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

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/

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

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