Snapshot: Building a safety net with Health Insurance and Life Insurance

The focus of health insurance is on immediate and ongoing medical costs: ensuring you receive the care you need when it matters most. It offers:

Access to treatment:
Covers hospital stays, surgeries, and outpatient care like chemotherapy and radiation for terminal illnesses such as cancer.

Specialist and GP visits:
Ensures affordable consultations with primary care physicians and specialists, such as oncologists.

Medications and diagnostic tests:
Covers prescribed medications, imaging (e.g., MRIs, CT scans), and blood tests.

Mental health & rehabilitation:
Includes counselling, with up to 10 subsidised sessions annually, as well as physical therapy and other post-treatment services.

Palliative and hospice care:
Provides support for patients with terminal illnesses, improving their quality of life.

Health insurance is essential for managing medical costs, especially in times of illness or injury.¹

The focus of life insurance is on financial stability for you and your loved ones in the event of unforeseen life events to help provide financial security. It offers:

Life Insurance:

• A lump sum payment in the event of death or terminal illness.
• Provides financial support for loved ones to help with financial responsibilities, like contributing to mortgage repayments or other major expenses such as funeral costs, debts, and family living expenses.

Total and Permanent Disability (TPD) Insurance:

• A lump sum payment if you become totally and permanently disabled and are unable to work due to disability.
• Assists with medical costs, rehabilitation, and lifestyle adjustments like home modifications.

Trauma Insurance:

• A lump sum payment upon diagnosis of a specified critical illness or life-threatening condition, such as stroke, cancer, burns or major head trauma.
• This payment can help cover out-of-pocket medical costs, recovery expenses, and living costs during treatment. In the event of death, the lump sum payment is made to the beneficiaries. If the insured is diagnosed with a terminal illness, the payment is made to the insured.

Income Protection (IP) Insurance:

• Offers a monthly payment to replace a portion of your income if you’re unable to work due to sickness or injury.
• Ensures you can maintain financial stability and can help you meet ongoing expenses like mortgage repayments.

Life insurance products offer financial security for individuals and their families beyond health-related expenses, including support for other needs such as covering loss of income due to inability to work.³