Cheapest Early Critical ilness Plan

[ChickRice]

Anyone knows what's the cheapest early CI plan? Looking to get covered for around 50 - 100k.

Planning to get one for my parents, they are both around 55.

Sent from Samsung SM-G950F using GAGT

 

[boredboiboi]

Anyone knows what's the cheapest early CI plan? Looking to get covered for around 50 - 100k.

Planning to get one for my parents, they are both around 55.

Sent from Samsung SM-G950F using GAGT

Standalone now not many and not cheap, either a add on as a rider or a multipay eci plan

 

[ChickRice]

Standalone now not many and not cheap, either a add on as a rider or a multipay eci plan

Thanks for reply. What do you mean by adding on as a rider? Currently both of them have hospitalization and accident plan, that's all.

Sent from Samsung SM-G950F using GAGT

 

[boredboiboi]

Thanks for reply. What do you mean by adding on as a rider? Currently both of them have hospitalization and accident plan, that's all.

Sent from Samsung SM-G950F using GAGT

Add eci rider to a term plan.

 

[moejoseph]

Term Plan around 55 is very very expensive as well, and not "worth it" in my own opinion, especially if till age 65 only. Cost will be at least a few k/year for a decent small coverage.

I will personally take the risk, and most likely cover them for death/tpd only

 

[Geeezz]

why nt try aviva saf term with add on? iirc the premium only jump after 65yrs old

 

[boredboiboi]

why nt try aviva saf term with add on? iirc the premium only jump after 65yrs old

Their eci rider conditions covered is very limited.

 

[kebinu]

By right, a $50k to $100k coverage is good enough because any amount above that means the odds is low as the payout is limited to $100k for first early CI.

For that age, I would also skip the insurance as the previous is too high. Not really worth.

 

[boredboiboi]

By right, a $50k to $100k coverage is good enough because any amount above that means the odds is low as the payout is limited to $100k for first early CI.

For that age, I would also skip the insurance as the previous is too high. Not really worth.

What u mean by limited to 100k for early ci?

 

[foolosophy]

N T U C

 

[Value.Matrix]

Doesn't make sense to buy ECI at all for your parents. Cost to coverage can hit near to 2 to 3% of coverage. 10 years is 20 to 30%,and if you compounded, its about 40%. Not worth to buy because you would have self-insured easily.

Many plans have a restriction for Early CI payout (max $350k for first payout).

 

[ChickRice]

Thanks for all the input appreciated guys

Sent from Samsung SM-G950F using GAGT

 

[BBCWatcher]

N T U C

NTUC offers a plan called Silver Protect which is a combination limited ECI and limited PA. It's not as expensive as some other policies, but the coverage is pretty weak, too. I'm not a big fan of these and similar policies.

ChickRice, are either of your parents still working (and for how long do they expect)? How does their hospitalization insurance look?

 

[ChickRice]

NTUC offers a plan called Silver Protect which is a combination limited ECI and limited PA. It's not as expensive as some other policies, but the coverage is pretty weak, too. I'm not a big fan of these and similar policies.

ChickRice, are either of your parents still working (and for how long do they expect)? How does their hospitalization insurance look?

Hi BBC. Only my Dad's working, I got them both covered with basic medishield plan with private hospital & an accident plan. Am looking for early CI, but the bros here said it will be quite costly due to their age and therefore not really worth it.

Sent from Samsung SM-G950F using GAGT

 

[moejoseph]

Hi BBC. Only my Dad's working, I got them both covered with basic medishield plan with private hospital & an accident plan. Am looking for early CI, but the bros here said it will be quite costly due to their age and therefore not really worth it.

Sent from Samsung SM-G950F using GAGT

Here's an estimated quote for your reference:

Male non-smoker
ANB 55, till age 70
Death/TPD/ECI $100k @ $2655.20/year

Female non-smoker
ANB 55, till age 70
Death/TPD/ECI $100k @ $2002/year

Will be slightly more affordable to add-on as rider to term plan. But good to calculate on your own to see if it is worth it still

 

[boredboiboi]

Hi BBC. Only my Dad's working, I got them both covered with basic medishield plan with private hospital & an accident plan. Am looking for early CI, but the bros here said it will be quite costly due to their age and therefore not really worth it.

Sent from Samsung SM-G950F using GAGT

Use the premium to build wealth accumulation will be better.

 

[BBCWatcher]

Only my Dad's working....

How much longer does he expect to work, and how much longer will he need to work? In other words, how important is his income to your parents' (and indirectly your) well being?

I got them both covered with basic medishield plan with private hospital & an accident plan.

I think you mean a private hospital Integrated Shield plan. You/they can save some premium dollars if they downshift to the same carrier's public hospital A ward plan (or the same carrier's "as charged" public hospital B1 ward plan, if they offer one). Private hospital plan premiums will rapidly escalate due to higher medical inflation in the private sector and their aging. (Plan premiums increase with age.) All premium savings can be redeployed into greater personal savings and/or other insurance.

Do they have the rider associated with that Integrated Shield plan?

Integrated Shield coverage already provides them with quite robust protection against large medical bills for acute care. To a large degree ECI would overlap/duplicate their Integrated Shield coverage.

Are they covered under ElderShield 300, ElderShield 400, an ElderShield add-on (higher than minimum ElderShield), or none of those?

Am looking for early CI, but the bros here said it will be quite costly due to their age and therefore not really worth it.

They're not wrong.

Use the premium to build wealth accumulation will be better.

Well, maybe. To start with, how do their CPF balances look?