In recent years, Singapore has seen a considerable spike in the number of patients being diagnosed with cancer and cancer-related deaths. The disease also features as one of the top causes of death in Singapore. It is only natural to be concerned about the well-being of yourself and your loved ones. Having a good insurance plan will put you at ease. But which insurance plan is the ideal one? A Whole life or term life insurance in Singapore?
What are some of the important types of insurance in Singapore?
- Health insurance
- Life insurance
- Critical illness insurance
- Disability insurance
- Personal accident insurance
Life insurance in Singapore
Having life insurance has many benefits, especially in the event of illness, total and permanent disability (TPD), or death. The payout provided can help with your family’s financial needs for a certain period of time.
There are a number of life insurance in Singapore but the 2 basic types are:
- Term life insurance
- Whole life insurance
Term life insurance in Singapore
Term life insurance in Singapore only provides coverage for a certain period of time, but it won’t burn a hole in your pocket! A lump sum payout is assured in the event of death, but if no claims are made, there will be no payout. Most term life insurance plans in Singapore provide coverage for death, but there may be a few exceptions. If the policy is forfeited at any given point of time, you will not receive a cash value as there is no savings aspect attached to this insurance. All term life insurance in Singapore usually has a fixed date of expiry.
Whole life insurance in Singapore
This insurance provides you with life-long coverage, but it can be extremely costly. It also has a death benefit and other added financial benefits and/or bonuses (this depends on the type of plan obtained). In addition to the death benefits given to beneficiaries, whole life insurers will receive a cash value even if they surrender the policy.
Life insurance policies and cancer
Generally, most life insurance policies in Singapore do cover cancer-related deaths. As cancer falls under the category of death by natural causes, the beneficiaries will usually receive a payout. Typically, natural causes of death are covered by both whole life insurance and term life insurance in Singapore.
The type of plan you purchase may affect the approval of the insurance claim for your family. Therefore, reading the fine print thoroughly and understanding which plan is the most suitable is essential. A brand-new insurance policy may also have issues with claim approval.
Withholding any information or misrepresenting yourself on an insurance policy application can rob your family of the opportunity to receive the death benefit. Transparency is key!
Purchasing a life insurance policy after being diagnosed with cancer might get your application disqualified or rejected. Even if you do qualify, you may find the payment schemes to be considerably higher than normal.
If a cancer patient is undergoing a remission, it would be a little difficult to get term life insurance or whole life insurance. But don’t lose hope, as some insurance companies do accept such cases. However, the premiums would probably cost higher than the norm.
So, does life insurance pay if you die of cancer? In short, yes! But certain conditions may apply.
Find the ideal life insurance plan
Finding the best insurance plan for you might feel like a complex process. But what if you had access to all the necessary resources and guidance via a one-stop portal? Then don’t fret because Insurance Empire is just the right place for you. Popular insurance policies from a number of different companies can be obtained from them.
You can easily compare many term life insurance in Singapore as well as other policies. There are many schemes and case studies available on the website for your perusal. If needed, you can always get a free
free quote from them as well!