Critical illness insurance with surrender value , does it still exist?

Hi does anyone know if there are still critical illness and early critical illness insurance with surrender value (can take back money after certain age if no claim) or is it all term insurance now ( no surrender value once end). Do state the company and provide examples (name of policies etc) if possible. Thank you!

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Elijah Lee

30 Jun 2021

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Most insurers will have a whole of life plan with limited payment terms, whereby you can add CI/Early CI riders so that you get the payout in the event of a CI/early CI.

Such plans carry cash value and thus would start to have a surrender value from year 3 onwards.

Examples include Aviva's MyWholeLifePlan III, China Taiping i-Secure (off market and relaunching tomorrow), NTUC's StarAssure, to name a few.

On the other hand you have CI plans that are term only such as multipay plans, and these don't have a cash value. So understand if the plan is a term plan or a whole life plan first, and you'll know if it has cash value or not.

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Jun Xi

30 Jun 2021

Financial Advisor at Great Eastern Life

Hi,

Yes, there are still whole life plan with ECI/CI coverage. There will be surrender value in it. You can consider Great Eastern Life's Great Flexi Protect series.

You can contact me (email at bio) if you are interested to find out more.

Cheers.

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