Is my CI premium going to be higher than usual with a family history of cancer?

From the insurer's perspective, there may not be strong evidence to suggest that you have a higher risk of cancer, or Critical Illness in general. However, this is based on the information that you have provided, as well as the general health declaration that we need to complete during the application stage.

Accordingly, the insurance premium is likely to stay the same. On the other hand, if there is evidence to prove the link (e.g. in the event that the insurer asks for medical report), then there is a chance of loading (i.e. additional premium), or exclusion. While this may not be the case for you, I thought it will be good to set the expectations right.

Meanwhile, I will suggest for you to look into a combination of Critical Illness insurance coverage, with greater emphasis on single-pay. This is because the premium is likely to be lower (as compared to multi-pay). Then again, it depends on your budget and how you wish to plan for your future. From there, we can narrow down into the exact scope of coverage that you will need, as well as how long you should be insured for.

More Details about Critical Illness Insurance: What is Critical Illness Insurance Singapore

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Hi anon,

Family history is usually limited to your immediate natural parents and sibilings, in this case, your aunt would not fall into this category of family history.

However, another factor that you also need to look at is the age when your mom was diagnosed with cancer, and how that compares to your own age right now. Thus, if your mom was diagnosed with cancer at 30 and you are now 30 as well, you would be deemed a slightly higher risk as compared to if you mom was diagnosed at 55, for example. However, there are tolerances that the underwriting guidelines provide for which may allow you to have a standard acceptance in this case, but this will really depend on the insurer.

Whether or not you should get a higher coverage/multipay/single pay plan is highly dependent on your situation. Know the pros and cons of each scenario and decide which works for you.

Higher coverage would mean higher premiums. You can get coverage on a term plan, which you must pay as long as the plan is in force, or a whole life plan with limited payment terms, which will cover you for whole of life but you only need to pay premiums for a limited number of years.

Multipay plans will require payment as long as the plan is in force, as long as you have never claimed. They will protect you against the possibility of recurrent illnesses however, which is their primary advantage over the typical whole life/term/single payout plans.

Single payout term plans will be cheaper, but only provide for one payout.

Consider total cost of the plans as well, a $1200/yr multipay plan payable for 45 years is more expensive than a $2400/yr whole life plan payable for 20 years.

One thing to note is that if you are getting loaded on the critical illness portion of your plan, the loading will only apply to the relevant portion. Thus, a whole life with CI plan, with a loading on the CI rider, only has the loading on that part of the premiums, whereas a loading on a multipay plan for example, would load the entire premium.