Early Critical Illness Cover

[Ben1975]

Hi all,

I would like to seek advise on this. Is there any term policy that covers early critical illness? What are the best policies out there for this?


Thanks.

 

[pcmdan]

Hi all,

I would like to seek advise on this. Is there any term policy that covers early critical illness? What are the best policies out there for this?


Thanks.

Hi, i am not a insurance agent. Just sharing my Consumer pov.

Likelihood, I cant find a company selling cheaper than Aviva (assuming you served the army)

Aviva - Living care plus

think you cant find anything cheaper liao. If have please let me know, then I can change to it too. hahaha

http://www.aviva.com.sg/life-and-health/for-individuals/SAF/saf-living-care-plus.html

Anyway prudential got something similar, but for someone age 30, it is pricing at $4k a year. You only have to pay for 20 years though and it covers the insured for 40 years. At the end of the 40 years, if you did not claim, they will give you back $80k that you had paid for. Honestly, this plan is no gd since $80k 40 years down the road will be worth peanuts.

Whereas if you compare aviva and prudential, aviva in total you paid around $20k after 40 years. You can better use the remaining $60k for much better investments to earn the $20k you lose.

E.g. $60k * 2% * 40 years = $48,000 profit. ( assumption used: simple interest, did not take into account compounding interest and your $60k starts on the day u buy the insurance)

 

[Takagi]

There is a standalone term plan at AIA which covers early, intermediate n major stage of CI but it is kind of expensive unless u have the financial budget to commit.

 

[IndependentFA]

Hi all,

I would like to seek advise on this. Is there any term policy that covers early critical illness? What are the best policies out there for this?


Thanks.

May I know how much coverage are you looking at? And for how long a period do you want the term to cover?

 

[Shion]

In before BTIR...

There are term policies that covers only CI and early CI, but the premiums are not cheap iirc.

 

[Lewis.T]

Hi, i am not a insurance agent. Just sharing my Consumer pov.

Likelihood, I cant find a company selling cheaper than Aviva (assuming you served the army)

Aviva - Living care plus

think you cant find anything cheaper liao. If have please let me know, then I can change to it too. hahaha

http://www.aviva.com.sg/life-and-health/for-individuals/SAF/saf-living-care-plus.html

Anyway prudential got something similar, but for someone age 30, it is pricing at $4k a year. You only have to pay for 20 years though and it covers the insured for 40 years. At the end of the 40 years, if you did not claim, they will give you back $80k that you had paid for. Honestly, this plan is no gd since $80k 40 years down the road will be worth peanuts.

Whereas if you compare aviva and prudential, aviva in total you paid around $20k after 40 years. You can better use the remaining $60k for much better investments to earn the $20k you lose.

E.g. $60k * 2% * 40 years = $48,000 profit. ( assumption used: simple interest, did not take into account compounding interest and your $60k starts on the day u buy the insurance)

You're pretty updated! That pru plan you mentioned actually launched this month. Anyway, we also do have a standalone term plan without the premium refund (which makes it cheaper premium-wise).

Maybe TS could let us know the coverage amount that he is looking at, the duration of coverage as well as his age next birthday so we can have an educated study of the alternatives in the market now.

 

[Shion]

Kindly correct me if I am wrong...

AXA's Early Stage CritiCare for 100k sum assured is around $500 per month for someone in his 20s

 

[pcmdan]

You're pretty updated! That pru plan you mentioned actually launched this month. Anyway, we also do have a standalone term plan without the premium refund (which makes it cheaper premium-wise).

Maybe TS could let us know the coverage amount that he is looking at, the duration of coverage as well as his age next birthday so we can have an educated study of the alternatives in the market now.

cheaper is how much?

Aviva is selling at $10 per month for $100k.

I doubt anyone can beat that.

 

[pcmdan]

Kindly correct me if I am wrong...

AXA's Early Stage CritiCare for 100k sum assured is around $500 per month

I never research on AXA before. However, based on the price, SAF aviva is better.

$500/month for $100k vs $10/month for $100k

I think no need to fight liao

 

[Lewis.T]

cheaper is how much?

Aviva is selling at $10 per month for $100k.

I doubt anyone can beat that.

There's a sharp premium increase above age 45.

Also,

Your policy will also be terminated under the following circumstances:
a) Death of the insured person; or
b) Total and Permanent Disablement of the insured person; or
c) There is a valid claim of 50% or more of the sum assured under the Group
Term Life Insurance policy; or
d) A formal instruction is given to Aviva Ltd to terminate this insurance cover; or
e) The premium for this policy is not paid upon expiry of the grace period; or
f) The insurance cover of the Dependent spouse of an insured person under this
Policy will be terminated if he/she is divorced from that insured person; or
g) The basic cover, i.e. SAF Group Term Life Insurance, has been terminated.

B, C, F and G might need a little looking into.. may be relevant during one's lifetime.

Edit: More info after reading the brochure

Survival Period
Upon diagnosis of any one of the 37 critical illnesses, the insured person must
survive for 30 days before a claim can be admitted.

Pru has a 7 days survival period, I believe most private plans are also adopting the 7 days survival period too.

 

[pcmdan]

There's a sharp premium increase above age 45.

Also,

Your policy will also be terminated under the following circumstances:
a) Death of the insured person; or
b) Total and Permanent Disablement of the insured person; or
c) There is a valid claim of 50% or more of the sum assured under the Group
Term Life Insurance policy; or
d) A formal instruction is given to Aviva Ltd to terminate this insurance cover; or
e) The premium for this policy is not paid upon expiry of the grace period; or
f) The insurance cover of the Dependent spouse of an insured person under this
Policy will be terminated if he/she is divorced from that insured person; or
g) The basic cover, i.e. SAF Group Term Life Insurance, has been terminated.

B, C, F and G might need a little looking into.. may be relevant during one's lifetime.

I think sharp increase still much cheaper than $500/month

even at $88/month still beats $500/month right?

A, sure terminate mah, doesnt matter which companies right haha
B. this is crap -- but u pay the price, guess some discount will have to be considered
C. how to determine?
F. thats based on the dependence right? If wife nv buy den ok liao
G. dont terminate lo.. haha

Likewise mah, if you cant afford something like $200 a month, one cfm cant expect to pay for those that are $500/month

if you cant survive, you will get money from your death insurance what. By then, it doesnt matter how much it is, since you already moved on. Unless you mean 7 days, I can take one (from ECI) and after that take one from CI?

Budden again, 7 days and 30 days, but to pay few hundreds more per month, for 35 years and more is kinda...hmmmm...bo hua leh..

i rather use the savings to top up my death insurance, if i really want to leave something behind.

 

[Shion]

@Lewis.T

Yes, there is still a gradual increase after age 45

46 to 50 --> $17
51 to 55 --> $32
56 to 60 --> $59.75
61 to 65 --> $88

http://www.aviva.com.sg/pdf/SAF_Living_Care_Plus_Brochure.pdf

I think it is not a big issue.

 

[pcmdan]

@Lewis.T

Yes, there is still a gradual increase after age 45

46 to 50 --> $17
51 to 55 --> $32
56 to 60 --> $59.75
61 to 65 --> $88

http://www.aviva.com.sg/pdf/SAF_Living_Care_Plus_Brochure.pdf

I think it is not a big issue.

but guess he pointed out something decent. Some of the clauses kinda disturbing haha

 

[Lewis.T]

I'm getting about $75/mth for early c.i coverage till age 65 for a 30y/o male non smoker. Not sure where you're getting $500/mth from..

 

[Shion]

but guess he pointed out something decent. Some of the clauses kinda disturbing haha

Yes

I think, this is like what people like to say --> 一分钱 一分货

Even for SAF Aviva Group Term, I rmb there is a clause stating that it can be terminated without notice (or something like that)

 

[pcmdan]

I'm getting about $80/mth for early c.i coverage till age 65 for a 30y/o male non smoker. Not sure where you're getting $500/mth from..

Based on MrClubbie AXA rates.

I am no agent, hence I wouldnt know what are the rates unless someone point it out here.

when you say $80/month, is it perpetually the same? Or will increase with age?

 

[Shion]

My bad

Should be per year

Sorry for the error

 

[pcmdan]

My info on that might not be correct, FYI

I think is per year not per montn

haha icic...hence we now could only rely on Lewis to give us Pru rates liao.

But apparently, it seems like his is $80/month. Just wondering, how the clauses are like?

 

[Lewis.T]

haha icic...hence we now could only rely on Lewis to give us Pru rates liao.

But apparently, it seems like his is $80/month. Just wondering, how the clauses are like?

It's about $74/mth for male age 30 for coverage till age 65.

Mine works on a severity payout, we will pay out 50% of sum assured if it's an early stage, and the remainder if it develops into a intermediate or critical stage.

Or pay the full amount if upon diagnosis it's already at intermediate or critical.

Waiting period of 90 days, survival period 7 days. We also reserve the right to change premiums depending on claims.

Termination of benefits
The benefits under the PruEarly Stage Crisis Cover policy will terminate upon:
- the death of the life assured;
- non-payment of premiums;
- the Cover Expiry Date;
- claiming twice under 50% Severity Payout benefit; or
- a claim under 100% Severity Payout benefit
whichever event occurs first.

That being said, we probably are not the cheapest but I'm just trying to show that the group term policy might not be suitable for just about anyone.

 

[pcmdan]

It's about $74 something for male age 30 for coverage till age 65.

Mine works with a severity payout, we will pay out 50% of sum assured if it's an early stage, and the remainder if it develops into a intermediate or critical stage.

Or pay the full amount if upon diagnosis it's already at intermediate or critical.

Waiting period of 90 days, survival period 7 days. We also reserve the right to change premiums depending on claims.

Termination of benefits
The benefits under the PruEarly Stage Crisis Cover policy will terminate upon:
- the death of the life assured;
- non-payment of premiums;
- the Cover Expiry Date;
- claiming twice under 50% Severity Payout benefit; or
- a claim under 100% Severity Payout benefit
whichever event occurs first.

That being said, we probably are not the cheapest but I'm just trying to show that the group term policy might not be suitable for just about anyone.

Thank you. So is $74 perpetually?