Which life insurance that covers ECI should I get? I saw many comments on AVIVA and AIA but not a lot on Prudential. Is there a reason for it?

In addition to covering more conditions, I will highly suggest for you to find out what the coverage entails. As a matter of fact, not all plans cover the same condition the same way. In truth, the insurer need not follow the Life Insurance Association Singapore's Critical Illness framework for conditions that are outside its framework. Consequently, the definition for claim may not be the same. For this purpose, you may read more about it here: Life Insurance Association Singapore (LIA) Critical Illness Framework 2020

Thereupon, you will realise that the scope of coverage is of equivalent importance as the number of conditions, as well as the premium that you pay to this end.

Generally, I will suggest you to get a term insurance coverage for Critical Illness. This is because of the cost involved and a term insurance policy is able to give you higher insurance coverage for a lesser premium as compared to a whole life insurance policy. As a result, it is likely that you will be better protected for the period when you need it the most.

When the budget allows, then you may extend your coverage using a multi-pay early critical illness plan. Given that wider scope of coverage, it protects your insurability interest even after the first claim. Therefore, this is something that you may wish to consider as well.

Above all, it may makes sense to compare not just on the surface, but also in depth on the scope of coverage that each plan provides. At the end of the day, you won't want to be placed on the losing end because of the technical jargon.

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Hi there,

If you are looking at ECI coverage, you may want to consider getting a multi-pay CI plan if budget is a concern for you since whole life plans are generally more expensive as a whole, especially with the ECI rider added to it. You may want to also do a comparison with the number of conditions that are covered across the different plans and find that AIA Power Critical Cover is highly competitive, with its number of claims and conditions covered, whether it's a CI or a special condition alongside it's premium-waiver rider.

Also, the cost of insurance is one thing but because you are looking at a life plan, another factor you have to look at is the performance of the participating fund as well. That fund is responsible for the non-guaranteed bonuses that forms the cash value of the life plan. You may be paying a higher amount at the start but that helps to contribute to the accumulation of your cash value In the end.

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