Multi-pay Critical Illness Insurance Plans

rsiow2

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Most people can't even remember simple policies and we are talking about very complicated policies here. That's why although the policies look great on paper, I have my reservations.

As for agents, eventually most will change job or change company so as time passes, it will be the insured vs the insurer. Agents may not be competent as well. Would agents remember the product details of a complicated product 10 years ago?


Possibly

But that's always the standard model of professionalism in any given field. You have your very successful professionals that dominate their field then you have the others. I really think it also boils down to how well the agent is able to help you understand the product and to review when possible.

We don't ever remember the national anthem until we sing it a few times right?
 

soneat

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Possibly

But that's always the standard model of professionalism in any given field. You have your very successful professionals that dominate their field then you have the others. I really think it also boils down to how well the agent is able to help you understand the product and to review when possible.

We don't ever remember the national anthem until we sing it a few times right?

Lol. It's true I can't remember the national anthem now. Lol. As for agents, I have many policies (including those for children) but all the 'original' agents have left. For AIA and Income (very old polices, more than 20 years), I am with 'customer service', for GE and TM (around 10 years), I was re-assigned to some random agents. I believe eventually all will be assigned to customer service. Lol.

Anyway I think the multi pay products is excellent on paper, but when it comes to claiming, got to pray hard the insurer don't be blur (or act blur).
 

soneat

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While we would like to believe insurers are reasonable and professional people, the hard truth is some are not. One very recent encounters that I have is with GE regarding their as-charged shield plan policy wordings. Their as-charged shield plan policy wording does not include "radio surgery/novalis radio surgery but their standard B1 shield plan included the wordings as well. The base medishield life has that coverage as well and so are the other 5 shield plan providers.

When I enquired GE, the claims department simply brush off and say whatever is stated in the policy wording means can claim. When I enquired deeper, the claims officer say radio surgery can be claimed under radio treatment. When I enquired further, the claims officer avoided commenting on their policy wordings and suggested claims will be evaluated on a case by case basis.

Their customer service isn't any better, be it the cso or their manager, flipping their words faster than flipping prata. One moment the manager say "Just because the wordings are not there doesn't means the policy wording is incomplete. ", another moment he said "Just because the coverage is not there doesn't mean it cannot be claim", another moment they said they acknowledged the discrepancies and they will evaluate during the next iteration of the policy wording.

So even before claiming, some insurers (and probably their agents as well) are not even fully aware what they are selling.

Note: I am not GE shield plan policy holder, nor was I trying to claim anything so don't have to suggest getting a lawyer or contacting LIA or whatever. Bottomline is GE is not open to reasoning and accepting they made a mistake and they have to correct it.

Multipay policies is a good idea, but will be even better if the T&Cs are simpler.
E.g.
1. Insured can claim 100% of Basic Sum Assured for ECI.
2. Insured cam claim another 100% of the Basic Sum Assured under CI for the same condition under (1), or claim two times 100% of the Basic Sum Assured under CI if no claims have been admitted under ECI.
 
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akwl88

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Agents are mostly focused on 2 things

1) The amount of premiums you are paying
2) The % of commissions they get from your premiums
 

parallelyy

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Multipay policies is a good idea, but will be even better if the T&Cs are simpler.
E.g.
1. Insured can claim 100% of Basic Sum Assured for ECI.
2. Insured cam claim another 100% of the Basic Sum Assured under CI for the same condition under (1), or claim two times 100% of the Basic Sum Assured under CI if no claims have been admitted under ECI.

Aviva's multi-pay works similar to this
 

computers70

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I would personally not recommend critical illness products unless you can understand the wordings clearly. Many of them will not bother going through the wordings or definitions of the illness, and you will not be able to claim.
I repeated this many times,
IT IS NOT EASY TO CLAIM FOR CRITICAL ILLNESS.

They can market this with early CI and package this with other life policies or ILP because there is always fear in Singaporeans towards CI. If you really want a coverage for CI , can an endowment with a CI rider. Thats the most I will go for and afford to lose.
 

jarvisjudas

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Bought Great Eastern critical care advantage last year which provides one time $100,000 payout if diagnosed with any of the major 37 critical illnesses.

Been looking through these multi pay early critical plans from other companies recently and would like to ask if it is advisable to switch over as it seems like multi pay critical illnesses are more comprehensive in terms of their coverage.

I see that premiums of these plans are not often mentioned, I am 28 non smoker, currently paying $1011 per annum for 100k coverage..

https://www.greateasternlife.com/co...al-care-advantage/critical-care-advantage.pdf
 

Bigoya

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Bought Great Eastern critical care advantage last year which provides one time $100,000 payout if diagnosed with any of the major 37 critical illnesses.

Been looking through these multi pay early critical plans from other companies recently and would like to ask if it is advisable to switch over as it seems like multi pay critical illnesses are more comprehensive in terms of their coverage.

I see that premiums of these plans are not often mentioned, I am 28 non smoker, currently paying $1011 per annum for 100k coverage..

https://www.greateasternlife.com/co...al-care-advantage/critical-care-advantage.pdf

Critacl Care Advantage seems to be a similar plan as My Early CI plan from Aviva, unless you buy a huge cover of $500k as illustrated in the brochure (which you didn't).

JMp5pyV.png
 
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computers70

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Critacl Care Advantage seems to be a similar plan as My Early CI plan from Aviva, unless you buy a huge cover of $500k as illustrated in the brochure (which you didn't).

JMp5pyV.png

Great idea to self insure critical illness. Thats a big chunk of your wealth going to insurance companies and critical illness policies usually have a poor death benefit eg 5K regardless of condition. This is also a term plan, very simply this plan expires at 60 for you.
 
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Bigoya

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Great idea to self insure critical illness. Thats a big chunk of your wealth going to insurance companies and critical illness policies usually have a poor death benefit eg 5K regardless of condition. This is also a term plan, very simply this plan expires at 60 for you.

Late disclaimer: The black text mentioning Venture Corp was meant as a reply for someone else. I merely reused the image for jarvisjudas. This is not meant as a buy call for anyone.

If one has the asset to self-insure and does not have excess cash to buy insurance, buy all means self insure.

If one does not have excess asset to liquidate in times of need, please be insured with a proper insurance coverage.

Likewise, if one has the asset to self-insure but could still afford to pay for insurance premiums, it is still a wiser choice to leverage on insurance to get yourself covered on the large potential cost in the unexpected event of need.
 
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xiaowee

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I was thinking maybe I should get 100K - 50K from Aviva, and 50K from Manuflife. At least spread equally into 2 given that both are complex?
 

Bigoya

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I was thinking maybe I should get 100K - 50K from Aviva, and 50K from Manuflife. At least spread equally into 2 given that both are complex?

I'd say both are comprehensive. Aviva is concise but ML is complicated.

If both are complex to you then I'd suggest not getting any of them until you are comfortable.with their T&Cs.

While spreading the risk between both companies may work, do however note that it is also expected to incur higher cost from "smaller quantity" purchase. I.e. buying $100k from either company is expected to cost less than getting half from both company (let me verify this claim of mine later just in case I'm wrong).
 

xiaowee

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I have asked for the quote for 50K, 75K and 100K for the 2 companies from my advisor. The costs seem to be not much difference if I split into 2. Anyway, I am still in the evaluation phase. I still need to re-read some of the T&Cs again. The info in this thread has been useful for me :)

I'd say both are comprehensive. Aviva is concise but ML is complicated.

If both are complex to you then I'd suggest not getting any of them until you are comfortable.with their T&Cs.

While spreading the risk between both companies may work, do however note that it is also expected to incur higher cost from "smaller quantity" purchase. I.e. buying $100k from either company is expected to cost less than getting half from both company (let me verify this claim of mine later just in case I'm wrong).
 

computers70

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Late disclaimer: The black text mentioning Venture Corp was meant as a reply for someone else. I merely reused the image for jarvisjudas. This is not meant as a buy call for anyone.

If one has the asset to self-insure and does not have excess cash to buy insurance, buy all means self insure.

If one does not have excess asset to liquidate in times of need, please be insured with a proper insurance coverage.

Likewise, if one has the asset to self-insure but could still afford to pay for insurance premiums, it is still a wiser choice to leverage on insurance to get yourself covered on the large potential cost in the unexpected event of need.

True, Have to agree on above.
 

vintouche

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I was interested in this plan initially. AIA has a plan calls TCC.

I rang my agent to understand this plan and he said: what are the chances to get a CI consecutively (or after a year) after you claim the FIRST CI?

Aegnt: If it is low risk (unlikely) why want to buy this plan when we should diverse the risk to insurer.

Anyone can share your views on this? thanks!
 

Bigoya

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I was interested in this plan initially. AIA has a plan calls TCC.

I rang my agent to understand this plan and he said: what are the chances to get a CI consecutively (or after a year) after you claim the FIRST CI?

Aegnt: If it is low risk (unlikely) why want to buy this plan when we should diverse the risk to insurer.

Anyone can share your views on this? thanks!

I'm not a fan of the TCC. Cost alone is expensive with limited coverage already.

My point of view is this, if u can pay the same (or lower) premium for a larger cover, regardless the chance of claims is higher or lower, why would u want to opt for a lousier cover?

Btw I can't really understand ur agent's argument based on what you've typed.
 

Poslene

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I was interested in this plan initially. AIA has a plan calls TCC.

I rang my agent to understand this plan and he said: what are the chances to get a CI consecutively (or after a year) after you claim the FIRST CI?

Aegnt: If it is low risk (unlikely) why want to buy this plan when we should diverse the risk to insurer.

Anyone can share your views on this? thanks!

There are two types of TCC,one is a term and the other whole life.


You're able to be refunded 75% of your sum assured less any claims at 75 if you surrender it then. (For the whole life version)

At high sum assured for the whole life version,it's a huge ECI term policy that guarantees your premiums back at 75 if you surrender plus a good $20k+.

My clients treat it as a $1.5mil ECI term coverage till 75, with the ability to refund all the premiums at 75 should nothing happen.
 

timothybo

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I would personally not recommend critical illness products unless you can understand the wordings clearly. Many of them will not bother going through the wordings or definitions of the illness, and you will not be able to claim.
I repeated this many times,
IT IS NOT EASY TO CLAIM FOR CRITICAL ILLNESS.

They can market this with early CI and package this with other life policies or ILP because there is always fear in Singaporeans towards CI. If you really want a coverage for CI , can an endowment with a CI rider. Thats the most I will go for and afford to lose.

Can elaborate why is it not easy? If you are diagnosed what will be the problems of claiming?
 

wira

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http://www.straitstimes.com/business/invest/when-things-get-critical-how-healthy-is-your-plan

Has anyone evaluated between the Manulife "Ready Complete Care - Cover Me Again" plan versus Aviva "My Multiply Critical Illness Plan" to see which is better (besides the pros and cons listed below)? Or other things we should look out for?

Saw some pros and cons here:

1) http://sgcompareinsurance.com/pros-and-cons-of-manulife-ready-completecare/

2) http://sgcompareinsurance.com/pros-and-cons-of-aviva-my-multipay-critical-illness-plan/


Or are other plans listed here better?
http://www.straitstimes.com/business/invest/be-well-covered-against-the-unexpected


Compared to the usual term insurance covering death and CI, are multi-pay CI plans worthwhile for a person who choose to remain single (hence not important to have death benefit)?

Thanks!

It's says in article do manulife although it's a term insurance it will refund premiums upon death if no claims is made ?
 
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