Great Eastern launches two critical illness cover

The new product aims to solve the concerns over the costs of managing CI.

Great Eastern is launching two critical illness (CI) covers in a bid to solve the growing concerns over the cost of managing the health cost and the financial impact it may leave.

In a survey conducted earlier this year, Great Eastern found out that close to one in two expressed concerns about the costs of managing their illnesses and the impact on their family’s finances. Over half who have experienced CI, believe they could experience a recurrence. This is worrisome for many Singaporeans as 40% had no income for at least 12 months during the entire recovery period.

Despite many protection products in the market, however, 49% cited that price was a key barrier for them to purchase insurance.

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To bridge this gap, Great Eastern created two CI protection plans, “GREAT Critical Cover: Top 3 CIs” and “GREAT Critical Cover: Complete”.

Under the “GREAT Critical Cover: Top 3 CIs”,  policyholders can receive 100% of the lump sum payout for three major CIs, mainly cancer, heart attack or stroke regardless of early, intermediate or critical stage diagnosis. Adding the Protect Me again rider to the cover will also enable policyholders to get a second or third lump sum payout if the illness recurs or they get another of the top three CIs.

“GREAT Critical Cover: Complete”, meanwhile, can protect policyholders up to 53 types of CIs.

“When a critical illness strikes, there are other additional and ongoing living expenses to be managed and compounded by the potential loss of income, this may add stress to the family’s finances and an adjustment in the lifestyle. It is also difficult for one to get another insurance plan after a diagnosis of a critical illness. A CI plan that gives the option of multiple coverage, would be a good complement to provide that added financial support and peace of mind,” Colin Chan, Managing Director of Group Marketing at Great Eastern said.