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Critical Illness Insurance

$100.00

The critical illness insurance is designed to provide for a lump sum payment when a person is diagnosed with any of the critical conditions in his policy. To provide more clarity to the policy cover, Life Insurance Association of Singapore (LIA) has significantly defined Critical illness on its members’ policies to provide a wider coverage and clarity to the consumers.

However, it is important to understand that despite that insurers follows the guidelines of LIA, many insurers further the coverage of their policies so as to distinct themselves from their peers.


37 Critical Conditions Covered

  • Heart attack with a specific severity
  • Stroke
  • Kidney failure
  • Major cancers
  • Coronary artery bypass surgery
  • End-stage lung disease
  • Aplastic anaemia
  • End-stage liver failure
  • Deafness (loss of hearing)
  • Coma
  • Heart valve surgery
  • Major burns
  • Loss of speech
  • Multiple sclerosis
  • Major organ/bone marrow transplantation
  • Muscular dystrophy
  • Surgery to aorta
  • Parkinson’s disease
  • Fulminant hepatitis
  • Alzheimer’s disease/severe dementia
  • Primary pulmonary hypertension
  • Motor neurone disease
  • Benign brain tumour
  • HIV due to blood transfusion and occupationally acquired HIV
  • Bacterial meningitis
  • Viral encephalitis
  • Blindness (loss of sight)
  • Angioplasty & other invasive treatment for coronary artery
  • Paralysis (loss of use of limbs)
  • Major head trauma
  • Progressive scleroderma
  • Apallic syndrome
  • Terminal illness
  • Other serious coronary artery disease
  • Systemic lupus erythematosus with lupus nephritis
  • Loss of independent existence
  • Poliomyelitis


Accelerated vs Additional Benefits
In a Group Employee Benefits Insurance, Critical Illness is usually a rider to a Term Life Insurance. This means that you will need to have a Term life Insurance, before you can have a Critical Illness Cover. There are 2 types of covers: Accelerated or Additional

With Accelerated Cover, the policy will pay out the sum insured when the insured is diagnosed with any of the 37 critical conditions. With the payout, the Term Life cover will be reduced by the amount paid under the Critical Illness Cover.

Example

Chris has a $500,000 Term Life Cover with $100,000 Accelerated Critical Illness Cover. Chris was diagnosed with a major cancer and has successfully claimed on the Accelerated Critical Illness Cover. With that, the Critical Illness cover under his Term Life policy will cease and he is only left with $400,000 Term Life Cover.

With Additional Cover, the payout for Critical Illness will not affect the Term Life Sum Insured. The Term Life Sum Insured will remains the same after the Critical Illness payout was made.

Example

Chris has a Term Life Insurance of $500,000 and a Critical Illness Cover of $100,000 on Additional basis. Chris was diagnosed of a major cancer and has successfully claimed $100,000 on his Critical Illness policy. Despite making the claim, the sum insured of his Term Life policy remains at $500,000 since the Critical Illness Payout is in addition to the Term Life policy.

It would sounds logical that the Additional Basis is better and why would anyone choose the Accelerated cover? One reason is that the premium for Accelerated is relatively lesser as compared to Additional Basis.


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Email : awg@awginsurance.com

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Product Description

The critical illness insurance is designed to provide for a lump sum payment when a person is diagnosed with any of the critical conditions in his policy. To provide more clarity to the policy cover, Life Insurance Association of Singapore (LIA) has significantly defined Critical illness on its members’ policies to provide a wider coverage and clarity to the consumers.

However, it is important to understand that despite that insurers follows the guidelines of LIA, many insurers further the coverage of their policies so as to distinct themselves from their peers.

AWG: Covid19 Announcement

Dear Valuable Clients and Partners, 

Following the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) on 3rd April 2020, we would like to announce the following changes to our work so as to continue our service to our customers. 

AWG Insurance Brokers is a key member of the financial service industry and we are exempted from the suspension. We will continue to provide services to our customers, but with the following measures and changes. 

Closure of Office to walk-in Customers. 
We will no longer allow walk-in submission of documents. The office will not be opened to the public and you will need to submit any Original Documents to our Letter Box placed at our office. If Original is not required, we will encourage sending via email. This is to reduce human contacts and reducing the risk of infection. 

Working from home
Our staff and management will be taking turns to work at home. We will have a reduced workforce during this period. Many insurance companies also have their staff working from home. You may still contact your servicer at the DID in their email. 

Premium Payment

We will not be able to receive cash payment from customer and all payment is to be made via Paynow with UEN No : 199002234G, QR Code (reflected on our debit note) and Cheques. Please indicate the policy/policies number that you pay and email to dorcaschoy@awginsurance.com for any funds transfer 

MAS has also announced recently on the availability of premium installment. We have not gotten any update from insurers as of today and will update you soonest once we have any information.  

Claims 
Claim function is probably the most important part of our existence. We continue to assist and advise you on any claims matter. For claims payment, we would advise that you opt for direct fund transfer to your designated account number if the option is available. 

We apologize if there is any inconvenience caused and wish you good health amidst this difficult time. 

Regards