The Life Insurance Association (LIA) of Singapore, which promotes financial literacy and sets industry standards, published a Protection Gap Study in 2023^[2] and found these to be the reasons:

• The complexity and wide variety of CI policies make it confusing for consumers.
• Many people deprioritise CI insurance, thinking they won't be affected.
• High premium costs.
• Standalone CI policies typically do not offer cash value upon surrender or maturity.
• It is difficult to assess what adequate coverage is due to the wide range of critical illnesses.

The average critical illness coverage needed for an economically productive adult in Singapore is around S$316,603, but the average existing coverage is only S$59,776, a substantial shortfall​​ of S$264,586.

Recovering from a critical illness goes beyond immediate medical expenses: ongoing household expenses, debt repayments, and other daily costs. LIA's study estimates that it takes about five years to recover financially without insurance coverage. The sheer sum of these expenses can be emotionally distressing and lead to long-term financial instability for patients and their families.

Early Protect360 Plus effectively addresses these issues While there is no one-size-fits-all solution, as everyone's needs are unique, Early Protect360 Plus^[3] is an affordable, inclusive solution designed to cover as many key areas as possible. Here are reasons why you should consider Early Protect360 Plus for your CI needs:

Comprehensive early and advanced-stage coverage Early Protect360 Plus offers comprehensive coverage for both early and advanced stages of critical illnesses and checks the essential boxes for severe conditions, including coverage for life-threatening conditions like:

• all major cancers
• advanced stage heart attacks
• strokes with lasting effects
• end-stage kidney failure, and
• coronary artery bypass surgery

• early thyroid or prostate cancers
• heart valve surgery
• brain aneurysm surgery, and
• keyhole coronary bypass surgery

For example, based on the Ministry of Health (MOH) fee benchmarks, early-stage colon cancer treatments can cost approximately S$14,000, while late-stage interventions can cost up to S$48,000. These are ballpark figures, of course, but they show how much more expensive late-stage treatments are. Moreover, the chances of effective and quicker recovery are significantly higher at the early stage.

The bottom line is that comprehensive coverage for early and late-stage conditions at an affordable premium is a win-win.

High-benefit payouts and unique ICU coverage One of Early Protect360 Plus's standout features is its high-benefit payouts. The policy offers up to $300,000 coverage, with a 100% benefit payout for covered critical illnesses. Additionally, it provides an extra 20% payout for intensive care unit (ICU) stays, up to $25,000. This payout does not reduce the CI benefit limit and is unique to Early Protect360 Plus.

This thoughtful provision ensures that policyholders have additional financial support during extended hospital stays while retaining the full benefit limit for critical illness treatments.

Ease of enrollment and renewal By simplifying qualifications, Early Protect360 Plus ensures more people can access critical illness coverage. This policy removes a barrier for those put off by the expense and time needed for mandatory medical examinations. All you need is to answer three simple health declaration questions.

Unlike many competitors, the policy is also renewable up to age 99, providing many seniors with long-term protection now that life expectancy and retirement age have risen significantly.

Affordable premiums and flexible payments to fit your budgeting Early Protect360 Plus offers flexible payment options and attractive limited-period discounts to encourage Singaporeans to bolster their insurance coverage. Policyholders have options for monthly, annual, or lump sum payments, allowing them to manage their finances according to their preferences and financial situation.

The ongoing launch discounts are also an added incentive, with a 20% discount on the base premium. Policyholders can enjoy additional discounts, with another 5% discount if they pay annually or a further 10% off with a lump sum payment. Even if you sign up after the launch offer expires, you are still eligible for a 10% discount on the base premium.

Broad eligibility to get more people covered Early Protect360 Plus has broad eligibility criteria and is available to Singapore Citizens, Permanent Residents, and holders of various valid passes (employment pass, work permit, dependent pass, long-term visit pass). So long as you are between the ages of 18 and 65 upon application, the policy is renewable up to age 99, ensuring that many individuals benefit from its comprehensive coverage.

Sign up for Early Protect360 Plus In the face of rising healthcare costs^[4] and the financial challenges posed by critical illnesses, Early Protect360 Plus is a handy shield against unforeseen circumstances with a robust safety net. Its comprehensive coverage, high benefit payouts, ease of enrollment, flexibility, and broad eligibility make it a compelling choice for anyone seeking easily accessible, thorough protection.

Whether you are a young professional, a breadwinner with dependents, or someone with a family history of critical illnesses, consider Early Protect360 Plus to secure your health and financial well-being today. Visit the Early Protect360 page for more information^[5], or sign up here^[6].

Hashtag: #HLAssurance

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)
2. ^{^} Protection Gap Study in 2023 (www.lia.org.sg)
3. ^{^} Early Protect360 Plus (www.hlas.com.sg)
4. ^{^} In the face of rising healthcare costs (www.wtwco.com)
5. ^{^} Early Protect360 page for more information (www.hlas.com.sg)
6. ^{^} here (app.hlas.com.sg)