5. Is it possible to get critical illness more than once?
Unfortunately, it’s definitely possible.
Contrary to popular belief, getting a CI early on in life doesn’t guarantee it won’t happen again down the road. You may think that being diagnosed with a CI is already very unlikely, but did you know that it is possible to be diagnosed with different CIs at different life stages as well?
According to the American Heart Association, research has shown that after having a first stroke, the risk of having a major heart incident (heart attack, heart failure or cardiovascular death) a month later was 25 times higher in women and 23 times higher in men.
Even after a year on, they still had twice the risk of a major cardiac event compared to their peers who did not have a stroke previously. This shows the high possibility of another CI diagnosis after the first episode.
Assuming you spend an average of a few thousand dollars per month for cancer treatment and other related costs, imagine if you need to sustain another cycle when you’re diagnosed with another illness? You may have sufficient savings now, but one episode of CI could potentially wipe out your entire savings.
With this in mind, you can consider the coverage of the GREAT Critical Cover Series depending on your needs and affordability. For example, if you purchase GREAT Critical Cover: Top 3 CIs plan and add on with the Protect Me Again rider, you will be eligible for a 100% lump sum payout for up to three CI episodes including recurring and subsequent episodes of cancer, heart attack or stroke.
Peace of mind with GREAT Critical Cover Series
Want to safeguard your financial security? GREAT Critical Cover Series offers two plans suited to your preference of choice and budget: GREAT Critical Cover: Top 3 CIs and GREAT Critical Cover: Complete.
GREAT Critical Cover: Top 3 CIs
GREAT Critical Cover: Top 3 CIs protects you against the top three most common CI — for early, intermediate or critical stages of cancer, heart attack or stroke. Once you are diagnosed with any of the three CIs, you will receive a 100% payout of the sum assured³. This is an affordable option to increase your existing coverage against the most common of Critical illnesses.
To protect against recurring CI episodes, there is also the Protect Me Again rider that you can purchase on top of your base plan that covers you for another two more episodes (up to three episodes), for any of these three CIs.
This means the rider provides a second or third lump sum payout of the sum assured⁴ upon a recurring or new diagnosis of cancer, heart attack or stroke. After the third CI claim, your policy will automatically terminate.
This gives you the peace of mind that you will have access to continued critical illness coverage even after your first CI claim to safeguard your emergency funds so they remain untouched.
On top of this, there is also a compassionate benefit of S$25,000 for all causes of death in the event of death.
Premiums are extremely affordable as well, and start as low as S$0.80 per day1. This includes the Protect Me Again rider which allows you to enjoy continuous coverage for the second or third CI claim made for the diagnosis of the top 3 CIs.
GREAT Critical Cover: Complete
If you are looking for a plan with comprehensive coverage, you can consider the GREAT Critical Cover: Complete. It covers up to 53 different CIs of early, intermediate or critical stages and pays a 100% lump sum if you are diagnosed with any of the listed CI conditions.
Similar to the Top 3 CIs plan you can also add on the Protect Me Again rider that can be purchased on top of your base plan that covers you for another two more episodes (up to three episodes). This means that you will be able to receive a second or third lump sum payout of the sum assured2 upon new CI or subsequent diagnosis of cancer, heart attack, stroke, subsequent open-chest heart valve surgery, subsequent coronary artery bypass surgery or subsequent major organ and bone marrow transplant surgery. After the third CI claim, your policy will automatically terminate.
Though premiums for this plan are more expensive, they are still highly affordable if you’re looking for a more comprehensive cover. If you’re planning on complementing your plan with the rider, premiums payable for both the basic plan and rider start from S$1.70 per day⁵.
Note that GREAT Critical Cover: Complete and its rider offer premiums that will remain the same as you age. So you may be better off purchasing it at a younger age so you can secure lower premiums for life.
Choose the right CI coverage you need. Protect against Top 3 CIs – Cancer, Heart Attack and Stroke, or complete your coverage against 53 CIs. Sign up and enjoy 10% perpetual discount off your premiums. T&Cs apply.
¹Annual premiums of S$278.30 for the first year after the 30% first-year discount, is based on a male, 30 years old (age next birthday). The daily rate is based on a 30-year-old, non-smoker with the annual premium of GREAT Critical Cover: Top 3 CIs and Protect Me Again rider for a sum assured of S$100,000, divided by 365 days and rounded off to the nearest 1 decimal place. The annual premium will increase based on the attained age of the life assured, as at each policy anniversary.
²Please refer to the Product Summary for more details on the benefit terms and conditions.
³Please refer to the Product Summary for more details on the benefit term and conditions.
⁴Coverage restores to 100% after 12 months from the date of diagnosis for the most recently diagnosed critical illness, for a subsequent claim of a different critical illness. Coverage restores to 100% after 24 months from the date of diagnosis of the immediately preceding applicable critical illness for recurrent critical illness. Please refer to the Product Summary for more details on the benefit term and conditions.
⁵Annual premiums of S$606.90 for the first year after the 30% first-year discount, is based on a male, 30 years old (age next birthday). The daily rate is based on a 30-year old, non-smoker with the annual premium of GREAT Critical Cover: Complete and Protect Me Again rider for a sum assured of S$100,000 and policy term of up to age 65, divided by 365 days and rounded off to the nearest 1 decimal place. The annual premium remains level throughout the premium term.
The information presented is for general information only and does not have regard to the specific investment objectives, financial situation or particular needs of any particular person.
Age stipulated refers to age next birthday (ANB).
As this product has no savings or investment feature, there is no cash value if the policy ends or is terminated prematurely.
You may wish to seek advice from a financial adviser before making a commitment to purchase this product. If you choose not to seek advice from a financial adviser, you should consider whether this product is suitable for you.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of these insurance plans are specified in the policy contract.
Protected up to specified limits by SDIC.
Information is correct as of 17 October 2022.
Disclosure: This article is written in collaboration with Great Eastern.
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