If I have a current limited pay life plan with CI rider and wish to up my CI coverage in a few years, does this mean that it will change to the new definitions?

Hi anon,

All policies covering CI bought after Aug 2020 will have to follow the new CI definitions. The good news is that your current policy will continue to follow 2014 definitions even after Aug 2020.. The 2019 definitions are slightly stricter.

To top up your coverage later on, you will have to get a new policy. Many insurers allow topping up of coverage on an existing plan at key life stage events, but increasing the coverage on an existing policy is usually only applicable to the death coverage of the plan, and not CI. So if you top up your CI cover after Aug 2020, you will be on the new definitions for late stage CI cover. Early stage CI cover definitions are currently insurer dependent.

You should ensure that you get more CI coverage only if you need it. What's more important is that you are adequately covered now based on your needs. Hope this clarifies.

Firstly, it will be good to do a quick check to find out whether your existing critical illness coverage is based on Version 2014 definitions.

Next, if you are buying a new insurance policy that covers critical illness on or after 26 August 2020, then it must follow the new definition, i.e. Version 2019.

If you are doing a top-up to an existing policy, then it is up to the insurer's discretion to either provide coverage based on Version 2014 definition or Version 2019 definition. In this case, it will be best to check with your agent for the most accurate information.

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