Early Critical Illness (ECI)
Asked 3d ago
Been seeing the recent promotion of cancer insurance coverage but I already have ECI rider for my life plan so just wondering if I should still get it's necessary to up my coverage. I don't have a family history of cancer.
It's not compulsory. Think of it as an add-on as many people have their own personal reasons why they'll add on a standalone cancer insurance plan. For starters also because it's cheaper than having a standalone CI plan and cancer has a rather high incidence frequency and morbidity in Singapore. Cancer insurance plans typically have a looser underwriting ie. lesser questions asked during health declaration as compared to standalone CI plans.
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Cancer are common illness nowadays regardless of family history.
The most important thing to ask yourself is whether or not the existing ECI coverage is sufficient for you (and maybe your dependants) should the event arise.
Think of this coverage as to cover your income shortfall should you actually loose your job or to take no pay leave while you focus on getting well. This recovery period, depending on the CI/ECI we are talking about, could last from months (early stage cancer) to a life time (stroke).
Also, while the coverage may be suffificient to last throughout treatment, the sum assured is typically catered for few years only (partially due to expensive cost of premiums). This ECI payout is often accelerated from the total Death coverage which is catered for a longer period of say, 30 years, to cover education and other expenses of your child or old aged parents, and even liabilities such as loans.
Personally, I'd prefer to get a standalone CI/ECI coverage so that my death payout would not be lesser than how much I've planned to cater for.
There are really a number of cancer insurance plans out there (in fact we just did a compilation of what's available in the market!). As you've mentioned, you already have ECI rider with your life insurance. So perhaps one thing you can consider is whether you feel your current coverage is sufficient for you.
If you're looking to get more coverage specifically for cancer (since it's also what many people are concerned about), the premiums for ECI/CI could get pretty costly as you increase the coverage amount. Cancer Insurance might be a slightly more cost-effective method to act as a complement to your existing policies in this case.
Also, the cancer insurance might be useful too if you're hoping to increase your coverage but have maxed out your CI limits (for your age). :)
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