Critical Illness (CI)
Asked on 04 Aug 2020
I'd like to check what you mean by 'other companies conventional CI riders'?
If we're comparing multipay, then we should compare multipay plans between the insurers (although there really isn't any clear cut way, since all the payout structures are very different). And the riders for such plans, if any, would most likely be premium waiver riders.
Otherwise, are you referring to the multipay CI rider that can be added to MyWholeLifePlan 3? As far as I am aware, this is the only whole life plan where you can add a multipay rider that has a limited premium payment term. Other whole life plans from other companies are usually accelerated payout riders.
If you can provide a bit more details, I'll be able to give a more concise answer.
07 Aug 2020
08 Aug 2020
Aviva's premium waiver function works only for severe stage CI while some insurer eg. AIA's premium waiver rider doesnt have such a caveat.
Aviva's multipay CI plan works by having 3 categories for early and intermediate stages and you are only able to claim once from two categories, ie. you can only claim twice, and each from a different category. You will be unable to claim from the last category. Depending on how you see it, it may mean a restricted way of claiming. The good thing here is that there isn't a waiting period for early and intermediate stages claims. The same, however, cannot be said for relapsed cancer etc. Then again, many CI plans have a waiting period in general for relapses. Also, the severe stage CI claim will render you unable to claim for the early and intermediate stages. So just some perspective.
Different plans work differently, of course. AIA's multi-pay plan works by a maximum claim limit in dollars by stage. This mean it isnt limited to the restriction of claiming only from particular categories, and of course you are able to claim a maximum of five times for different CI occurrence.
You will have to see which are you most comfortable with in terms of comprehensiveness and budget. Do consult a licensed financial advisor to explore your options.
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07 Aug 2020
07 Aug 2020
Hi there. Aviva's Multipay CI is a standalone plan or it can be a rider attached to a life or term insurance.
As a standalone CI plan, it is one of the most value for money in the market. You can look at these independent comparisons to see why:
Do reach out to me here if you like to find out more. I cover Aviva and 8 other major insurers.