How much for Critical Illness Coverage?

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kzonexx

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hi...


How do I calculate how much CI coverage do I need?
I already have sufficient hospitalisation & mortgage coverage.
What are the expected expenses one normally associate with CI?
 
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chottohen

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Take current expenses per month and multiply for 5 years. That should be what you aim for ideally.
 
Layers

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My advisor did the same. Calculate expenses per yr. Times x amount depending on how many yrs u need. standard sop.

Another way is to have enuff to cover a hdb. If next time mati, your dependent dun need to worry about mortgage.

For me. More impt kena critical illness but wont die within a yr. At least dun need to work anymore. Dahan with the insurance payout.

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Strikk

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Can I just buy CI policy from a different company without buying their ISP? or any other plan?

Im using AIA ISP but would like to explore CI plan from let say Great Eastern.
 
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kzonexx

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If that's the case, wouldn't it better to get income replacement insurance instead of CI?




chottohen said:
Take current expenses per month and multiply for 5 years. That should be what you aim for ideally.
Click to expand...

Layers said:
My advisor did the same. Calculate expenses per yr. Times x amount depending on how many yrs u need. standard sop.

Another way is to have enuff to cover a hdb. If next time mati, your dependent dun need to worry about mortgage.

For me. More impt kena critical illness but wont die within a yr. At least dun need to work anymore. Dahan with the insurance payout.

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Click to expand...
 
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kzonexx

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Layers said:
Income replacement is monthly. And only if u are unable to work.
Maybe last until recover. If handicap, payout until sum assured? not v sure abit it.

CI is lump sum payment. Immediately take all

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Click to expand...


pay till age 65 (or younger if you choose so). Looking at the list of CI, these are very major illness which would likely cause you not being able to continue your existing job. Let's say u cover for $5K a month, 2 years of not being able to work already covers $120K plus some rehabilitation benefits.
 
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ozmakappa

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just posted a reply in another thread.

Most standalone CIs are very expensive and early CI plans costs even more.
A quote from GE for early CI costs about $2k with no surrender value.

The cheapest I know is from Aviva under the Group Term for NS men.
 
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milogodzilla

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For CI, i know there's a diff btw early CI and CI.
Just CI alone won't cover for e.g. stage 1 cancer, I went for early CI. It's expensive.
 
Layers

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kzonexx said:
pay till age 65 (or younger if you choose so). Looking at the list of CI, these are very major illness which would likely cause you not being able to continue your existing job. Let's say u cover for $5K a month, 2 years of not being able to work already covers $120K plus some rehabilitation benefits.
Click to expand...
Well it covers the loophole for illness that not cover under CI

Other than that and TPD. What can cause a major disruption of work n income?

Coma, broken bones, dengue, hospitalization, fever?

I guess i am covered with my ISP n accident plan other than fever.

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Lewis.T

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Early C.I allows you to claim the full sum assured when you get a C.I.

It's basically just C.I coverage that's easier to meet the definitions of the claimable event.
 
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kzonexx

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Layers said:
Well it covers the loophole for illness that not cover under CI

Other than that and TPD. What can cause a major disruption of work n income?

Coma, broken bones, dengue, hospitalization, fever?

I guess i am covered with my ISP n accident plan other than fever.

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Click to expand...



any illness or injury that doesn't allow you to perform your existing job. Key thing is your existing job. So if u can only work as a receptionist instead of a surgeon after ur illness, it will provide benefit as well.
 
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Layers

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kzonexx said:
any illness or injury that doesn't allow you to perform your existing job. Key thing is your existing job. So if u can only work as a receptionist instead of a surgeon after ur illness, it will provide benefit as well.
Click to expand...
Not bad leh. Better than accident plan.

Accident plan only bao accident.
This one as long MC or no work can get pay.

Oic have to change job due to illnesd also can paid.

I tot i read somewhere need to exceed certain days? Arbo i mc 1 day can claim? Better than accident plan

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