In a parliamentary reply, the Monetary Authority of Singapore said the Life Insurance Association, Singapore will explore whether definitions for certain medical conditions under its Critical Illness Framework can rely less on specified procedures and more on the underlying disease and its severity. The work will form part of the association’s next review, which begins in 2027. Severe stage critical illness policies provide lump sum payments for the financial impact of serious illness rather than reimbursement for treatment. Some current definitions therefore use established procedures as objective indicators of severity, recuperation time and financial impact. Any revisions could alter coverage, claims experience and premiums, and updated definitions will apply to newly sold products.
Monetary Authority of Singapore says 2027 industry review will consider critical illness definitions based more on disease severity
The Monetary Authority of Singapore said a 2027 industry review will consider reducing critical illness definitions’ reliance on specified procedures in favor of the underlying disease and its severity. Changes could affect coverage, claims and premiums, and would apply to newly sold products.