
  • A vast number of the disease can be insured: From critical illness insurance, you can get coverage for a wide variety of diseases. The support you get from critical illness rider is not just limited to the financial support you are also given emotional support. You can get insured against 34 diseases. Some of the major diseases are mentioned for you:
  • Kidney Failure
  • Cardiac arrest or stroke
  • Cancer
  • Paralysis
  • Aorta Graft Surgery
  • Major organ transplantation
  • Benign Brain Disease
  • Liver Disease
  • Alzheimer’s disease
  • Multiple Sclerosis Aorta Graft Surgery
  • Flexible in the modification of the coverage: It is impossible to predict the future, so you often feel pressurized thinking about the future. But cancer and critical illness insurance can reduce your worries by insuring you and allowing you to change the coverage amount. You according to your condition in life can increase and decrease the plan amount.

You can modify the plan after your wedding, the birth of your child, marriage of your children or after any other important event. You can also modify it depending on your health chart. You can include or exclude some of the diseases covered in your insurance policy. The premium is to be paid on the changes you have made after modification.

  • Getting tax benefits: You can also receive an income tax benefit when you have a critical insurance policy. The premium you pay for the policy is deductible during the computation of annual tax. Also, the claim amount you receive are free of tax under section 80D of the Income Tax Act, 1961.


Even if you have an ordinary health insurance policy, it would be beneficial if you take critical illness insurance policy. It also saves you from the nightmare of the future and the life-threatening diseases that it can bring. So after knowing all the reason behind purchasing the policy and the situation it can save you from, it is apparent that it is worth buying. The plan gives relaxation to all the fronts- emotional, mental, and financial.

It gives you strength and support at the time when you have been diagnosed with acute disease. There is also another insurance policy that can provide you with relief in terms of maid related expense, i.e. maid insurance policy. So make sure to look out how to buy maid insurance.