HI Critical Illness and Long-Term Care Insurance

Question 1

What is the typical payout structure of a critical illness (CI) insurance policy in Singapore?

Accepted Answer

A lump sum payment upon diagnosis of a covered condition

Answer

Reimbursement of actual medical bills incurred

Answer

Monthly income replacement for the duration of treatment

Answer

Direct payment to the hospital for all treatment costs

Question 2

Under the Life Insurance Association (LIA) Singapore's standard critical illness framework, how many severe-stage critical illnesses are covered?

Accepted Answer

37

Answer

30

Answer

43

Answer

55

Question 3

Which of the following conditions is NOT covered under the LIA Singapore standard critical illness framework?

Accepted Answer

Severe Influenza with Respiratory Failure

Answer

Major Cancer

Answer

Heart Attack of Specified Severity

Answer

Stroke with Permanent Neurological Deficit

Question 4

What is the purpose of 'early-stage critical illness' coverage available from many Singapore insurers?

Accepted Answer

To pay a benefit when a covered condition is detected at an early or intermediate stage

Answer

To cover pre-existing conditions diagnosed before the policy start date

Answer

To provide emergency cash for acute illnesses requiring any hospitalisation

Answer

To extend coverage exclusively to cancers caught in Stage 1

Question 5

What does the 'waiting period' in a Singapore critical illness policy mean for a new policyholder?

Accepted Answer

The initial period after policy inception during which no CI benefits are payable

Answer

The time between buying the policy and when the first premium is due

Answer

The processing time for a CI claim after documents are submitted

Answer

The number of days the insured must be hospitalised before a CI claim is accepted

Question 6

What is the 'survival period' condition found in most Singapore critical illness policies?

Accepted Answer

The required number of days the insured must survive after CI diagnosis before a claim is paid

Answer

The minimum remaining life expectancy required to be eligible to purchase a CI policy

Answer

The period during which a rejected CI claim can be appealed to the insurer

Answer

The duration of the waiting period at the start of the policy

Question 7

Under Singapore insurance practice, disability income insurance is primarily designed to:

Accepted Answer

Replace a portion of the insured's income when they are unable to work due to disability

Answer

Reimburse hospital bills when the insured is admitted for more than 7 days

Answer

Pay a lump sum upon diagnosis of any of the 37 LIA-standard critical illnesses

Answer

Cover the cost of long-term nursing home care for the severely disabled