facebookHave a hard time deciding should I get a term insurance with a multi claim standalone ci or term insurance with a higher sa for single claim ci to cover for not taking multi claim ci. It’s cheaper? - Seedly

Advertisement

Anonymous

05 Aug 2020

Insurance

Have a hard time deciding should I get a term insurance with a multi claim standalone ci or term insurance with a higher sa for single claim ci to cover for not taking multi claim ci. It’s cheaper?

Deciding between axa term protector with Super criticare stand-alone ci or just axa term with early early critical illness rider payout which is a acelerrated rider right? Anyway do prudential have multi ci?

Discussion (4)

What are your thoughts?

Elijah Lee

Elijah Lee

05 Aug 2020

Independent Financial Advisor at Phillip Securities (Jurong East)

Hi anon,

As I don't have any idea of your profile, or the amount of coverage, or till what age you want to be covered till, it'll be hard to comment. You can however take at look at the coverage and the cost to make a decision.

Yes, I recall that the early CI rider on the AXA term is an acceleration rider which will advance the payout to you.

It's almost impossible to compare a multi-pay plan with a single payout accelerated rider. If you happen to claim more than once, a multipay plan would give a larger payout. However, if you only claim once, a single payout rider of same basic coverage would definitely be cheaper. Look at your budget to ensure you are not overpaying, and consider payout structures and amounts to have an idea of what you prefer.

Jonathan Soh

Jonathan Soh

04 Aug 2020

Wealth Manager at Aviva Financial Advisers

Hi there. If critical illness is a focus of yours I do recommend your first option - get a term and standalone CI separately. CI riders, whether attached to term or life insurance, are not as comprehensive in coverage as standalone plans.

For multi-pay CI plans I do not recommend AXA actually. You can take a look at these two independent comparisons for a deeper understanding:

https://www.valuechampion.sg/best-cheap-critica...

https://www.interestguru.sg/best-early-critical...

My pick of the bunch will be Manulife, Tokio Marine or Aviva.

You can reach me here to find out more. I cover the 3 companies above + AXA, NTUC, FWD etc.

View 2 replies

Write your thoughts

Advertisement