Critical Illness coverage (CI)

[winthony]

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?

For Policy Owners Protection Scheme, when you hold a product from one company and that company exits, the scheme kicks in.

Normally what happens is another insurer has to take over the policy as per how it is in terms of coverage and premium. This has happened before to
Zurich Life to Singapore Life

 

[boredboiboi]

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

U cant find out the definition? how can it be, i just seen it with each condition description.

 

[gohsj89]

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

Just hope that end of the day, not so suay that I kena those super rare.
I not sure how rare is rare, but if really so suay, let my kids have my death payout better lol.

I would conclude that Manulife has the best value.
Other small benefit like Aviva offer interest free while you are looking for job whereas Manulife does a waiver of 6 months if I did not read wrongly.

Prudential probably cost the most for me.

Honestly, never claim, you won’t know.
Its all thru words of mouth, just like you and me.

Ultimately, we buy insurance, and when we claim, we really mean it.

 

[gohsj89]

For Policy Owners Protection Scheme, when you hold a product from one company and that company exits, the scheme kicks in.

Normally what happens is another insurer has to take over the policy as per how it is in terms of coverage and premium. This has happened before to
Zurich Life to Singapore Life

So its status quo for consumer like us?

 

[boredboiboi]

Just hope that end of the day, not so suay that I kena those super rare.
I not sure how rare is rare, but if really so suay, let my kids have my death payout better lol.

I would conclude that Manulife has the best value.
Other small benefit like Aviva offer interest free while you are looking for job whereas Manulife does a waiver of 6 months if I did not read wrongly.

Prudential probably cost the most for me.

Honestly, never claim, you won’t know.
Its all thru words of mouth, just like you and me.

Ultimately, we buy insurance, and when we claim, we really mean it.

And 1 more thing to add. If u r pink of health. Ur premium will drop further for manulife. Its call health advantage benefit.

Personally myself is more towards manulife.

 

[boredboiboi]

So its status quo for consumer like us?

Yes in a way. But not to group insurance as they can choose not to continue.

 

[gohsj89]

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.

I believe every insurance company has their own strength and weaknesses in every other products in comparison.

In your experience, how would you consider and compare between the 3 I mentioned, namely Prudential, Aviva and Manulife? In broad sense for Lifeplan + ECI/CI

 

[winthony]

U cant find out the definition? how can it be, i just seen it with each condition description.

You mind posting the SS? Perhaps I am glancing through and not looking carefully because I did a document search after generating a preview of the policy to find out

 

[winthony]

So its status quo for consumer like us?

Yeap, but for group insurance they might not do so in exact terms

 

[boredboiboi]

I believe every insurance company has their own strength and weaknesses in every other products in comparison.

In your experience, how would you consider and compare between the 3 I mentioned, namely Prudential, Aviva and Manulife? In broad sense for Lifeplan + ECI/CI

Prudential i cant market their product so cant comment much.
Manulife underwriting is more stricter than aviva, thus i wont worry for any claims in the future. As it happens before due to conditions not fully declared.
Example manulife call for annual full body check reports while aviva dont if declare everything normal for annual full body check up.
And manulife actually found something and go ahead with loading which aviva go ahead with standard accept as aviva didnt call for the report and thus not knowing about the condition. So in future when claim arise, u know something will happen. Claim will most likely be rejected.

 

[winthony]

And 1 more thing to add. If u r pink of health. Ur premium will drop further for manulife. Its call health advantage benefit.

Personally myself is more towards manulife.

Yeap, but it excludes riders.

Basically how it works is if you qualify for the health advantage benefit, upon policy issuance you will be notified. After the first 2 policy year, if you meet the given set of health targets as they will send you a form to fill and verify it, you enjoy the lower premium if not it will revert back to standard premium! So pretty good if you are healthy

 

[boredboiboi]

Yeap, but it excludes riders.

Basically how it works is if you qualify for the health advantage benefit, upon policy issuance you will be notified. After the first 2 policy year, if you meet the given set of health targets as they will send you a form to fill and verify it, you enjoy the lower premium if not it will revert back to standard premium! So pretty good if you are healthy

Yup u r right on this. I have clients more than 2 years into the older version which is lifeready without plus and their simple annual checkup can provide the info easily.

 

[winthony]

Yup u r right on this. I have clients more than 2 years into the older version which is lifeready without plus and their simple annual checkup can provide the info easily.

Not saying its tough!

Just sharing as to how it works, it goes both way actually. Some people have the fear that the annual checkup could discover something and in return, they might not be able to get coverage or coverage with conditions albeit the severity of the condition did not impact their daily lives. I do have clients who opt not to do so

 

[gohsj89]

Prudential i cant market their product so cant comment much.
Manulife underwriting is more stricter than aviva, thus i wont worry for any claims in the future. As it happens before due to conditions not fully declared.
Example manulife call for annual full body check reports while aviva dont if declare everything normal for annual full body check up.
And manulife actually found something and go ahead with loading which aviva go ahead with standard accept as aviva didnt call for the report and thus not knowing about the condition. So in future when claim arise, u know something will happen. Claim will most likely be rejected.

I think you bought up an important point but can simplify?
Apologies. I am really nuts with this

 

[gohsj89]

Not saying its tough!

Just sharing as to how it works, it goes both way actually. Some people have the fear that the annual checkup could discover something and in return, they might not be able to get coverage or coverage with conditions albeit the severity of the condition did not impact their daily lives. I do have clients who opt not to do so

Meaning if the check up shows something bad, manulife will exclude?

 

[boredboiboi]

I think you bought up an important point but can simplify?
Apologies. I am really nuts with this

Simplified hmmmm.
Manulife will do a more strict underwriting. If u declare of any checks done be it big or small checks. They will request for full reports.
Aviva wont call for it if u declared clean bills on the medical checks.

 

[boredboiboi]

Meaning if the check up shows something bad, manulife will exclude?

Nope. Just that ur premium will go back to the premium u initially quoted without health advantage benefit.

But it defeat the purpose of buying eci if u worry about picking up something during a check up. Detect early and cure it isnt it the purpose of getting an eci?

 

[winthony]

Prudential i cant market their product so cant comment much.
Manulife underwriting is more stricter than aviva, thus i wont worry for any claims in the future. As it happens before due to conditions not fully declared.
Example manulife call for annual full body check reports while aviva dont if declare everything normal for annual full body check up.
And manulife actually found something and go ahead with loading which aviva go ahead with standard accept as aviva didnt call for the report and thus not knowing about the condition. So in future when claim arise, u know something will happen. Claim will most likely be rejected.

I beg to differ on your latter statement.

Refer to this https://www.straitstimes.com/forum/...mers-must-come-clean-about-medical-conditions

I think it is the responsibility of the applicant to disclose all medical information truthfully. You will notice that at the end of the application before you sign, you have to acknowledge that you disclosed all material truth to the best of your knowledge. The onus is on you to provide the truth and in the event it is discovered that you actually chose not to disclose, i think in the future if your claims is rejected, you know on what grounds they did it on.

Thus, I always advise my clients to disclose every single thing as truthful as possible. Don't try to hide information just to increase your odds of having normal coverage. It is a norm for insurers to not carry out any further checks or request for medical examination if the applicant has nothing to disclose. I dont think in this case you can fault any insurers for not imposing stricter measures to safeguard their own interest because as quoted "An insurance policy is a legally binding contract based on utmost good faith on the part of the applicant."

End of the day, I think if you are truthful, you don't have to fear that you are unable to get your claims

Simplified hmmmm.
Manulife will do a more strict underwriting. If u declare of any checks done be it big or small checks. They will request for full reports.
Aviva wont call for it if u declared clean bills on the medical checks.

Now I am going to play the devil's advocate haha. Not trying to argue or pick a fight but I think if you declare you have any checks done to any insurers, they will request for the reports. Likewise, if you declare clean bill of health, I don't think there is any report to furnish

 

[gohsj89]

Simplified hmmmm.
Manulife will do a more strict underwriting. If u declare of any checks done be it big or small checks. They will request for full reports.
Aviva wont call for it if u declared clean bills on the medical checks.

Hmmm.. I am not sure if in the essence of time to meet the new definition could I let manulife to pre-access my condition

Medical report takes time but the deadline for the current definition is like this week or next.

But I think i get your point.
Manulife having a more clear cut details of your body will pay accordingly based on what they accepted you initially based on the report produced upon inception? Whereas for Aviva, there is a chance if ambiguity if I understand this correctly?

 

[boredboiboi]

Hmmm.. I am not sure if in the essence of time to meet the new definition could I let manulife to pre-access my condition

Medical report takes time but the deadline for the current definition is like this week or next.

But I think i get your point.
Manulife having a more clear cut details of your body will pay accordingly based on what they accepted you initially based on the report produced upon inception? Whereas for Aviva, there is a chance if ambiguity if I understand this correctly?

Manulife is sign before the cut off date. Inception can be later. Apply to all insurers as well. Cut off date is signing and submitting the applications.

That what i encounter when submitting 2 applications. Because the client was saying doctor say everything is good. As we dont know how to read reports, thus to client yes everything is good. There are time where doctor also will miss out here or there. So we take doctors words as yes pink of health.