Critical Illness coverage (CI)

[winthony]

Didn't want to create a separate thread since wanted to ask about the same topic.

If I want to buy CI, what are the good value for money plans for:
1) Standalone CI coverage?
2) Term + CI coverage? Currently, I am looking at the MINDEF group insurance plan. Any other better options?

Thank you.

If multipay is something you are interested it, it could be an option. MINDEF term+CI is a start

 

[tangent314]

1) Standalone CI coverage?
2) Term + CI coverage? Currently, I am looking at the MINDEF group insurance plan. Any other better options?

For standalone CI, you will probably have to go through an agent and compare between various insurance companies.

For Term+CI, MINDEF GTL does give you the best value for money if you qualify for it. The second best would be to get a Direct Purchase Insurance plan, bypassing an agent and foregoing financial advice. You can go to http://comparefirst.sg to compare all the various DPI plans available.

 

[snorex]

If multipay is something you are interested it, it could be an option. MINDEF term+CI is a start

I got rejected by them because I am on LT medication.

For standalone CI, you will probably have to go through an agent and compare between various insurance companies.

For Term+CI, MINDEF GTL does give you the best value for money if you qualify for it. The second best would be to get a Direct Purchase Insurance plan, bypassing an agent and foregoing financial advice. You can go to http://comparefirst.sg to compare all the various DPI plans available.

I got rejected by Mindef GTL because I am on LT medication.

Can you let me know how to use comparefirst to compare CI only plans? I don't see an option for that.

I used this site Money Owl to do a comparison and it shows me 3 different options (https://imgur.com/a/0R3gYFF). What do I look out for to see if it is a good deal or not.

Thanks.

 

[boredboiboi]

I got rejected by them because I am on LT medication.



I got rejected by Mindef GTL because I am on LT medication.

Can you let me know how to use comparefirst to compare CI only plans? I don't see an option for that.

I used this site Money Owl to do a comparison and it shows me 3 different options (https://imgur.com/a/0R3gYFF). What do I look out for to see if it is a good deal or not.

Thanks.

I believe its not about good deal or not now. Its more about which 1 will accept you. Mindef group term i would say is the most easy and most lenient, if mindef reject you. Highly the rest will reject you.

 

[Kaypohji]

What kind of illness ? Physical or mental ?

Usually as long as u r on medication seems hard

But then I’ve heard ppl who got some illnesses got exclusions instead despite have not yet recovered...l

I got rejected by them because I am on LT medication.



I got rejected by Mindef GTL because I am on LT medication.

Can you let me know how to use comparefirst to compare CI only plans? I don't see an option for that.

I used this site Money Owl to do a comparison and it shows me 3 different options (https://imgur.com/a/0R3gYFF). What do I look out for to see if it is a good deal or not.

Thanks.

 

[winthony]

I got rejected by them because I am on LT medication.



I got rejected by Mindef GTL because I am on LT medication.

Can you let me know how to use comparefirst to compare CI only plans? I don't see an option for that.

I used this site Money Owl to do a comparison and it shows me 3 different options (https://imgur.com/a/0R3gYFF). What do I look out for to see if it is a good deal or not.

Thanks.

Able to share what sort of medication you on?

 

[TiedInsurer]

Hi guys. Right now I'm early 30s, paying $1.9k per annum for my Term Life + CI plan. Coverage is $1m for death or TPD. Have $250k CI rider. No early CI. I'm trying to cut my costs, and i'm thinking to drop the CI rider, because sh*t's expensive. Is it a good idea? I already have good hospitalization coverage.

I used to think i will need CI, because if i get too sick to work but not dead yet, i will need the payout to tide me through. But then i went to look at AXA's definition of TPD, and it includes "too sick to work", as long as the "too sick to work" period lasts longer than 6 months. So that means actually, if i have enough liquid assets to last me more than 6 months, by right i don't need CI? Since if it's longer than 6mths, TPD should pay out.

 

[noobmaster89]

Hi guys. Right now I'm early 30s, paying $1.9k per annum for my Term Life + CI plan. Coverage is $1m for death or TPD. Have $250k CI rider. No early CI. I'm trying to cut my costs, and i'm thinking to drop the CI rider, because sh*t's expensive. Is it a good idea? I already have good hospitalization coverage.

I used to think i will need CI, because if i get too sick to work but not dead yet, i will need the payout to tide me through. But then i went to look at AXA's definition of TPD, and it includes "too sick to work", as long as the "too sick to work" period lasts longer than 6 months. So that means actually, if i have enough liquid assets to last me more than 6 months, by right i don't need CI? Since if it's longer than 6mths, TPD should pay out.

Tbh for 1.9k a year you can easily get a WL plan with ECI rider (multiplier to age 65/70) and pay for 25 years, then top up with direct term insurance for death/TPD. It's more value for money. Make sure you have a hospital plan and DII first though.

 

[Kaypohji]

Any recommendations for cancer insurance ?? Seems like a lot of companies offer that but is their definitions/covers for cancers the same ???,

 

[boredboiboi]

anw i saw this article on saying critical illness definition changing - does that affect existing policies?
if i have coverage until 2025 - do i have to extend now ?


https://blog.policypal.com/insurance/ci-2020/

Might not affect. Definition changes for any new policy taken up after that. Old one will follow the old one from what i know. That is why quite a number taking up before changes take place.

 

[boredboiboi]

i see thanks. so if mine expires in 2025 - the one after will be affected right If i choose to purchase a new one then

Yes correct.

 

[fantastyy]

anw i saw this article on saying critical illness definition changing - does that affect existing policies?
if i have coverage until 2025 - do i have to extend now ?


https://blog.policypal.com/insurance/ci-2020/

MSIG Cancer care the cheapest, shld I just get it ah? nid consider what other things ah? i basic coverage can already, thinking of getting one la

 

[supersnail0]

MSIG Cancer care the cheapest, shld I just get it ah? nid consider what other things ah? i basic coverage can already, thinking of getting one la

i think you already answer yourself leh.. like you say you only want basic coverage and want cheapest then just see price and buy lo ezpz. anyways the tractor guy share the policypal website like not bad got quite a lot of info.. i click lick click until see this page. You want can go see and compare later you regret.

https://blog.policypal.com/insurance/best-critical-illness-plans-in-singapore/

 

[financebytes]

Any recommendations for cancer insurance ?? Seems like a lot of companies offer that but is their definitions/covers for cancers the same ???,

for major cancers all usually same follow LIA guidelines but if u talking about early critical illness insurance then the coverage of each company will differ

 

[financebytes]

MSIG Cancer care the cheapest, shld I just get it ah? nid consider what other things ah? i basic coverage can already, thinking of getting one la

depends on ur needs. but personal standpoint, Better to have more coverage (eg. against heart attack) than just only for one specific CI like cancer

 

[financebytes]

wont affect any policy incepted before LIA change guidelines on CIA

 

[Scherzinger]

Anyone on axa CI

Dunno what should i get

32 yo now

 

[boredboiboi]

Anyone on axa CI

Dunno what should i get

32 yo now

What do you have? Have you gotten yourself disability income insurance?

 

[Scherzinger]

What do you have? Have you gotten yourself disability income insurance?

no bro

my agent only recommended me to get CI'

i only have shield plan with rider under private

 

[boredboiboi]

no bro

my agent only recommended me to get CI'

i only have shield plan with rider under private

Next to get would probably be Disability income then CI. Depending on your budget as well.