Investigation of the critical illness gap in Singapore.

• Main Authors: Seng, Wilson Yi Liang., Taruna Ishuwar Dass., Ng, Vanessa Siew Ying.
• Other Authors: Yee Wah Chin
• Format: Final Year Project
• Language: English
• Published: 2009
• Subjects: DRNTU::Business::Finance::Actuarial science
• Online Access: http://hdl.handle.net/10356/18928
• Institution: Nanyang Technological University

Critical illness has been a pressing issue around the world for a long time. The number of people contracting critical illnesses has been increasing rapidly and medical costs incurred by critical illnesses can be substantial. However, many are oblivious to the actual costs when it comes to financing critical illness. Critical illness insurance (CII) has been available in Singapore since 1988 (Chong 2002). In general, such a policy covers a list of 37 illnesses by 12 life and 9 general insurers in Singapore (Life Insurance Association 2003). CII policy is an extremely useful policy which can help relieve one’s financial difficulties. However, little research has been done on the actual degree of underinsurance gap in critical illness coverage in Singapore. Thus, this study portrays the actual amount of gap in critical illness coverage in Singapore. The gap is quantified in numerical terms via calculations of possible underinsurance gaps in three critical illness cases: (1) heart disease, (2) stroke, and (3) lung cancer.