Multipay CI Plan. Realistically speaking, are there high probability/chances of claiming so many times? Are there statistics on this? Trying to figure what makes buying Multipay more than WL CI worth?

I agree with Hariz and Sanjay.

I do not need to be an actuary to intuitively understand that the risk of multiple claims is lower than a single claim. This is common sense.

I come from a perspective that heavy preference should be geared towards having a single lump-sum payout, rather than have terms and conditions stipulated for higher perceived coverage that might not occur.

The above can first be done from a budget guideline as outlined here:

https://www.aaronleow.com/insurance-requirement...

If you do not hit the above guidelines,

1. The structure is incorrect

2. You have underwriting issues due to health and age, which in any case, it does not really matter which structure you go for as they will be priced accordingly.

3. There might be cash flow issues that need to be addressed.

Personally, I have a huge dispreference for multi-pay policies unless there are budgeting issues. But our roles are as such, we are advisers, the decision lies with clients to make the decisions.

A multipay CI plan with the same potential payouts will be cheaper than a lump sum.

As outlined, you do it if you prefer a lower budget allocated for protection.​​​

This conversation my mentor and I had on one of the fb groups may give some insight.

He has a PHD in behavioural finance and is a qualified underwriter and has a PHD on Behavioural Finance on Insurance Purchase Decisions.

So I'm a big fan of single claim payouts but can understand if someone may want a small multiclaim CI policy as extra. It shouldn't replace a singe claim payout.