Critical Illness coverage (CI)

[BBCWatcher]

my agent only recommended me to get CI'

That could be because your agent doesn’t offer anything from AIA, Aviva, or Great Eastern, the three carriers in Singapore that offer Disability Income Insurance.

 

[financebytes]

Hi, if I am not wrong, CI must ride on a life plan right? Cannot buy stand alone CI plan right?

CI plan only cover till 60 correct? How to lengthen that?

CI riders pegged to Whole life plans til 99. There are standalone CI plans that covers early stages to advanced stages with alot of other benefits but not sure what age do they cover until. If not wrong up to 65/75 depends on company

 

[MaxZ123]

Hi, currently I am thinking of getting a CI plan before the CI definition changed in Mid August. Currently I am 33 years old.

Currently deciding between NTUC Income Star Assure and Prudential PruActive Life

For Star Assure with CI rider which is its Advanced Assure Accelerator.
I have option to have rider
Early Assure Accelerator which is to cover Early Critical Illness
or
Early Cancer Waiver for Star Assure and Advanced Assure Accelerator. (this will be cheaper with total premium less than $2K per year)
Its benefits for CI and Early CI riders are
Accidental Death Benefit,
Retrenchment Benefit(where premium wave for 6 mths if you are retrenched and no job for 3 months),
Special Benefit (for certain 10 medical condition, 30% of the sum’s assured will be payable (before multiplier))
Advanced Restoration Benefit (A claim under this benefit can only be made if there is a successful claim of the early and intermediate stage DD benefit and if the basic policy has not ended.
Upon diagnosis of the insured with certain few disease,50% of sum assured will be paid out.)
PruActive is Crisis Care (CI) plus Early Crisis Care (Early CI).
Early Crisis Care has special benefit that waive Early Crisis Care premium if suffer from early CI and also 2 other benefits
Accelerated Disability Benefit and Special Benefit (20% of the Early Crisis Care (PruActive Life) benefit sum assured, only once for each Special Medical Condition throughout the policy term, as long as the diagnosis is made when the life assured is below 85 years
Old. - Up to three different Special Medical Conditions)


The premium for Star Assure + CI + Early CI is slighty more expensive then PruActive ($2340 vs $2166 per year)but coverage is till age 70 while PruAcitve is till age 65.
Before age 65(PruActive)/70(Star Assure) sum assured is $50K x4 =$200K while after age 65/70, is $25K x4 = $100K

Thus I will like to ask whether Star Assure or PruActive is more worth it. I am currently leaning forward Star Assure but if I choose that, is Early CI rider more worth or the Premium waiver rider? Thank you.

 

[boredboiboi]

Hi, currently I am thinking of getting a CI plan before the CI definition changed in Mid August. Currently I am 33 years old.

Currently deciding between NTUC Income Star Assure and Prudential PruActive Life

For Star Assure with CI rider which is its Advanced Assure Accelerator.
I have option to have rider
Early Assure Accelerator which is to cover Early Critical Illness
or
Early Cancer Waiver for Star Assure and Advanced Assure Accelerator. (this will be cheaper with total premium less than $2K per year)
Its benefits for CI and Early CI riders are
Accidental Death Benefit,
Retrenchment Benefit(where premium wave for 6 mths if you are retrenched and no job for 3 months),
Special Benefit (for certain 10 medical condition, 30% of the sum’s assured will be payable (before multiplier))
Advanced Restoration Benefit (A claim under this benefit can only be made if there is a successful claim of the early and intermediate stage DD benefit and if the basic policy has not ended.
Upon diagnosis of the insured with certain few disease,50% of sum assured will be paid out.)
PruActive is Crisis Care (CI) plus Early Crisis Care (Early CI).
Early Crisis Care has special benefit that waive Early Crisis Care premium if suffer from early CI and also 2 other benefits
Accelerated Disability Benefit and Special Benefit (20% of the Early Crisis Care (PruActive Life) benefit sum assured, only once for each Special Medical Condition throughout the policy term, as long as the diagnosis is made when the life assured is below 85 years
Old. - Up to three different Special Medical Conditions)


The premium for Star Assure + CI + Early CI is slighty more expensive then PruActive ($2340 vs $2166 per year)but coverage is till age 70 while PruAcitve is till age 65.
Before age 65(PruActive)/70(Star Assure) sum assured is $50K x4 =$200K while after age 65/70, is $25K x4 = $100K

Thus I will like to ask whether Star Assure or PruActive is more worth it. I am currently leaning forward Star Assure but if I choose that, is Early CI rider more worth or the Premium waiver rider? Thank you.

If you ask here. This 2 will not be the option anymore.
Because there are better and cheaper options.
Like Aviva, manulife and china taiping.
Currently most choose aviva or manulife because of the most competitive premium.

U r 33 next or last birthday? Male or female? Smoker or non smoker? The number of years of paying premium for the above 2?
I generate a few quote as per what u mentioned to let u compare.

 

[MaxZ123]

If you ask here. This 2 will not be the option anymore.
Because there are better and cheaper options.
Like Aviva, manulife and china taiping.
Currently most choose aviva or manulife because of the most competitive premium.

U r 33 next or last birthday? Male or female? Smoker or non smoker? The number of years of paying premium for the above 2?
I generate a few quote as per what u mentioned to let u compare.

Thanks.
To answer your question:
33 is my last birthday, Male, Non smoker. I have not yet purchase either of the policy but the number of years that I will be paying for above 2 is 25 years.

Currently I have insurance financial consultant from each of the company. The main thing that I am still on the fence thinking whether to have Early Critical Illness rider or having Rider for Premium waiver. Do you have any opinion on this? Thank you.

 

[boredboiboi]

Thanks.
To answer your question:
33 is my last birthday, Male, Non smoker. I have not yet purchase either of the policy but the number of years that I will be paying for above 2 is 25 years.

Currently I have insurance financial consultant from each of the company. The main thing that I am still on the fence thinking whether to have Early Critical Illness rider or having Rider for Premium waiver. Do you have any opinion on this? Thank you.

Suggest to add eci rider than premium waiver since its a wholelife plan.
Premium waiver u wont get any payout as only stop paying premium, which receiving payout allows u to maybe stop work if required to cope with the expenses.

Just suggesting you to open to more options from other company other than the 2 quotes.

 

[winthony]

Thanks.
To answer your question:
33 is my last birthday, Male, Non smoker. I have not yet purchase either of the policy but the number of years that I will be paying for above 2 is 25 years.

Currently I have insurance financial consultant from each of the company. The main thing that I am still on the fence thinking whether to have Early Critical Illness rider or having Rider for Premium waiver. Do you have any opinion on this? Thank you.

Both riders works differently!

Early Critical Illness rider - pays out lump sum upon diagnosis of CI
Rider for Premium waiver - allows you to stop paying your premiums upon
diagnosis

Normally, people choose to opt in for the ECI rider as the lump sum payout helps when one is out of employment due to the diagnosis. The amount can be used to supplement treatment cost as well. The rider for premium waiver is good to add on if you still have "left-over" coverage on death after your ECI/CI claim.

So your consideration should be whether you want to get the lump sum payout during a diagnosis or simply having a premium waiver upon diagnosis

 

[zeniaul]

Hi there,

Would like to seek some help from the gurus in this thread Able to help with some recommendations with the following criteria?

ANB 29 years old, Female, Non smoker
Intended coverage of 500K CI (ECI can be lesser)
Open to WL (multiplier during working years) or Term plan
Not interested in multi pay option

Thanks

 

[boredboiboi]

Hi there,

Would like to seek some help from the gurus in this thread Able to help with some recommendations with the following criteria?

ANB 29 years old, Female, Non smoker
Intended coverage of 500K CI (ECI can be lesser)
Open to WL (multiplier during working years) or Term plan
Not interested in multi pay option

Thanks

For your age, a limited pay wholelife plan with 5 times multiplier to max out during your working life till age 70 will be a better deal. But need do some quote then know.
Maybe u can split up the 500k to 250k ci and 250k ci.

This is just suggestion.
But have to know your budget, Any dependents, your income and what plans unr currently holding.

A sample quote for your reference

Wholelife pay 25 year 500k death/tpd, 250k ci, 250k eci till age 70, after than become 100k , 50k, 50k - $3752.78/year.
Wholelife got cash value even if no claim at age 70

Term plan , 500k death/tpd, 250k eci, 250k ci till age 70 - $1972/year. After age 70 no covers, plans end if no claim and get back nothing.

Difference between term and wholelife

 

[winthony]

Hi there,

Would like to seek some help from the gurus in this thread Able to help with some recommendations with the following criteria?

ANB 29 years old, Female, Non smoker
Intended coverage of 500K CI (ECI can be lesser)
Open to WL (multiplier during working years) or Term plan
Not interested in multi pay option

Thanks

Hey there!
If you are looking at coverage of 500k for CI and you are still intending to add to ECI, your death coverage must be higher than 500k!

Perhaps a sample quotation is :

$130k base Death/TPD with 5x multiplier to bring it to $650k
$100k base CI with 5x multiplier to $500k
$30k base ECI with 5x multiplier to $150k

Multiplier expiry at 70
Annually :$4462.12 for 25 years

Alternatively, if you are looking at 500k death coverage, split 50/50

$100k base Death/TPD with 5x multiplier to bring it to $500k
$50k base CI with 5x multiplier to $250k
$50k base ECI with 5x multiplier to $250k

Multiplier expiry at 70
Annually :$3752.78 for 25 years

Term wise, if you are looking at getting ECI, do you wish for it to be accelerated rider or not?

Non-Accelerated :
$500k death/tpd
$500k CI
$150k ECI (covers both ECI and CI)

Ends at 70 years old
Annually : $2651.90

Accelerated :
$650k death/tpd
$500k CI
$150k ECI (covers both ECI and CI)

Ends at 70 years old
Annually : $2359

 

[MaxZ123]

If you ask here. This 2 will not be the option anymore.
Because there are better and cheaper options.
Like Aviva, manulife and china taiping.
Currently most choose aviva or manulife because of the most competitive premium.

thanks for the advice Do you have any example quote or recommendation from Aviva or Manulife? Thank you.

 

[boredboiboi]

thanks for the advice Do you have any example quote or recommendation from Aviva or Manulife? Thank you.

Yes.
Will quote for u soon for this 2
For me i usually use 5 times multiplier. Since u wan to use 4. Will use 4 for u.
I will base on the same as ntuc to quote for u

Pru not apple to apple compare actually. But to apple to apple compare i can do it for aviva till 65.
Aviva multiplier till 65 - $2095.25/year
Manulife and china taiping dont have till 65

The premium for ntuc is $2340.15/year

For aviva is slightly higher for till 70 $2475.25/year

Manulife till 70 $2335.35/year
And got 15% discount for first year

 

[gohsj89]

I am extremely torn apart between

1) PruActive life $2.8k/yr, till 65
2) Aviva MyWholeLifePlan III $2.6k/yr, till 65
3) Manulife LifeReady Plus $2.7k/yr, till 70

Can any gurus advise me please?

Aviva seems to have 20 lesser additional coverage as compared to the other 2..
Manulife and Prudential are more or less similar in their CI/ECI

But honestly, how is the ease of claim compared among the 3 mentioned above? I am not very sure of Manulife as I have some bias. And SDIC does not covers exactly of what I bought. Or am I overthinking?

 

[winthony]

I am extremely torn apart between

1) PruActive life $2.8k/yr, till 65
2) Aviva MyWholeLifePlan III $2.6k/yr, till 65
3) Manulife LifeReady Plus $2.7k/yr, till 70

Can any gurus advise me please?

Aviva seems to have 20 lesser additional coverage as compared to the other 2..
Manulife and Prudential are more or less similar in their CI/ECI

But honestly, how is the ease of claim compared among the 3 mentioned above? I am not very sure of Manulife as I have some bias. And SDIC does not covers exactly of what I bought. Or am I overthinking?

The additional CIs coverage is subjected to the company's definition as they are not the 37 CI defined by LIA! It's something like "nice to have" but not "must have" because these "extra" CIs are really very very rare in nature and when it comes to claim, you are not sure how the companies define as severe or not.

The Life Insurance Association Singapore (LIA) has standard Definitions for 37 severe stage Critical Illnesses (Version
2014). These Critical Illnesses fall under Version 2014. You may refer to www.lia.org.sg for the standard Definitions
(Version 2014). For Critical Illnesses that do not fall under Version 2014, the definitions are determined by the insurance
company.

If you look at the fine prints regarding the extended critical illnesses. I am not saying the companies will not pay out but simply saying, you have to fit the definition to get the claim and i ran through both Manulife and Prudential Policy Summary to take a look as to what are their definitions. However, it is not found inside.

Ease of claim I would say it is subjective. Some people experience bad experience here and there from all 3 companies So far I would rate Aviva > Manulife in terms of claim processing based on experience but both companies are still relatively popular due to its competitive premiums. I do not have experience with Prudential as I do not represent them.

For insurance product, it is covered under the policy owners' protection scheme!
Refer to this for more information
https://www.sdic.org.sg/public/pp_overview

 

[boredboiboi]

I am extremely torn apart between

1) PruActive life $2.8k/yr, till 65
2) Aviva MyWholeLifePlan III $2.6k/yr, till 65
3) Manulife LifeReady Plus $2.7k/yr, till 70

Can any gurus advise me please?

Aviva seems to have 20 lesser additional coverage as compared to the other 2..
Manulife and Prudential are more or less similar in their CI/ECI

But honestly, how is the ease of claim compared among the 3 mentioned above? I am not very sure of Manulife as I have some bias. And SDIC does not covers exactly of what I bought. Or am I overthinking?

Just wondering why is ur 2nd option until 65?
Claim wise as long as it fits the definition. It will be paid out.

What bias do you have?

20 more conditions is is better than no extra conditions covered and these are 100% payout and these are not special benefits that pay 10% and cap at 25k.

What u mean by sdic does not covers exactly what you bought?

 

[gohsj89]

The additional CIs coverage is subjected to the company's definition as they are not the 37 CI defined by LIA! It's something like "nice to have" but not "must have" because these "extra" CIs are really very very rare in nature and when it comes to claim, you are not sure how the companies define as severe or not.

Ease of claim I would say it is subjective. Some people experience bad experience here and there from all 3 companies So far I would rate Aviva > Manulife in terms of claim processing based on experience but both companies are still relatively popular due to its competitive premiums. I do not have experience with Prudential as I do not represent them.

For insurance product, it is covered under the policy owners' protection scheme!
Refer to this for more information
https://www.sdic.org.sg/public/pp_overview

Actually I am still trying to convince myself to get Aviva, but the offer and coverage,

I am still confident with Aviva so to speak.

And I agree that the additional coverage is..

 

[winthony]

Just wondering why is ur 2nd option until 65?
Claim wise as long as it fits the definition. It will be paid out.

What bias do you have?

20 more conditions is is better than no extra conditions covered and these are 100% payout and these are not special benefits that pay 10% and cap at 25k.

What u mean by sdic does not covers exactly what you bought?

Claim wise as long as it fits the definition. It will be paid out.

This I agree fully. However, I can't seem to find out what are their definitions on the extended list of CIs. It would be hard to gauge what the company deems appropriate to payout as compared to lets say, a fixed set of definitions that all insurers adopt. Hopefully what I am saying is coherent enough

 

[gohsj89]

Just wondering why is ur 2nd option until 65?
Claim wise as long as it fits the definition. It will be paid out.

What bias do you have?

20 more conditions is is better than no extra conditions covered and these are 100% payout and these are not special benefits that pay 10% and cap at 25k.

What u mean by sdic does not covers exactly what you bought?

Actually my option is till 65 but Manulife’s offers until 70. That’s why.

Bias as based in certain reviews I could even gather with google search.

For the SDIC part, does it covers a specified limit or 1-1 based on what I have initially purchased?

 

[winthony]

Actually I am still trying to convince myself to get Aviva, but the offer and coverage,

I am still confident with Aviva so to speak.

And I agree that the additional coverage is..

I would say, if I am coming from the consumer point of view, what I am looking out for is :

1) Customer experience
2) Claim processing
3) Premium
4) Coverage

Albeit Aviva is lacking in the extra coverage, some of those fall under the special benefit that pays an additional 20% of the
Base Sum Assured of this Supplementary Benefit (capped at SGD25,000 per life per condition) with a maximum of 6 claims.

Other than that, premium wise it seemed reasonable enough to cover what I wish to be essentially covered for if compared to insurers across the board.

Coming from an adviser pov, so far I would say Aviva has been rather pleasing to work with in terms of processing speed and inquiry. Claim wise has been fast enough as compared to others.

But end of the day, the core of the product does not differ from one another. It is up to you to determine if the extra coverage warrants the extra premium you are paying

 

[boredboiboi]

Actually my option is till 65 but Manulife’s offers until 70. That’s why.

Bias as based in certain reviews I could even gather with google search.

For the SDIC part, does it covers a specified limit or 1-1 based on what I have initially purchased?

Bias wise not much i can help with but is up to individual.
Understand the part where aviva has till 65 but not manulife. Its the company backend planning.
Sdic limit actually i dont quite get what u mean but it applies to all insurers.