Prudential Critical Illness List. Please Help!

[UncleDarren]

Hello,

I need some help and advise over here. I was looking at some Life Plans and realize that prudential is very different.

Their early critical illness coverage pays 50% for early stage claims and I notice their critical illness list is very different from the others.

However their premium is quite cheap, it’s probably due to these right?

Image: ibb.co/iCJyap
Image: ibb.co/kVLN1U

Image: ibb.co/dAaTap

So sorry couldn’t put the link because I’m new.

Some of their early stage conditions are intermediate stages of other companies and they are missing in quite a number of conditions that others are offering.

Anyone have any prudential life plans that pays 100% for early stage instead of having 2 x 50% for early stages?

Is it important to have these differences covered? Anyone can help advise on this? thank you!

 

[chongpang]

Hello,

I need some help and advise over here. I was looking at some Life Plans and realize that prudential is very different.

Their early critical illness coverage pays 50% for early stage claims and I notice their critical illness list is very different from the others.

However their premium is quite cheap, it’s probably due to these right?

Image: ibb.co/iCJyap
Image: ibb.co/kVLN1U

Image: ibb.co/dAaTap

So sorry couldn’t put the link because I’m new.

Some of their early stage conditions are intermediate stages of other companies and they are missing in quite a number of conditions that others are offering.

Anyone have any prudential life plans that pays 100% for early stage instead of having 2 x 50% for early stages?

Is it important to have these differences covered? Anyone can help advise on this? thank you!

Does it covers all 104 CI?

 

[UncleDarren]

I counted around 105 but without special conditions.

The others I’ve seen is around 120-130+ including special conditions.

Because it appears to me for some of prudentials’s early stage conditions, on most other plans it’s under intermediate stage already.... and other plan has an even earlier stage...

Sorry I can’t reply private messages because I’m new here. Please just drop me a text here to advice. Appreciate lots

Does it covers all 104 CI?

 

[BBCWatcher]

If you're concerned that the insurance policy's list of named risks is too short, you should be concerned.

I would argue that a better way to solve this problem, as foundational insurance anyway, is to consider Disability Income Insurance as primary. DII provides a monthly benefit if you are unable to work (and earn an income) due to any disability. It could be vertigo, cancer, paralysis, head trauma... anything, really. (OK, if you go join ISIS/ISIL, get injured, and then cannot work, that's probably excluded.)

THEN, once you've covered that base, you could consider whether you want to add anything else. But invariably you're going to have gaps in coverage for life calamities if you try to play the insurers' "named risks" listing games. "All risks" is better.

 

[UncleDarren]

Hi

Thank you BBC for the advise. Just read up about it and it seems interesting. Sounds good to receive payout when justified not fit for work. I think I would still prefer a comprehensive whole life plan for now which can covers up to 99.

There’s a limit cap to the payout for DII right? Till certain age, and it does not have cash value. Would personally prefer something with cash value. Correct me if I’m wrong.

If you're concerned that the insurance policy's list of named risks is too short, you should be concerned.

I would argue that a better way to solve this problem, as foundational insurance anyway, is to consider as primary. DII provides a monthly benefit if you are unable to work (and earn an income) due to any disability. It could be vertigo, cancer, paralysis, head trauma... anything, really. (OK, if you go join ISIS/ISIL, get injured, and then cannot work, that's probably excluded.)

THEN, once you've covered that base, you could consider whether you want to add anything else. But invariably you're going to have gaps in coverage for life calamities if you try to play the insurers' "named risks" listing games. "All risks" is better.

 

[BBCWatcher]

I think I would still prefer a comprehensive whole life plan for now which can covers up to 99.

Why?

There’s a limit cap to the payout for DII right? Till certain age, and it does not have cash value.

Correct, to age 65, a typical/common/classic retirement age.

Would personally prefer something with cash value.

Why?

 

[UncleDarren]

Because I can pretty guarantee that I might not live past 99. But I can’t guarantee that i won’t live beyond 80. So perhaps a good coverage till 70-80.

Something with cash value so in case in my old age and I do not need this coverage, I could cash out from it, example if children refuses to take care of me. I still have this sum of cash, of course with this my retirement planning shouldn’t be neglected.

And I like the idea of whole life plan because of the wide coverage and limited payment. These are the reasons I can think of for now.

Why?

Correct, to age 65, a typical/common/classic retirement age.

Why?

 

[molobok]

Hello,

I need some help and advise over here. I was looking at some Life Plans and realize that prudential is very different.

Their early critical illness coverage pays 50% for early stage claims and I notice their critical illness list is very different from the others.

However their premium is quite cheap, it’s probably due to these right?

Image: ibb.co/iCJyap
Image: ibb.co/kVLN1U

Image: ibb.co/dAaTap

So sorry couldn’t put the link because I’m new.

Some of their early stage conditions are intermediate stages of other companies and they are missing in quite a number of conditions that others are offering.

Anyone have any prudential life plans that pays 100% for early stage instead of having 2 x 50% for early stages?

Is it important to have these differences covered? Anyone can help advise on this? thank you!

Hi there, just like to clarify the critical illnesses list for all companies in Singapore is the same. It's regulated by life insurance association of singapore following the definitions set in 2014 version. Prudential's list looks shorter because terminal illnesses is placed on the front part of the proposal and angioplasty (which is like day surgery kind of situation) is covered additionally. But early stage definitions are different and not sure if anyone in the industry has compared them.

Prudential just repriced the premiums in 2017 so it's most competitive in the market now. But guess it'll be matter of time before another company takes the spot. No point waiting it's never ending race, best to get while you still can!

 

[molobok]

Because I can pretty guarantee that I might not live past 99. But I can’t guarantee that i won’t live beyond 80. So perhaps a good coverage till 70-80.

Something with cash value so in case in my old age and I do not need this coverage, I could cash out from it, example if children refuses to take care of me. I still have this sum of cash, of course with this my retirement planning shouldn’t be neglected.

And I like the idea of whole life plan because of the wide coverage and limited payment. These are the reasons I can think of for now.

Yeah then whole life limited pay is the way to go but the cash value won't be high if you're already past 40yo though. Best to separate retirement and protection planning.

 

[BBCWatcher]

Because I can pretty guarantee that I might not live past 99.

Absent suicide, you cannot actually guarantee that, and there are currently nearly a couple thousand residents of Singapore age 99 and older.

The real reason you're thinking of an age 99 policy is that it's a little cheaper than whole life coverage, right?

I agree with Molobok's comment that it's "Best to separate retirement and protection planning."

 

[UncleDarren]

Nope. Not thinking about 99 being cheaper than whole life. But understanding from my lifestyle, 99 is what I need haha. I’ve seen cases above 100. Mentally still strong but physically drained out.

And yes definitely separating retirement and coverage for this.

Absent suicide, you cannot actually guarantee that, and there are currently nearly a couple thousand residents of Singapore age 99 and older.

The real reason you're thinking of an age 99 policy is that it's a little cheaper than whole life coverage, right?

I agree with Molobok's comment that it's "Best to separate retirement and protection planning."

 

[UncleDarren]

Hi molobok,

I am referring to early intermediate and advance list including special conditions as a whole. Just pick any other company’s early - intermediate and see, you will see the difference is quite big.

Only prudential’s new plan has coverage extended to cover those differences... the Pru triple protect but I it doesn’t fit what I want. And also i prefer a single payout.

So just trying to understand if prudential has any other options to offer. I’m not trying to save cost for a whole life plan but I just want to ensure that I have probably the very best whole life plan when I decide on it.

Thank you for all your inputs!

Hi there, just like to clarify the critical illnesses list for all companies in Singapore is the same. It's regulated by life insurance association of singapore following the definitions set in 2014 version. Prudential's list looks shorter because terminal illnesses is placed on the front part of the proposal and angioplasty (which is like day surgery kind of situation) is covered additionally. But early stage definitions are different and not sure if anyone in the industry has compared them.

Prudential just repriced the premiums in 2017 so it's most competitive in the market now. But guess it'll be matter of time before another company takes the spot. No point waiting it's never ending race, best to get while you still can!

 

[BBCWatcher]

Not thinking about 99 being cheaper than whole life.

OK, then why not lifetime coverage if you're concerned about long-term care needs, beyond loss of income from work due to disability?

I won't harp on the point too much, and maybe you can be certain that you won't reach your 99th birthday. However, that's decades into the future, and medicine is getting more amazing every day. It's not hard for me to imagine that, not too many years from now, there will be factories growing a variety of genetically compatible human transplant organs and other parts almost as easily as farmers grow tomatoes.

You might be in the cohort required to carry CareShield Life (which is whole life coverage), and presumably insurers will offer CareShield Life supplements to shift to a "2 out of 6 ADL" definition, for example. Combine with DII to age 65 and medical insurance (an "as charged" public hospital B1 ward Integrated Shield plan, let's suppose) and...aren't you rather well covered against potential calamities?

 

[UncleDarren]

There are plans with 2 out of 6 ADL including whole life plans as well. Is careshield lifetime payout? Didn’t read into that yet. I know for eldershield there’s a cap limit unless it’s upgraded with integration onto insurance providers.

For my shield I’m holding onto on up to private. But doubt I would downgrade it in the future unless there are major changes. For now I’m just looking towards 99 age coverage. Like you mentioned about advancement of medicine etc, I won’t doubt the possibility. If needed I would add on more plans for my needs.

So just gathering more information and deciding how to set my foundation now. Thank you all for the valuable inputs.

OK, then why not lifetime coverage if you're concerned about long-term care needs, beyond loss of income from work due to disability?

I won't harp on the point too much, and maybe you can be certain that you won't reach your 99th birthday. However, that's decades into the future, and medicine is getting more amazing every day. It's not hard for me to imagine that, not too many years from now, there will be factories growing a variety of genetically compatible human transplant organs and other parts almost as easily as farmers grow tomatoes.

You might be in the cohort required to carry CareShield Life (which is whole life coverage), and presumably insurers will offer CareShield Life supplements to shift to a "2 out of 6 ADL" definition, for example. Combine with DII to age 65 and medical insurance (an "as charged" public hospital B1 ward Integrated Shield plan, let's suppose) and...aren't you rather well covered against potential calamities?

 

[mSnooze]

How cheap is cheap?

 

[molobok]

Hi molobok,

I am referring to early intermediate and advance list including special conditions as a whole. Just pick any other company’s early - intermediate and see, you will see the difference is quite big.

Only prudential’s new plan has coverage extended to cover those differences... the Pru triple protect but I it doesn’t fit what I want. And also i prefer a single payout.

So just trying to understand if prudential has any other options to offer. I’m not trying to save cost for a whole life plan but I just want to ensure that I have probably the very best whole life plan when I decide on it.

Thank you for all your inputs!

Oh I see, actually our payout all 50% on early stage critical illnesses (CI), 100% on intermediate and advance critical illnesses. The rationale is early stage CI usually detect very early, so touchwood if somehow the treatment does work and it proceeds on to intermediate or late stages, there's money.

Also if the treatment goes well and recover from early stage CI, you'll still be covered for other early CI and other stages of CI. It's more kiasu in this sense!