What is a Critical Illness Insurance?

Critical Illness (CI) Insurance provides you with the financial protection if you are diagnosed with a major illness, and ensures that you and your family’s needs continue to be met during your recovery period. Benefits are paid only if the illness meets the definition stated in the policy. Some policies have a waiting period for specific illnesses and no benefits will be paid if the illness is diagnosed during the waiting period. Different policies may cover different stages of CI diagnosed. The Life Insurance Association Singapore (LIA) has standard definitions for 37 severe-stage critical illnesses.