Anonymous
For multipay CI plan of 100k sum assured. Do I consider coverage as 100k or 300k for late stage CI for coverage consideration (as the payout is 3x for late stage CI)?
If the sum has been paid for early stage CI, the payout would have reduced by the sum paid. If I base this on the 3-5 years coverage sum, the 3x would be sufficient.
If 100k, then should I also add a CI rider to a term plan to meet the coverage sum as I would still have a gap?
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Duane Cheng
27 Jul 2020
Financial Consultant at Prudential Assurance Company Singapore
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Hi there,
Depending on your plan design, it can be either of. By original definition, your CI would be 300% of the SA, while ECI payout would be 100% of the SA. If there is a ECI claim then a CI claim, it would be 100 + 200 = 300%.
By default, multipay CI plans are term plans meant to supplement existing policies. For example, WLP + Term you will get 2 payouts, while you still ensure coverage for yourself going forward. You can fill the gap using a CI rider, to cover your income in the event of CI as well. Its hard to say, as we do not know what is your existing coverage.
I do hope i was able to address your queries!