Singapore: Critical Illness Insurance Made Affordable

Critical Illness Insurance Plan in Singapore 

When medical emergencies strike, the medical costs involved can be crippling. Due to varying circumstances, people may choose to prioritise other aspects of lifestyle over getting insurance protection. To make it easier for people to enjoy their desired lifestyles and also insurance protection, DBS and Manulife Singapore co-developed an affordable insurance started plan aimed at young adults called ProtectFirst. It offers Big-5 critical illness insurance protection, accident protection or life protection. Critical Illness protection includes also early-stage cancer insurance protection.

Lack of Critical Illness Insurance Taken Up By Young Singaporeans

In reporting the launch of the plan, Singapore Business Review quoted a study by the Life Insurance Association that found that over 40% of Singaporeans and Singapore PRs (from 20 to 34 years old) do not have life or critical illness insurance protection. Given the potential high cost of critical illness treatments, this is a critical gap in financial planning.

ProtectFirst Plan with Lower Premiums for Protectoion Against Critical Illnesses and More

ProtectFirst is positioned as a more affordable insurance plan for such young Singaporeans with lower premiums. Customers have the flexibility to select a plan that focuses more on either of the three key benefits: big 5 critical illnesses (cancer, stroke, heart attack, liver failure, and major organ transplant, inclusive of early-stage critical illness), life protection and serious accidents coverage. Since statistics show that one in four Singaporeans can develop cancer over their lifetime, ProtectFirst can be an important first medical insurance or cancer insurance plan for Singaporeans on a tighter budget, or just have yet to start on acquiring such insurance coverage.

ProtectFirst is available for DBS/POSB customers between 18 and 45 years old, via the DBS digibank app or internet banking.