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CO-WRITTEN / PARTNER | Staff Reporter, Singapore

AIA Triple Critical Cover grants renewed confidence even after a critical illness

AIA Triple Critical Cover plan enables the life insured who have been diagnosed with critical illness to move forward with more assurance.

When you ask Singaporeans who have been diagnosed with critical illness (CI) to share their deepest fears, acquiring another CI will rank high in their nightmare list, according to AIA Health Matters Survey 2016. Advanced treatment and insurance coverage for CIs such as cancer might mean that Singaporeans can live through their first CI treatment, but it inflicts such a brutal blow to their finances that the prospect of a second or third CI becomes terrifying.

“The majority of patients are financially unprepared for cancer treatment and are shocked that modern chemotherapy and targetted therapy can cost so much. Besides the physical strain of undergoing treatments, patients also worry about the risk of being diagnosed with other CIs such as heart attack or stroke, and yet another extended period away from work which will worsen their financial situation,” says Dr. Wong Nan Soon, consultant medical oncologist at OncoCare Cancer Centre Singapore.

“There is a greater need to help these individuals so they are not only able to fight the illness but, just as importantly, look forward to living life without the worry of being in debt indefinitely,” he adds.

Better CI protection
This need for better CI protection led AIA Singapore to start offering AIA Triple Critical Cover, a plan with a Power Reset feature which fully restores the CI insured amount to 100% after 12 months have passed from the previous CI claim. AIA Triple Critical Cover addresses a palpable need for the life insured who developed CI to gain sufficient coverage for subsequent CIs.

2 out of 5 want to purchase another CI plan due to fear of lacking coverage when they suffer from another CI, but more than 9 out of 10 (94%) find it difficult to do so, according to the AIA Health Matters Survey 2016. Almost all respondents (97%) also expressed worry that they may be diagnosed with another CI, and, in fact, 3 out of 10 have been diagnosed with more than one CI, showing that their fear of lacking coverage is not unfounded.

First of its kind in Singapore
AIA Triple Critical Cover is a breakthrough for the industry since it is the first time such a coverage restoration feature is offered for all stages of CI, even for early stage CI, according to Ms. Ho Lee Yen, Chief Marketing Officer at AIA Singapore. “AIA Singapore will continue protecting Singaporeans even after they have made a critical illness claim* so that they can look to their future with confidence,” says Ms. Ho.

The AIA Health Matters Survey 2016 also revealed that 3 in 4 Singaporeans, upon developing critical illness, will stop working partially or fully. They do this to focus on recovery and bounce back stronger after CI treatment. But financial and health recovery from the first CI may be impeded by the spectre of another subsequent CI, which most plans prior to the AIA Triple Critical Cover will no longer cover.

Multiple claims and high coverage
Once under the AIA Triple Critical Cover plan, the life insured can make multiple claims* for 104 critical illness conditions across all stages (early, intermediate, and major) for up to 300% of insured amount, provided that it is for a different condition than previously claimed. The 300% of insured amount is AIA’s way of helping Singaporeans cope with the loss of income and other relevant costs associated with CI treatment and recovery, as well as to shield their families from heavy financial burden.

The AIA Health Matters Survey 2016 also showed that more than half (57%) of individuals who purchase CI plans do so to provide financial support for themselves and their families if they were to be diagnosed with CI.

Not giving up
However, on average, their insured amount is insufficient to protect themselves and their families, AIA found in the survey, because of the high total cost of a CI diagnosis, which includes medical bills and loss of income, amongst other expenses. “In Singapore today, the average insured amount from CI plans will cover us less than halfway through the treatment time required before the condition stabilises, an important gap that needs to be bridged,” says Ms. Ho. “AIA Triple Critical Cover is inspired by and supports resilient Singaporeans who celebrate life and simply don’t believe in giving up.”

Additionally, the AIA Triple Critical Cover life plan offers guaranteed cash value. The life insured may choose to hold the plan till maturity at age 100 or discontinue their plan after age 75 or on the 60th policy anniversary, whichever is earlier, to receive cash value even if they do make a CI claim**.”

Taking charge of your health to reduce the risk of critical illness
Life insured of AIA Triple Critical Cover may also opt to sign up for the AIA Vitality programme which supports Singaporeans on their health journey and also acts as a preventive measure to help reduce their risk of contracting some CIs. AIA Vitality is the science-backed wellness programme in Singapore, which provides the knowledge, tools, and motivation to encourage individuals to take small steps to achieve their personal health goals and get rewarded for their efforts.  

*Maximum claim limits apply and subsequent claims have to be for a different condition from the earlier claim(s).
** Cash value received after deducting any CI claim made from the policy.

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