Early critical illness plan

[princessping]

Do you think early critical illness plan is essential? Currently 32 years old and I have no illness but I am thinking if it is necessary to purchase one?

I have 1 limited-pay WL policy that amounts up to 100k and I wonder if I should take up the one recommended by my agent - Tokio Marine Legacy plan which includes early critical illness plan. She suggest I should increase my WL policy plan to at least 200k or 4 times my annual salary. I also have 1 medi-shield plan that allows me to stay in private ward and deducted through my medisave.


I have no dependents, single and just need to cover my parent's living expenses as well for myself. I am seeking everyone's opinion if it is necessary to buy early critical illness plan or our basic medishield plan is enough to cover?

 

[Aerial86]

Do you think early critical illness plan is essential? Currently 32 years old and I have no illness but I am thinking if it is necessary to purchase one?

I have 1 limited-pay WL policy that amounts up to 100k and I wonder if I should take up the one recommended by my agent - Tokio Marine Legacy plan which includes early critical illness plan. She suggest I should increase my WL policy plan to at least 200k or 4 times my annual salary. I also have 1 medi-shield plan that allows me to stay in private ward and deducted through my medisave.


I have no dependents, single and just need to cover my parent's living expenses as well for myself. I am seeking everyone's opinion if it is necessary to buy early critical illness plan or our basic medishield plan is enough to cover?

PM sent! Do read it up

 

[Lewis.T]

In my opinion if you have an integrated shield plan in place, the priority shouldn't be on early stage critical illness.

What you should do is increase your coverage with a term plan, so that if critical illness happens the person doesn't become a liability to the family, but at the same time managing your expenses because term plans are much more cost effective for coverage than whole life plans. It also means that your parents can have a continual stream of your income even if you are no longer around.

I'll pm you a quotation of a term plan from Pru to show you the cost for coverage you can expect.

Pru Agent

 

[SpinFire]

You already have a $100k WL policy, it's enough. For additional coverage, just get term insurance.

 

[RockyHero]

Do you think early critical illness plan is essential? Currently 32 years old and I have no illness but I am thinking if it is necessary to purchase one?

I have 1 limited-pay WL policy that amounts up to 100k and I wonder if I should take up the one recommended by my agent - Tokio Marine Legacy plan which includes early critical illness plan. She suggest I should increase my WL policy plan to at least 200k or 4 times my annual salary. I also have 1 medi-shield plan that allows me to stay in private ward and deducted through my medisave.


I have no dependents, single and just need to cover my parent's living expenses as well for myself. I am seeking everyone's opinion if it is necessary to buy early critical illness plan or our basic medishield plan is enough to cover?

Go for TM Legacy Lifetime with Early Care Rider embeded, the coverage is comprehensive enough, you pay limited number of years for a lifetime coverage. Your coverage for Early Care is multiplied for a lifetime and you accumulate cash value as well.

 

[aural]

Depending on your income I might suggest a mix between whole life and or term insurance for your early critical illness. Do read the fine prints for all the early critical illness like the limits payable. Usually I'll recommend up to the max of the company's limits and not higher than necessary to my clients.

Despite what some might argue about no need for early critical illness, for ladies it might just make sense to get one to an appropriate amount as the early critical illness does cover early stage woman's cancer which the payout could be useful for specific needs at that stage.

There are a few good plans around. Just compare the benefits and cost before making a decision. If u want to discuss pm me.

 

[bigmice]

Do you think early critical illness plan is essential? Currently 32 years old and I have no illness but I am thinking if it is necessary to purchase one?

I have 1 limited-pay WL policy that amounts up to 100k and I wonder if I should take up the one recommended by my agent - Tokio Marine Legacy plan which includes early critical illness plan. She suggest I should increase my WL policy plan to at least 200k or 4 times my annual salary. I also have 1 medi-shield plan that allows me to stay in private ward and deducted through my medisave.


I have no dependents, single and just need to cover my parent's living expenses as well for myself. I am seeking everyone's opinion if it is necessary to buy early critical illness plan or our basic medishield plan is enough to cover?

for whole life policy already enough, but the coverage still short, so you may buy some term plan.
if your medishield only pay from CPF account,means you without rider, better buy the rider.
after that may think about some accident plan.

 

[kuro]

I have a different opinion on early stage plan as a rider that covers till 99.

Early stage critical illness plan is relatively new in the market. Which means, it will only get better and cheaper when it is more common. A stand alone plan with a term duration that covers your working period will better. Why cover till 99? It only means you are paying more for that little sum assured. And by old age, your sum assured will be "eaten" by inflation.

Next, forget about getting more than $150,000 sum assured for a early stage CI plan. There is a cap on how much you can claim for early stage CI. Anything more means you are putting excess money for an expensive plan to cover your basic CI needs.

Do not bother increasing your WL plan. As a single with parents as your dependents. What you require is a term plan to covers the period of life expectancy of your parent and your working period.

Get yourself insurance with an accident plan and probably a income replacement plan.

 

[princessping]

I have a different opinion on early stage plan as a rider that covers till 99.

Early stage critical illness plan is relatively new in the market. Which means, it will only get better and cheaper when it is more common. A stand alone plan with a term duration that covers your working period will better.

Is there a standalone early stage CI plan in the market? From what I know, most are tied with WL policy.

 

[Lewis.T]

Yes, prudential has such a plan. We probably aren't the only one either

 

[sgtsickox]

AIA complete critical cover for early stage stand alone.

 

[sgtsickox]

Do you think early critical illness plan is essential? Currently 32 years old and I have no illness but I am thinking if it is necessary to purchase one?

I have 1 limited-pay WL policy that amounts up to 100k and I wonder if I should take up the one recommended by my agent - Tokio Marine Legacy plan which includes early critical illness plan. She suggest I should increase my WL policy plan to at least 200k or 4 times my annual salary. I also have 1 medi-shield plan that allows me to stay in private ward and deducted through my medisave.


I have no dependents, single and just need to cover my parent's living expenses as well for myself. I am seeking everyone's opinion if it is necessary to buy early critical illness plan or our basic medishield plan is enough to cover?

Death and critical illness, which one cost more? Upon death, you have coverage to provide for your parents. Upon critical illness, you need $ for your parents as well as yourself. Thus i feel got to get full hospitalization insurance, followed by critical illness and lastly death.

 

[chopra]

Not impt.
Do you think you can work during early ci?

If so, why buy?

Next you had only talked about the insurance part in the first post. Do you know WL has an investment component - tts why you get returns? Are you buying the wrong thing? Should be term insurance instead if you have had wanted an insurance plan.

 

[princessping]

Not impt.
Do you think you can work during early ci?

If so, why buy?

Next you had only talked about the insurance part in the first post. Do you know WL has an investment component - tts why you get returns? Are you buying the wrong thing? Should be term insurance instead if you have had wanted an insurance plan.

So early stage critical illness plan is redundant? I have plans to get married and have children so I am thinking is it better to get another WL policy with early stage illness -tokio marine plan or term insurance. I am not too savvy with investing.

 

[Lewis.T]

Not sure if you've read my first post in this thread, but I'll reiterate. Early stage cover is good to have but not necessary. There are things higher up on the list like a hospitalization plan payable my medisave, which you say you have.

Second priority should be into a term coverage, giving you the adequate coverage you need especially since you are getting married and planning for children. If you get a whole life plan you'll need to sink in way too much $ in it for sufficient coverage.

I have left you a quotation in your private message for a term plan, that shows you roughly the prices you can expect for the coverage.

If you're not good at investing it doesn't matter. There are foolproof ways to do them, you don't need to know how to invest even!

 

[wooty100]

Early stage claims are easier and thus more expensive. There has been discussions on how the present CI definitions under LIA standard terms does not cover early stages, leaving policy owners a gap in their coverage. If you are in for full coverages, then early stages makes perfect sense.

Of course, if you were to point out, it is about dollars and cents. You could get a decent early stage coverage with approx $100/mth or less at about $100,000 or so. Do refer for quotes. I can provide Zurich ZCare . Do pm if you would like to have a quotation.

 

[chopra]

So early stage critical illness plan is redundant? I have plans to get married and have children so I am thinking is it better to get another WL policy with early stage illness -tokio marine plan or term insurance. I am not too savvy with investing.

You should read more before going into another WL.
Be reactive - get it after you get married. get it after u have baby. Not before.

Read more in this forum. Time is on your side.

 

[daveltl@hotmail.com]

during the early stage u claim a small percentage of the early critical illness, than full amount later when developed to later stage. however are u still able to claim the old critical illness cover after u claim the new early critical illness ( which is 2 different policy)

 

[kebinu]

For early ci plan at Ge, just buy $100k to get 100% payout for early stage.

Again, this is recommend people with tight cash flow to tide thru the treatment stage.

Otherwise, it's not necessary.

 

[(o.o)y]

I think early stage critical illness is good to have, but I think you might want to focus your priority on other areas first before going to early stage CI since you only have 100k sum assured WL.