Life Insurance Association Singapore (LIA) has just made two changes to the Critical Illnesses (CIs) benefits offered under new individual and group insurance policies. These changes take immediate effect.
Firstly, the definitions to the “severe stage” of the current 37 CIs are updated. This is to reflect the advances in clinical practices, medical science and technology.
Secondly, LIA now allows more than 30 CIs to be covered in a critical illness plan. Currently, only 30 out of the 37 CIs are selected by each insurer to be included in a life insurance plan.
Additional critical illnesses outside the 37 standard CIs will be set and defined by individual insurer. Insurer is also allowed to offer single-illness CI plan such as cancer.
The current definition of the 37 CIs will not be sold from 1 Feb 2014.