Term Life Insurance
Early Critical Illness (ECI)
Asked by Anonymous
Asked on 25 Apr 2019
Just received a call from Citibank about an early cancer term insurance plan with AIA. I have a chronic kidney disease and was denied life insurance with Great Eastern previously.
Plan is only for cancer. Does not require medical checkup, and will not need a submission of medical report. Only prerequisite is that you have not had cancer before.
1) $40/mth: Singapore only. Early stage payout =12k, Late stage payout =80k
2) $66/mth: Covers anywhere. Early stage payout =45k, Late stage payout =150k
Assuming the policies offer the same coverage for the same premium, always get from an insurance company. This is becos there will be someone servicing you if you get from insurance company, but not from the bank.
Of course there is likelihood that your insurance agent is irresponsible or he/she may leave the company, but at least you still get higher chance of being serviced after purchaing the plan.
Since you have chronic kidney disease and was denied life insurance, despite the non-medical checkup of the early cancer term insurance plan with AIA, most likely they won't payout in the event of an early cancer because it is considered as pre-existing condition. It will be stated in the policy document of the AIA plan that pre-existing condition will not be covered.
I would choose to get that from insurance company instead of getting from bank.