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Critical Illness (CI)

Pays out when you are diagnosed with any one of 37 critical illness

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Critical Illness (CI)

Should I be applying for a cancer standalone plan without medical underwriting if I got rejected for a multipay CI?
It depends on your needs. There exists cancer coverage plans with simple underwriting. Accordingly, it is easier to get insured to that end. For example, you only need to answer 3 questions for AIA Multi-Stage Cancer Cover. Thereupon, the digital underwriter will determine your eligiblity. I share quality content on estate planning and financial planning here.
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Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Life Insurance

I have SLE(lupus) and was hospitalised 2 years ago to remove a benign back tumor. can I still get the following insurance now? 1.EarlyCI 2.CI 3.Life 4.Cancer Any other insurance I can/should get?
Hi anon, I'm sorry to hear of your diagnosis of SLE. It's a disease that usually requires lifelong medication. SLE is generally more worrying for the insurers than a benign tumour. I have seen similar cases before, as I have tried to get critical illness coverage for a client of mine who was also diagnosed with SLE, but all insurers basically came back and told me that they were not able to insure her. Please hold on to your shield plan and whatever insurance you have at present. The way forward at the moment is to self insure, which is to ensure that you have more funds available in the event of emergencies. You many want to try a preliminary underwriting for Life (I.E. death/TPD) or Cancer only plans but I am not hopeful about the outcome. However, I won't rule out that medical advancements in future might bring down the risk of Lupus to a point where you will be able to get some form of CI coverage. Good luck!
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Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

How much critical illness coverage should I need?
Hi anon, I'll just share my view as follows. If you are looking at pure CI or multi pay plans, then you just need to take note that they will be term plans which are payable throughout the duration of the plan until either you claim and there is a waiver of some sort, or the plan ends. Tying this in to the amount of CI coverage you need, I would say that a good figure to aim for at a minimum is to ensure that you can meet personal and family expenses for at least 5 years in the event of a major CI, 2-3 years in the event of early CI, and a sum of money for costs such as treatment, hired help, etc. When you retire, personal and family expenses should ideally be met by your retirement income streams, and you just need to ensure you have liquidity to take care of treatment costs, etc. Looking at your situation, your life plan with early CI cover provides you some basic ECI coverage for life. So you really only need a multipay plan to take care of CI costs during your working years till maybe 65 or 70. After that age, CI/Multi-Pay gets expensive, plus any CI in your 70s or 80s would have low chances of recovery by then. One way to look at it is that you can probably look at getting around $150-200K payout on your multipay plan in the event of late CI, and maybe around $75-100K in the event of early CI, and any claims should be claimed on your multipay plan or CI plan first, so that you don't have to touch your whole life till you retire. There's no one size fits all solution but it should hopefully give you some ideas about what to look at, and how much to cover yourself for. The right solution is the one that fits you, provided you know what you are looking for first.
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Early Critical Illness (ECI)

Critical Illness (CI)

Life Insurance

Insurance

Hi, any reviews on the TM EarlyCover plan from tokio marine? In terms of claim terms. Thanks!?
TM Earlycover is designed to cover early-stage critical illness. It covers up to 129 medical conditions with a S$350,000 lump sum payout for early-stage critical illness. This is a single claim policy which means that after your first claim, the policy will be terminated and you won’t be covered anymore. As you mentioned, there are also multi-pay critical illness policies. The main feature of these plans is the ability to make multiple claims. This ensures that you’ll continue to be covered even in the event of a relapse or re-diagnosis. However, given the increased coverage, the premium for these multi-pay plans are generally more expensive compared to a single payment plan. Some examples of multi-pay critical illness plans include Tokio Marine MultiCare and Aviva MyMultiPay Critical Illness Plan III. Aside from the financial aspect, it is also important to consider your family’s medical history. If your family has a history of a certain critical illness with a high incidence of recurrence, such as cancer, it might be good to consider multi-pay plans. For more information, you can refer to this article for factors you can consider while deciding on a critical illness plan.
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Term Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Insurance

Looking to buy term, CI and ECI insurances. Choosing bet Prudential and Manulife. Manulife's premiums are waaaay cheaper but anyone has claim experience with either companies? Both agents seem q nice.?
Hi anon, Before we get into the discussion of premiums, you should ensure that you are buying the right amount of coverage. But assuming that's settled, then we'll want to look at the options. 40% premiums difference is almost unheard of, and you really have to ensure that the plans you are comparing have the same structure. A 30 year term plan will be much cheaper compared to a 40 year term plan. A limited payment whole life plan paid over 10 years will be far more expensive than one paid over 20 years, and yet in total premiums, the 10 year plan will cost less. So make sure you are comparing similar parameters first. I'd suggest that you take a look at the scope of coverage as well. For situations where it is death/TPD, there isn't much difference in definitions (death is death after all). But when it comes to CI/ECI, there can be a difference in the scope of coverage, for example, the scope of covered conditions, the number of special benefits, etc. Naturally, if you are able to get more coverage for a lower cost, that's a plus. In this case, I'd suggest you take a look at China Taiping and Aviva's offering for Whole Life CI as well, as I find that they are also very competitive. Regarding the agents; It's important that you find an advisor that you can trust and work with. For the client-advisor dynamic to work best, on your end you need to be very comfortable with sharing details and be open with the advisor.
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Term Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Term/CI/ECI insurance: Pay higher premiums for a more responsible, responsive and hardworking insurance agent (company A) or cheaper premiums for a so so, also responsive agent (company B)?
Above all, you need to know your needs. Altogether, there is no one-size-fits-all answer to this end. For example, how much do you treasure working with insurance agent A vs B? If after-sales service is important to you, then you may need to assess whom is more likely to stay in the long term as well. This is because the insurance industry tends to have a high turnover rate. Therefore, this is certainly a point for consideration. Meanwhile, it may be worthy to study the plan that you are getting, as well as what you are coverd for. This is because the scope of coverage may not be the same at all. For instance, Life Insurance Association Singapore (LIA) only mandate the use of its Critical Illness Framework for the standard 37 conditions at the severe stage. Since you are getting early critical illness coverage, there exists a need to ensure that you are getting the right level of coverage that fits into your expectation. You may find out more about the framework here: Life Insurance Association Singapore (LIA) Critical Illness Framework 2020 All in all, I will personally prefer to work with a more responsible and capable agent that has proven to have the ability to take care of my needs and answer my answers. This is because time is money, and if I can pay a bit more for a peace of mind, I don't mind doing so. I share quality content on estate planning and financial planning here.
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Insurance

Critical Illness (CI)

What CI insurance plans are there in the market with no medical underwriting?
Hi anon, I'm sorry to hear of your situation. It can be frustrating to be rejected when you are seeking cover. Most CI plans will at a minimum require some underwriting. It'll either be full medical underwriting or simplified underwriting (but underwriting nonetheless). You may wish to do a preliminary underwriting with other insurers to get an understanding of the likely coverage terms that can be offered. As one insurer has already rejected you, any insurer that is willing to accept you, even with exclusions or loading, should be seriously considered, as you'll be able to get at least some level of coverage that way. The last resort, should all insurers decline cover, will be standalone plans with no underwriting. Good luck!
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Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

AVIVA My Early Critical Illness Plan II

AVIVA My MultiPay Critical Illness Plan IV

Hi, I currently have a whole life policy that was bought by my parents when I was young. The WL policy covers CI but not ECI so I am looking at plans to cover myself for ECI as well.?
Hi anon, I'd like to pose these questions for you: Do you want to cover ECI for life? Or for a limited number of years? Do you want to cover for a single payout, or multiple claims? Reason being, a term plan such as a multipay plan (Aviva multipay) requires you to pay as long as you have not made a claim. Thus, if you happen to be blessed with good health, you will have to find a way to sustain payment as long as the plan is active. The same thing goes for Aviva my early CI plan. it is a single payout plan, but you are required to pay as long as you have not claimed. Thus, if you wish to cover for life with such plans, you must plan to pay premiums for life. On the other hand, if you wish to cover for life but don't want to pay for life, a limited payment whole life plan may make better sense. This ensures that you retain coverage for life, but you won't have to pay for life. And the premiums are very comparable to the term plans, but might be more cost efficient as you cover for life. Consider a hybrid of a multi pay with a small whole life early CI if you want a) coverage for life b) being able to claim multiple times c) to pay only during your working years. Reason being, multipay is prohibitively expensive if it covers you till old age. As an example, if you are 30 years old, sum assured $100K, intending to cover till age 75: My Early CI Plan costs $894/yr for 45 years or $40230 total My Multipay costs $1589/yr for 45 years or $71505 total My Whole Life III costs $2195.5/yr for 25 years ($50K x 2 multiplier till 75) or $54887.5 total If you wish to cover for life, My Early CI Plan costs $1670/yr for 69 years or $91850 if you pay till 85 and something happens then My Multipay costs $2981/yr for 45 years or $163955 if you pay till 85 and something happens then My Whole Life III still costs $2195.5/yr for 25 years ($50K x 2 multiplier till 75) or $54887.5 total, and since it's a life plan you will still have $50K cover plus cash bonuses. You'll have to ask yourself what you are looking for, and then you'll be able to decide between a term CI, a whole life CI, a multipay, as well as how long you want your coverage to be. I'd suggest talking to an advisor for a more in depth discussion as you will need to look at all options and understand them before making a decision.
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Insurance

Life Insurance

Whole Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Hi, does having a borderline high cholesterol straightly leads to exclusion on heart conditions/loading of premiums for whole life/CI plans? Is it still possible to get the plan at standard terms?
Hi anon, That does depend on a number of factors, as well as what you are insuring (e.g. death/TPD underwriting is more lenient compared to CI underwriting) Also, what do you define as borderline high? Being on the high side of the desireable range is not considered high, but being totally out of that range is. For reference, most health screenings consider <200mg/dL as desirable. In general, if you're just over 200mg/dL (say, 210mg/dL), you should stand a fair chance at getting standard rates. If you're having something like 300 mg/dL, that's not going to reflect well on your chances. But a whole hosts of other factors come into play, including your current age (someone older is more likely to have high cholesterol) as well as whether you are on medication or not. Also, if you are obese and have borderline high cholesterol, it's more likely that you will get a loading, as these combination of factors together is not good. So you might end up with a loading on the CI rider for the whole life, but not on the death/TPD portion. I've yet to see exclusions outright. When applying, declare accordingly. It is always better to declare if unsure, as this is considered a material fact for the application. And ultimately, it is up to the underwriter to decide how to rate you (standard or otherwise). Even I cannot say with 100% certainity as insurers have their own guidelines. If your next test result is normal, you may apply to remove the exclusion. But usually that'll be after a year or two that you were loaded..
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Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Financial Planners

Has anyone bought the HSBC Life Protect Advantage plan with ECI rider? How does it compare with AVIVA MyWholeLifePlan III with ECI rider?
Hi Anon, I distribute both HSBC Life and Aviva among other insurers. HSBC Life in some cases can have a slighty cheaper premium, however, the cash values on the policy is slightly projected lower than Aviva. Secondly, Aviva is one of the only 2 insurers that pays cash value on top of base cover and additional cover during the additional cover period which HSBC doesn't. Lastly, HSBC Life Protect Advantage has the benign tumour pre-exisiting clause that will not load or exclude clients with those conditions but instead cap payouts of $50,000. So for anyone with such a pre existing, HSBC should be the option you go for.
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