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Old 20-09-2017, 10:03 PM   #1
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Multi-pay Critical Illness Insurance Plans

http://www.straitstimes.com/business...y-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-a...-completecare/

2) http://sgcompareinsurance.com/pros-a...-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!

Last edited by xiaowee; 20-09-2017 at 10:20 PM..
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Old 21-09-2017, 02:48 PM   #2
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http://www.straitstimes.com/business...y-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-a...-completecare/

2) http://sgcompareinsurance.com/pros-a...-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!
In terms of multi-pay plans, manulife's new plan, you can actually see that it tries to blend the features of AIA Triple Critical Cover and Aviva MyMultiPay CI together.

For Aviva, their plan is geared more towards coverage for cancer, so if you're more worried on that, Aviva can be a option. And aviva also has premium waiver if you are hit by the 37 late stage CI

The good thing about Multi-pay plans is that you're still covered after 1-2 claims. If its just a 1 time claim policy, it is difficult to get further insurance coverage once you have pre-existing conditions, especially so for diabetes
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Old 21-09-2017, 03:26 PM   #3
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SINGLE-PAY VS MULTI-PAY CRITICAL ILLNESS PLANS

Single-pay plans provide a single lump sum payout upon diagnosis and the policy is terminated after the claim is paid.

Manulife's Mr Vazquez says it is extremely difficult for the customer to get such insurance again.

This means, says Mr Brandon Lam, Singapore head of financial planning group at DBS Bank, that if the critical illness recurs or if the customer has another critical illness later in life, there will be no coverage or his cover will be restricted with exclusions for specific critical illnesses.

This is where multi-pay plans come in handy. They provide several payouts upon diagnosis and are designed to help fund early treatment costs as well as longer-term needs, such as if a relapse occurs.

Aviva's My MultiPay Critical Illness Plan, for example, allows policyholders to claim up to five times in the event of critical illnesses: An initial lump-sum payout in the event of early or intermediate stage of the illness and additional payouts at severe stages, and up to two payouts for cancer relapses.

However, multi-pay critical illness plans typically come with higher premiums and a more complex set of terms and conditions.
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Old 21-09-2017, 03:33 PM   #4
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SINGLE-PAY VS MULTI-PAY CRITICAL ILLNESS PLANS


However, multi-pay critical illness plans typically come with higher premiums and a more complex set of terms and conditions.
You pay more, you get covered more. haha
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Old 21-09-2017, 03:51 PM   #5
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You pay more, you get covered more. haha
Complex terms and conditions means covered more?
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Old 21-09-2017, 07:54 PM   #6
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Manulife is even more complex

Last edited by Perisher; 25-09-2017 at 05:03 PM..
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Old 21-09-2017, 08:06 PM   #7
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Yes, it's more complex, but that does not mean it doesn't serve its function as an insurance policy.

The only difficult part I can foresee, is not being able to cover conditions that you've already claimed for the later stages. And also the waiting period between claims.

Comparing AIA, Manulife and Aviva, Aviva can alleviate that waiting period well. AIA and Manulife however work on a cover reset way, where you have to wait 1 year before your cover restores to 100%. So if your sum assured is small (highly likely), you have to wait 1 year between claims. For Aviva, waiting period is 1 month between claims for early CI, no waiting period between early CI and late stage CI claim.

Honestly, I could go on explaining, but also boils down to whether you want to take the effort to understand before making your decision on whether they are useful.
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Old 24-09-2017, 11:06 PM   #8
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Yes, it's more complex, but that does not mean it doesn't serve its function as an insurance policy.

The only difficult part I can foresee, is not being able to cover conditions that you've already claimed for the later stages. And also the waiting period between claims.

Comparing AIA, Manulife and Aviva, Aviva can alleviate that waiting period well. AIA and Manulife however work on a cover reset way, where you have to wait 1 year before your cover restores to 100%. So if your sum assured is small (highly likely), you have to wait 1 year between claims. For Aviva, waiting period is 1 month between claims for early CI, no waiting period between early CI and late stage CI claim.

Honestly, I could go on explaining, but also boils down to whether you want to take the effort to understand before making your decision on whether they are useful.
Pls go on explaining. Then only can we make an informed decision as to whether they are useful. TIA
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Old 25-09-2017, 01:03 PM   #9
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For Aviva MyMultiPay CI plan, it basically have 4 layers in total, allowing you to claim up to 500% of the basic sum assured. Additional, it also provides cover for 18 special conditions, 20% of sum assured, up to 6 times, without reducing sum assured. Simple death cover of $5,000.

For layer 1, this is the cover for early and intermediate conditions, you can claim up to 2 times, 100% each. The different conditions are split into 3 pots, 1) early cancers/major organ conditions & 2) Heart related conditions & 3)Nervous system/systemic conditions.

Here, between the 2 claims, there is a waiting period of 30 days.
Between Layer 1 and 2, there is no waiting period.


Layer 2, from here on, the plan is split into 2 different routes. Layer 2 provide cover for late stages CI and Major cancers. Here, can claim 300% less any claims made in layer 1. This means you can no longer made layer 1 claims. Once layer 2 is claim, you also get to enjoy premium waiver for the rest of the policy term.

Waiting period between layer 2 and 3 is 2 years.

Layer 3, if you made a layer 2 claim for late stage CI, you can still make a claim for major cancers in this layer. if you made a layer 2 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured.

Waiting period between layer 3 and 4 is 2 years.

Layer 4, if you made a layer 3 claim for re-diagnosed cancers, you can still make a claim for 2nd re-diagnosed cancers in this layer. if you made a layer 3 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured. Once this layer has been claimed, the policy ends

So, you can see that this plan is heavily focused on cancers. The thing we have to be aware of is the waiting period between layer 2,3,4 which is 2 years, and personally I find it a bit long. But its is a useful policy cause normally insurers won't re-insure you after you got cancer. So this gives you additional protection after the 1st CI/cancer claim.

I'll write about Manulife Ready Complete care as well, which can get complicated since they combined the features of AIA TCC and aviva multipay CI together
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Old 25-09-2017, 04:47 PM   #10
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Thanks! This is really useful. Shall wait for your insight on the Manulife Plan as well. Based on what I have researched, the Great Eastern Critical Care Advantage seems good as there is no waiting period? Not sure if you have comments about this plan as well? Thanks!

For Aviva MyMultiPay CI plan, it basically have 4 layers in total, allowing you to claim up to 500% of the basic sum assured. Additional, it also provides cover for 18 special conditions, 20% of sum assured, up to 6 times, without reducing sum assured. Simple death cover of $5,000.

For layer 1, this is the cover for early and intermediate conditions, you can claim up to 2 times, 100% each. The different conditions are split into 3 pots, 1) early cancers/major organ conditions & 2) Heart related conditions & 3)Nervous system/systemic conditions.

Here, between the 2 claims, there is a waiting period of 30 days.
Between Layer 1 and 2, there is no waiting period.


Layer 2, from here on, the plan is split into 2 different routes. Layer 2 provide cover for late stages CI and Major cancers. Here, can claim 300% less any claims made in layer 1. This means you can no longer made layer 1 claims. Once layer 2 is claim, you also get to enjoy premium waiver for the rest of the policy term.

Waiting period between layer 2 and 3 is 2 years.

Layer 3, if you made a layer 2 claim for late stage CI, you can still make a claim for major cancers in this layer. if you made a layer 2 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured.

Waiting period between layer 3 and 4 is 2 years.

Layer 4, if you made a layer 3 claim for re-diagnosed cancers, you can still make a claim for 2nd re-diagnosed cancers in this layer. if you made a layer 3 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured. Once this layer has been claimed, the policy ends

So, you can see that this plan is heavily focused on cancers. The thing we have to be aware of is the waiting period between layer 2,3,4 which is 2 years, and personally I find it a bit long. But its is a useful policy cause normally insurers won't re-insure you after you got cancer. So this gives you additional protection after the 1st CI/cancer claim.

I'll write about Manulife Ready Complete care as well, which can get complicated since they combined the features of AIA TCC and aviva multipay CI together
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Old 25-09-2017, 05:04 PM   #11
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Can't say much about GE as I don't have the product summary. But from what I see online, it seems to work just like all the ECI riders in the market, except for the premium waiver part. Other than the 7 seven special conditions listed on the website, you can't really make multiple CI claims unless your sum assured is large enough. (Example in the website is $500,000). However, a large sum assured for the ECI rider will be very costly, for age 25, $50k eci rider is already about $400/annum. Adding on age and sum assured to $500,000, I won't be surprised if it costs ~$4,000/annum

*Figures are estimated and not exact
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Old 26-09-2017, 10:16 PM   #12
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For Aviva MyMultiPay CI plan, it basically have 4 layers in total, allowing you to claim up to 500% of the basic sum assured. Additional, it also provides cover for 18 special conditions, 20% of sum assured, up to 6 times, without reducing sum assured. Simple death cover of $5,000.

For layer 1, this is the cover for early and intermediate conditions, you can claim up to 2 times, 100% each. The different conditions are split into 3 pots, 1) early cancers/major organ conditions & 2) Heart related conditions & 3)Nervous system/systemic conditions.

Here, between the 2 claims, there is a waiting period of 30 days.
Between Layer 1 and 2, there is no waiting period.


Layer 2, from here on, the plan is split into 2 different routes. Layer 2 provide cover for late stages CI and Major cancers. Here, can claim 300% less any claims made in layer 1. This means you can no longer made layer 1 claims. Once layer 2 is claim, you also get to enjoy premium waiver for the rest of the policy term.

Waiting period between layer 2 and 3 is 2 years.

Layer 3, if you made a layer 2 claim for late stage CI, you can still make a claim for major cancers in this layer. if you made a layer 2 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured.

Waiting period between layer 3 and 4 is 2 years.

Layer 4, if you made a layer 3 claim for re-diagnosed cancers, you can still make a claim for 2nd re-diagnosed cancers in this layer. if you made a layer 3 claim for major cancers, you can make a claim for re-diagnosed cancers in this layer. The claim amt here is 100% of sum assured. Once this layer has been claimed, the policy ends

So, you can see that this plan is heavily focused on cancers. The thing we have to be aware of is the waiting period between layer 2,3,4 which is 2 years, and personally I find it a bit long. But its is a useful policy cause normally insurers won't re-insure you after you got cancer. So this gives you additional protection after the 1st CI/cancer claim.

I'll write about Manulife Ready Complete care as well, which can get complicated since they combined the features of AIA TCC and aviva multipay CI together
Look fwd to receive your reviews on Manulife plan!
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Old 27-09-2017, 03:56 PM   #13
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Manulife Ready Complete Care (cover can be till 75 or 99)

Main Benefits:
Death coverage = Amount of premiums paid less any amount claimed

Main CI Benefit - Cover for early to late stage, with the "Cover me again" feature, the basic sum assured can be restored back to 100%, 12 months after the previous claim (From date of diagnosis). This restoration is available up to 500% (In simple example, 5 times).

Recurring Cancer benefit - Once you've made a claim on major cancer (including early to late stage), this feature becomes available and can pay out twice, 100% each. However, waiting period is 2 years between the first cancer claim and 1st recurring cancer, applies between 1st recurring and 2nd recurring cancer as well.
Good point is it does not reduce the basic sum assured (Cover me again is not touched)

Add Major CI benefit - This pays out an additional 200% if you make a claim for the following conditions:
1. Major Cancers
2. Heart Attack of specified severity
3. Stroke
4. Alzheimer's Disease
5. Multiple Sclerosis
6. Parkinson's Disease

Again, this does not reduce the basic sum assured (Cover me again is not touched)

18 special conditions - Additional 20% ($25k cap) payout up to 6 times. Basic sum assured is not affected.

Fringe benefits:
Serious illness of Child cover - Lump sum payout for the insured child if the child is hit with a late stage CI (30 days old to 18 years old)

Wellness benefit - Free checkup every 2 years

WARNING: Each of the 37 CI can only claim up to 100% for the main CI benefit. This is inclusive of early till late stage of the condition.



The main thing about manulife plan is that it provides further coverage for other conditions beyond cancers. For Aviva's plan, onec you made a claim for cancer, the cover for other conditions stops and any further claims are only for cancer conditions. For Manulife plan, they do not have this problem.
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Old 27-09-2017, 11:18 PM   #14
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Thanks! Looks like the Manulife plan is more "comprehensive" in a certain sense....

Manulife Ready Complete Care (cover can be till 75 or 99)

Main Benefits:
Death coverage = Amount of premiums paid less any amount claimed

Main CI Benefit - Cover for early to late stage, with the "Cover me again" feature, the basic sum assured can be restored back to 100%, 12 months after the previous claim (From date of diagnosis). This restoration is available up to 500% (In simple example, 5 times).

Recurring Cancer benefit - Once you've made a claim on major cancer (including early to late stage), this feature becomes available and can pay out twice, 100% each. However, waiting period is 2 years between the first cancer claim and 1st recurring cancer, applies between 1st recurring and 2nd recurring cancer as well.
Good point is it does not reduce the basic sum assured (Cover me again is not touched)

Add Major CI benefit - This pays out an additional 200% if you make a claim for the following conditions:
1. Major Cancers
2. Heart Attack of specified severity
3. Stroke
4. Alzheimer's Disease
5. Multiple Sclerosis
6. Parkinson's Disease

Again, this does not reduce the basic sum assured (Cover me again is not touched)

18 special conditions - Additional 20% ($25k cap) payout up to 6 times. Basic sum assured is not affected.

Fringe benefits:
Serious illness of Child cover - Lump sum payout for the insured child if the child is hit with a late stage CI (30 days old to 18 years old)

Wellness benefit - Free checkup every 2 years

WARNING: Each of the 37 CI can only claim up to 100% for the main CI benefit. This is inclusive of early till late stage of the condition.



The main thing about manulife plan is that it provides further coverage for other conditions beyond cancers. For Aviva's plan, onec you made a claim for cancer, the cover for other conditions stops and any further claims are only for cancer conditions. For Manulife plan, they do not have this problem.
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Old 28-09-2017, 10:09 AM   #15
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WARNING: Each of the 37 CI can only claim up to 100% for the main CI benefit. This is inclusive of early till late stage of the condition.

This is in spite of the cover me again thing right? I can still claim 100% any of the 37 CI after 1 year correct?
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