The Life Insurance Association of Singapore has announced that the new definitions of 21 of the 37 critical illnesses with standardised definition across the insurance industries will be updated with effect from 26 August 2020. The last change was made in 2014. This regular review of critical illness definition is conducted every 3 years.
LIA feels that this is necessary to bring the definition up to date and align with advanced made in medical technology and medical practice and also to address areas of ambiguity based on insights gained over the past 5 years of claim experience.
One of the change is “Deafness (Loss of Hearing)” has been amended to “Deafness (Irreversible Loss of Hearing)”, with the term “irreversible” defined to recognise the possibility of future medical treatments that can restore hearing to some level as medical advances are made. Similarly for “Loss of Speech”, it has been updated the definition to “Total and irreversible loss of ability to speak” from ” Total and irrecoverable loss of ability to speak” Another example is “Coma”. It is updated to exclude “medically induced coma” for clarity.
So if you want to be covered under the existing definitions of the 37 critical illnesses, take action now and make sure that the policy is issued by 25 November 2020.
More information can be found at https://www.lia.org.sg/industry-guidelines/health-insurance/2019/lia-critical-illness-ci-framework-2019/