Great Eastern has launched two new critical illness (CI) plans in the GREAT Critical Cover Series that specifically focus on critical illness protection. GREAT Critical Cover: Top 3 CIs and GREAT Critical Cover: Complete provide 100% payout across early, intermediate and critical stages during the policy term.
In a survey conducted by Great Eastern, medical or hospital bills, loss of income, and financial and emotional impact on the family emerged as top areas of concern among critical illness survivors. 50% of the respondents who have experienced a CI, believe that CIs could recur. During the recovery duration, nearly 40% had no income for at least 12 months. Close to 50% expressed concerns about the costs of managing their illnesses and the impact on their family’s finances. For the 49% who did not consider buying CI plans, price was cited as a key barrier.
In another survey, almost 50% of those who do not own a CI plan worry about rising medical expenses and the threat of critical illnesses.
Medical advancement has improved life expectancy among Singaporeans by 8.7 years to 84.8 years, one of the longest in the world. Our healthy life expectancy, or health span, increased by only 7.2 years to 74.2 years. According to National University Health System Centre for Healthy Longevity, Singaporeans are spending around 10 years of their twilight years in poor health and the increasing gap between life expectancy and health-adjusted life expectancy would burden society with healthcare and caregiving costs.
GREAT Critical Cover
| GREAT Critical Cover: Complete + Protect Me Again rider | GREAT Critical Cover: Top 3 CIs + Protect Me Again rider | |
|---|---|---|
| Critical Illness Benefit | 53 CIs inclusive of cancer, heart attack and stroke | Top 3 CIs – cancer, heart attack and stroke |
| No. of CI conditions | 121 CI conditions | 9 CI conditions |
| Recurrent CIs | Up to 2 additional payouts for a subsequent CI diagnosis which is different from previously diagnosed CI or any of these 6 recurrent CIs: cancer, heart attack, stroke, open chest valve surgery, coronary artery bypass surgery or major organ/bone marrow transplantation. | Up to 2 additional payouts for subsequent CI diagnosis which is different from the previously diagnosed CI or recurring cancer, recurring heart attack or recurring stroke |
| Additional Benefit | Additional 10% of the sum assured for angioplasty and other invasive treatment for coronary artery (capped at S$25,000Â per life assured) | NIL |
| Compassionate Benefit | Lump sum payout of S$25,000Â upon death of the life assured. | Lump sum payout of S$25,000Â upon death of the life assured. |
| Policy Term | Up to 65 years old or 85. | Up to 85 years old. |
| Premium Structure | Premiums do not increase with age | Premiums will increase gradually every year. |
Critical Illness plans are not to be confused with a hospitalisation plan. The latter covers medical and hospital bills. Critical Illness plans cover additional and ongoing living expenses which becomes useful should one be unable to work to recuperate from the illness.
From now till 31 December 2022, Great Eastern is offering a 30% off first-year premium and 10% perpetual premium discount from the second policy year onwards if you purchase any of the two new CI plans.
GREAT Critical Cover Top 3 CIs
This critical illness plan covers Singapore’s top three critical illnesses – Cancer, Heart Attack and Stroke. Receive 100% lump sum payout when diagnosed for early, intermediate or critical stage. Ad on the Protect Me Again rider and receive a second or third lump sum payout if your critical illness condition recurs or you get another Top 3 critical illness. Coverage 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.
GREAT Critical Cover: Complete
This plan covers up to 53 critical illnesses. Receive 100% lump sum payout upon diagnosis at early, intermediate or critical stage. You can also boost your coverage with the Protect Me Again rider where you enjoy financial certainty against a new or recurring critical illness diagnosis with a 100% payout for another two more critical illness episodes, up to a total of three critical illness claims .
Great Eastern Leads Fundraising for Singapore Cancer Society
Great Eastern has also kicked off a #ReachforGreat fundraising drive to support Singapore Cancer Society’s ‘Return to Role’ cancer rehabilitation programme that helps needy cancer survivors take charge of their lives in their rehabilitation journey towards resuming their roles in life and get back into the workforce.
The Cancer Rehabilitation Centre set up by SCS offers personalised cancer-specific rehabilitation programmes from pre-rehabilitation to sub-acute and community programmes. The centre also provides rehabilitative exercises, management of cancer-related fatigue, lymphedema, joint pain, diet, speech concerns and counselling.
Great Eastern staff and financial representatives will lead the fundraising drive.
The insurer will match a dollar-for-dollar corporate contribution and donate up to S$50,000 in addition to the funds raised to this cause. If you are interested in contributing, visit https://www.giving.sg/campaigns/SCS_Return_to_Role_Programme. This fundraising initiative runs utill 31 December 2022.
