Benefits of Having an Early Critical Illness Plan
1. ECI provides a lump sum payout that complements hospitalization insurance
Medical treatment costs do not only start to weigh in at advanced stages of illnesses. There are numerous treatments administered in the initial stages of the disease, and Singapore has been ranking high on medical inflation. Hospitalization insurance plans come with exclusions that limit what’s claimable, such as medical aids, transportation, non-traditional medical treatments (TCM), cost of caregiving, etc. These are the necessary costs incurred in the recovery process. This is how you can complement existing hospitalization insurance with ECI plans for holistic coverage.
2. ECI extends coverage beyond the Life Insurance Association (LIA) list for the severe stage of 37 common critical illnesses
To meet the criteria for a traditional CI policy payout, the diagnosed illness needs to meet the standard definition of 37 chronic sicknesses. The ECI plan bridges this gap, covering other forms of diagnoses beyond the defined list.
Access to funds in the early stage of critical illness, with the ECI policy, can mean more resources towards earlier medical intervention and better treatment outcomes. For illnesses such as Alzheimer’s Disease, where a complete cure is unlikely, being able to treat and slow down the effects of the illness early can be significant to both the patient and caregivers.
3. ECI payout can solve non-medical related financial problems
The sum assured for the diagnosis of a covered Early Critical Illness can become a provision for many things, including non-medical related ones. I once made an Early Critical Illness claim for a client in 2015 who decided to set aside the money for his child’s education. It may not relate directly to his treatment, but the peace of mind that comes with knowing that he has provided for this commitment improves his emotional state in his path to recovery.