HI Critical Illness and Long-Term Care Insurance 1

Question 1

What is the typical payout structure of a critical illness (CI) insurance policy in Singapore?

Accepted Answer

A lump sum payment upon diagnosis of a covered condition

Answer

Critical illness insurance in Singapore pays a lump sum upon diagnosis of a covered condition, giving the policyholder flexibility to use the funds for medical bills, lost income, or any other needs.

Question 2

Under the Life Insurance Association (LIA) Singapore's standard critical illness framework, how many severe-stage critical illnesses are covered?

Accepted Answer

37

Answer

The LIA Singapore's standardised CI framework covers 37 severe-stage critical illnesses, ensuring consistent definitions across all insurers operating in Singapore.

Question 3

Which of the following conditions is NOT covered under the LIA Singapore standard critical illness framework?

Accepted Answer

Severe Influenza with Respiratory Failure

Answer

Influenza, even with complications, is not classified as a critical illness; the standard framework covers severe, life-threatening conditions such as major cancer, heart attack, and stroke.

Question 4

What is the purpose of 'early-stage critical illness' coverage available from many Singapore insurers?

Accepted Answer

To pay a benefit when a covered condition is detected at an early or intermediate stage

Answer

Early-stage CI coverage triggers a benefit payment when a covered condition is detected at an early or intermediate stage, before it reaches the severe stage required by a standard CI policy.

Question 5

What does the 'waiting period' in a Singapore critical illness policy mean for a new policyholder?

Accepted Answer

The initial period after policy inception during which no CI benefits are payable

Answer

The waiting period (typically 90 days) is an initial period after policy inception during which CI benefits cannot be claimed, designed to prevent adverse selection.

HI Health Insurance Practice Test

HI Health Insurance Practice Test

HI Critical Illness and Long-Term Care Insurance 1