Early Critical Advice needed

[February29]

Hi good people,

My advisor has recommended me a couple of plans for early critical illness.
It seems that insurance companies are having plans that cater to more than once payment once you contract critical illness and early ones.

He has recommended me to take up Manulife Ready Complete Care. In my own research, I came across many early critical illness plans that seemed to be better or cheaper. As a newbie to all these, I am rather confused between them.

Some of the plans I came across are
a) Aviva Multipay
b) AIA triple cover
c) Prumultipler crisis
d) AXA early critcare
e) TM Multicare

Hope the experts here can shade some light to a very confused chap here. Quotation are welcome too.
I am 28 years old male non-smoker.

Thank you in advance!

 

[Perisher]

Do you go for half yearly check up? Or minimum yearly check up?
Coz if you don't, ECI ain't gonna be worth the $$.

 

[Maeda_Toshiie]

Hi good people,

My advisor has recommended me a couple of plans for early critical illness.
It seems that insurance companies are having plans that cater to more than once payment once you contract critical illness and early ones.

He has recommended me to take up Manulife Ready Complete Care. In my own research, I came across many early critical illness plans that seemed to be better or cheaper. As a newbie to all these, I am rather confused between them.

Some of the plans I came across are
a) Aviva Multipay
b) AIA triple cover
c) Prumultipler crisis
d) AXA early critcare
e) TM Multicare

Hope the experts here can shade some light to a very confused chap here. Quotation are welcome too.
I am 28 years old male non-smoker.

Thank you in advance!

Do you actually need Early CI? Just because your "advisor" pushes a product to you, you are not obliged to buy.

 

[havetheveryfun]

need more info like the price and coverage

but all the other plans are probably around the same prices anyway, since the industry is so competitive

 

[Toni90]

U can discuss with your advisor? Ask him why it better lah?

 

[February29]

Do you go for half yearly check up? Or minimum yearly check up?
Coz if you don't, ECI ain't gonna be worth the $$.

I do a yearly check up courtesy of my company.
I reckon it is worthwhile

 

[February29]

U can discuss with your advisor? Ask him why it better lah?

He told me that I would need it on top of hospital plan because I will need money to feed myself and other expenses which I think is ok.

But he is from Manulife so it is hard to ask him why it is better than others

 

[BBCWatcher]

He told me that I would need it on top of hospital plan because I will need money to feed myself and other expenses which I think is ok.

Hospitals serve meals to hospital patients, and there's no additional charge for them -- they're part of the room charge. You're not going to starve in a hospital.

Why would you need money if you're hospitalized? You'd need money only if you have a loss of income (you're fired, or placed on unpaid medical leave) and if you do not have adequate wealth to support yourself. That's the risk.

You don't need early anything in terms of income replacement, or at least you shouldn't. If you're fired within the next 5 minutes, Early Critical Illness insurance pays zero. But you still have income loss. You solve that problem by having adequate emergency reserve funds -- Singapore Savings Bonds are nice -- and by finding alternative employment, in due course.

But what if you are physically unable to work? Well, Early Critical Illness insurance might or might not help. It depends on the cause of the disability. If you get run over by a bus and cannot work, CI insurance of any sort probably doesn't help. The cause of the inability to work (and earn an income) has to be on the list of causes. And, in addition, even if you do qualify for payouts, the payouts are limited. What if you can't work for the rest of your life?

Did your insurance agent point out any of these issues?

....What risks are you trying to mitigate? Have you thought this through?

 

[Gonjeng]

Hi good people,

My advisor has recommended me a couple of plans for early critical illness.
It seems that insurance companies are having plans that cater to more than once payment once you contract critical illness and early ones.

He has recommended me to take up Manulife Ready Complete Care. In my own research, I came across many early critical illness plans that seemed to be better or cheaper. As a newbie to all these, I am rather confused between them.

Some of the plans I came across are
a) Aviva Multipay
b) AIA triple cover
c) Prumultipler crisis
d) AXA early critcare
e) TM Multicare

Hope the experts here can shade some light to a very confused chap here. Quotation are welcome too.
I am 28 years old male non-smoker.

Thank you in advance!

lol. keep your money. if you have critical illness, no point living already.

 

[JuniorLion]

Early CI is one of the most expensive type of insurance out there.

CI is sufficient, don't go for Early CI.

 

[February29]

Do you actually need Early CI? Just because your "advisor" pushes a product to you, you are not obliged to buy.

Make sense to me.
If I have early stage cancer and unable to work, my savings can only last me this long.
If I have a 200k payout, at least can last a bit longer

 

[February29]

Hospitals serve meals to hospital patients, and there's no additional charge for them -- they're part of the room charge. You're not going to starve in a hospital.

Why would you need money if you're hospitalized? You'd need money only if you have a loss of income (you're fired, or placed on unpaid medical leave) and if you do not have adequate wealth to support yourself. That's the risk.

You don't need early anything in terms of income replacement, or at least you shouldn't. If you're fired within the next 5 minutes, Early Critical Illness insurance pays zero. But you still have income loss. You solve that problem by having adequate emergency reserve funds -- Singapore Savings Bonds are nice -- and by finding alternative employment, in due course.

But what if you are physically unable to work? Well, Early Critical Illness insurance might or might not help. It depends on the cause of the disability. If you get run over by a bus and cannot work, CI insurance of any sort probably doesn't help. The cause of the inability to work (and earn an income) has to be on the list of causes. And, in addition, even if you do qualify for payouts, the payouts are limited. What if you can't work for the rest of your life?

Did your insurance agent point out any of these issues?

....What risks are you trying to mitigate? Have you thought this through?

I think our perspectives differ because of age and resource difference.
I have yet to build up a substantial saving to tahan a shock to the system i.e early stage illness.
That is why I am worried.

 

[Perisher]

I think our perspectives differ because of age and resource difference.
I have yet to build up a substantial saving to tahan a shock to the system i.e early stage illness.
That is why I am worried.

Recommend you build up 6 month worth of living expenses instead then.

 

[Mecisteus]

I think our perspectives differ because of age and resource difference.
I have yet to build up a substantial saving to tahan a shock to the system i.e early stage illness.
That is why I am worried.

Then it is more important for you to build up your savings.

Don't waste too much money on insurance. I think your agent needs you to buy the plan more than you really need the plan.

 

[chiusa]

How about Mortgage Reducing Term Assurance? Should I buy it if I have housing loan?

 

[Mecisteus]

How about Mortgage Reducing Term Assurance? Should I buy it if I have housing loan?

This insurance is very cheap isn't it?

It is like a term life insurance but with declining coverage.

 

[wira]

Make sense to me.
If I have early stage cancer and unable to work, my savings can only last me this long.
If I have a 200k payout, at least can last a bit longer

Do note that usually if you have early stage CI most likely you are still able to work and you’re hospitalisation plan should cover your medical bills.
If cannot even work means already late stage CI.

 

[February29]

Then it is more important for you to build up your savings.

Don't waste too much money on insurance. I think your agent needs you to buy the plan more than you really need the plan.

I can't really save up 200k in next 5 years.
That is why I am thinking of getting the best plan out there for the interim

 

[JuniorLion]

I can't really save up 200k in next 5 years.
That is why I am thinking of getting the best plan out there for the interim

Early Stage CI is considered a luxury. Unless you do have pressing reasons for purchasing it, I am of the opinion that the money could be better spent.

Many have mentioned that if you have early stage CI, you could still work, hence the payout is unnecessary. Otherwise, if you have CI (i.e. considered late stage), then the payout is meant to tide over your family more than you during the trying times.

3 most important insurance (must-have) in Singapore:
1) Private Medical Insurance
2) Critical Illness
3) Term/Life

Others are considered luxuries.

 

[Perisher]

I can't really save up 200k in next 5 years.
That is why I am thinking of getting the best plan out there for the interim

Wow, your expenditure is 200k over 6mth?