In view of the upcoming revision of CI in mid-August, what are some considerations for a CI plan? Following this, what would be a suitable CI plan for a fresh university graduate?

Updated on 24 September 2020.

The definitions of critical illness will be changed from 26 August 2020 onwards. The changes made to Critical Illness (CI) names and definitions were meant to provide greater clarity to the applicable CI coverage, and there is no change to the intended scope of coverage.

Critical illness policies provide a lump sum payout when the insured is diagnosed with a pre-specified critical illness. This allows the insured to use the payout to seek treatment immediately.

If you are looking for suitable CI plans, do check out this article where we listed the best CI plans and provide a comparison across different providers.

Alternatively, feel free to get in touch with us for a chat.​​​

How much insurance coverage should You have?

As a general rule,

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

But before you get your insurance policy, it will be good to understand the changes involved. Here is a detailed post that I have written: Critical Illness Definition Changes Singapore: Clarity comes with a Cost

Of course, there is a 6 minutes video that explains each change: https://www.facebook.com/workwithpzl/posts/6094...

Based on the general guideline and an understanding on what is offered in the market, we need to establish and understand your needs. This requires us to spend quality time to conduct financial planning for the future. Thereupon, we can evaluate on the right plan for you.

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