Asked by Anonymous

Should I get Term Life or Whole Life Plan for Critical Illness coverage? And is there a standalone plan?

As insurance I do have hospitalisation insurance with NTUC class B ward. I am considering getting a critical illness plan for myself but not sure which are the best plan. Term or whole life plan? Which indivdial term and/or whole life plan is the best? Is there a stand alone plan. Would appreciate if you have other advice.

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  • Josh Tan Jian Liang
    Josh Tan Jian Liang
    Level 3. Wonderkid
    Answered on 29 Jan 2019

    The most important thing that impacts you the most is to get a coverage now.

    Data suggest that by insuring at a younger age, you get to save on total premiums.

    New wholelife plans these days provide very good coverage to premium. You can check on AVIVA Mywholelife Plan II and Manulife LifeReady. When you get a wholelife plan, it is because you find logic with the idea of "pre-paying" for your insurance. Some plans allow you to complete payment within 10years. Having less premiums to pay when you are pass 50years old is a form of planning.

    There are standalone critical illness plans.

    • AVIVA Mymultipay CI

    • AIA Triple Critical Cover

    • TM Multicare

    • Manulife ReadyCompleteCare

    • Prutriple Protect

    These plans fit deliver for you comprehensive critical illness coverage. If you want an analysis, you can check on some of the comparisons we've done.

    https://www.theastuteparent.com/2017/05/aviva-my-multipay-critical-illness-vs-aia-triple-critical-cover/

    https://www.theastuteparent.com/2018/02/multicare-vs-multipay-critical-illness/

    https://www.theastuteparent.com/2018/08/prutriple-protect-ptp-vs-manulife-ready-completecare-mcc/

    Hope it helps. Again the most important thing that impacts you the most is to get a coverage now.

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  • Yixiong Chang
    Yixiong Chang
    Level 5. Genius
    Answered on 24 Jan 2019

    You should consider upgrading your basic plan to the preferred plan along with the assist rider. Having the option to go private care will be very important. I used to work in medical concierge in private and have several personal experience with public healthcare system. I must say timeliness and level of medical care is generally higher in private.

    Go for a term plan. You are already investing by yourself, you do not need the 'savings' component part of whole life. A term plan will serve your needs of max protection per dollar spent.

    Go for direct insurance. As a reference, For your age, a $400k term life with CI , coverage term till age 65 will only cost u starting from $836.

    You might want to add me on facebook or any other experts here on seedly. It seems to me u will probably have much more queries.

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  • Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    Level 5. Genius
    Answered on 29 Jan 2019

    Would encourage you to upgrade your Hospitalisation to minimally Private or Class A ward if you are able to afford it!

    As for CI, there are 3 main options available:

    1) Whole Life Plan

    2) Term Plan

    3) Multi-Pay CI plan

    It is also important to look at ECI coverage if you have the budget.

    In terms of how much to cover, perhaps you can consider covering about 1 - 2 times of your annual Income in ECI and overall 5 times of your annual income in CI.

    It is best that you sit through with a financial advisor that is able to explain the available options so as to cater to your needs and budget.

    Alternatively, you may also drop me a PM on facebook https://www.facebook.com/brandan.chen or arrange for a chat with me via the following website: https://brandanchen.manulife.sg/

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