Category Archives: Critical Illness

Payout from life insurers drops to S$6.79b despite rise in claims

Source: TODAY Online, 7 Feb 2015

Source: TODAY Online, 7 Feb 2015

The life insurance industry paid out to policyholders and beneficiaries has fell to S$6.79 billion in 2014 which is attributed to a drop in the paid out amount for matured policies. The rise in pay out for death, critical illness or disability claims however rose by 13% from 2013. On the whole, weighted new business remained the same as per last year while annual premium sales fell to 1.928 billion compared to 2013. The Life Insurance Association Singapore (LIA) said that the re-pricing exercise of Integrated Shield Plans (IPs) has seen a rise in premiums. In 2013, single premium sales increased to S$860.8 million and in 2014, the amount of new health insurance premiums fell by 42% to S$266 million from 2013. IPs and IP riders account for 92% of new health insurance premiums. LIA said that one in two individuals in Singapore has health cover, with premiums amounting to S$1.6 billion as of December in 2014. With the establishment of MediShield Life in end-2015, LIA would continue to collaborate with the Government and IP insurers to raise better public awareness and education on health insurance and on how MediShield Life and IP work.

What do all these figures mean to you? By looking at the increased in pay outs for death, critical illness or disability claims and the increase in new health insurance premiums, this shows that these areas are a concern of the people here. How about yourself? Are you covered too and is your coverage sufficient?

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Prostate Cancer: Third-most-common cancer among men in S’pore

Source: TODAY  16 Feb 2015

Source: TODAY 16 Feb 2015

Prostate cancer is the third most common type of cancer diagnosed in Singaporean men after colorectal and lung cancer. The cancer forms in tissues of the prostate, which is a gland in the male reproductive system below the bladder which surrounds part of the urethra. Prostate cancer generally affects men who are above 50 and is mostly diagnosed in men above 70. The degree of seriousness of this disease is determined by the state of health, degree of the disease and response to the therapy.

Do you always go for full body annual medical check up? What happens if you are diagnosed with prostate cancer? Do you have a critical illness plan in place should you are diagnosed with cancer? What will happen do your daily expenses should you can’t work for a period of time during treatment?

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