facebookDo i really need to rush to get a CI or early CI coverage before the change in guidelines? There are a few insurers that are still accepting CI policies? - Seedly

Anonymous

21 Aug 2020

Insurance

Do i really need to rush to get a CI or early CI coverage before the change in guidelines? There are a few insurers that are still accepting CI policies?

I am looking at Aviva coverage as I am still holding my term policy from NS til now. Their CI coverage seems to be very affordable especially for a young adult like me. I am actually looking for basic coverage overall now as the term policy is the only insurance I am holding now.

Discussion (4)

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Duane Cheng

21 Aug 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi there,

If you are currently holding on the the group living care, that has already transitioned over to the new CI definitions. I have the same coverage as it is quite cost effective. However, the policy is not a permanent solution for myself. It expires at age 70, and thereafter the coverage will cease. However it is good to note that the policy is not owned by yourself, but by Mindef.

You need not rush into buying a policy just because the CI definitions are changing. At the end of the day, affordability will be the biggest determinant for any financial plan. Eventually you will need to get a more permanent solution for yourself, but you will need to decide when that might be.

Hope i was able to address your queries!

Hey there!

The change of definitions aren't necessarily a "tightening" of the definitions. It helps in future claims as there won't be any further grey areas for further disputes.

If you're looking at CI coverage, try and aim for a coverage of 5x of your annual income to help you tide through financially in the event you're unable to work due to a CI occurrence. You can look at either a term CI plan or multi-pay plan. Some multi-pay plans even cover pre-early conditions eg. AIA Power Critical Cover.

Aviva's multi-pay plan is one of the more affordable ones in the market but do take note of the caveats of how their multi-pay plans.
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Jonathan Soh

21 Aug 2020

Wealth Manager at Aviva Financial Advisers

Hey there. Right now essentially we are only left with Aviva and Tokio Marine who have yet to change...

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