Tuesday, August 3, 2010

Critical Illness vs Terminal Illness

What is the difference between critical illness and terminal illness in Singapore (critical illness vs terminal illness)?

Critical illness also commonly known as major illness is not the same as terminal illness.

Terminal illness life insurance cover pays out only when a doctor diagnose the life assured as highly likely to die within twelve months. For some life insurance companies, the definition for terminal illness may be as strict as death within six months.

Critical illness life insurance cover is not as drastic, which is why it costs more than terminal illness insurance. As long as the life assured is diagnosed with a illness covered under the definitions of the critical illness benefit of the policy, the insurance benefit will be paid out to the policy owner.

Examples of Critical illnesses are major cancers, heart attack, stroke, coronary artery by-pass surgery and kidney failure. These five illnesses make up close to 95% of critical illness claims in Singapore.

Now that you know the difference, if you meet a financial consultant or insurance agent who offers you a plan that "covers illnesses", be sure to clarify whether the plan covers critical illness, terminal illness or both.

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