Is it better to opt for a standalone Critical Illness plan or a Critical Illness rider on top of the term plan ?

Hi anon,

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You're probably looking at Singlife's Elite Term with the multipay CI IV rider. It's a decent plan considering that there is a 30% perpetual discount on the main plan and the TPD rider now, but you do want to consider the following:

1. Do you want the option to make multiple claims? If this is important, then a multipay rider will be an option you can consider
2. What happens after the plan ends? Do you still want CI coverage?

As for the right amount of CI coverage, the payout should at least cover 5 years of your essential living expenses (don't forget mortgage as well), as well as alternative treatment costs, including, but not limited to the following:

• Off label drugs
• Second medical opinion
• TCM
• Cost of hired help if that is required
• Supplements for recovery
• Co-payment for hospital bills since our ISP riders no longer cover the full bill

1. Firstly there is not much difference in terms of premium between standalone CI plan or CI rider on top of term plan. So it really boils down to convenience in how you want to manage your policies and claims.
2. Many ways to determine CI coverage amount, but ultimately it goes down to affordability. One of the ways i feel that suits me, is basically 5x-8x annual living expense (not income where most pple are recommending).