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Early Critical Illness (ECI)

Pays out when you are diagnosed early with any one of 37 critical illness

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  • Hariz Arthur Maloy
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Health Insurance

Life Insurance

Insurance

Early Critical Illness (ECI)

Hospitalisation Insurance (H&S)

Critical Illness (CI)

I am a female turning 26 this year and new to insurance. Should I get myself a hospitalisation plan now? What else should I look into?
Definitely! However when you say fully covered, does it mean "As charged" policy and the annual limit on the policy is Unlimited? While its great that you company covers you, the company won't keep you forever if you had left the company. The least you should do is to upgrade your medishield life if you haven't already done so with medisave. Supposedly your health changes in your current company, your new company may not cover you at the standard health. Similarly, should you decide to wait until you leave your current company, the private insurer may not cover you as well. Having your own hospitalisation plan should be the main plan, not as a back up in case your company doesn't have enough. The company should be secondary. Other "basics" you should consider is 1) personal accident - very frequently claimed for outpatient minor accidents and illnesses (that could not be paid out from the hospitalisation policy) 2) disability income - pays you your income if you're unable to work for a certain number of days 3) critical Illness - to pay for 5 years of living expenses and treatment costs when unable to work 4) life insurance - if you have to financally support someone else (eg. Parents, siblings) The reason why adults entering the workforce usually buy their insurance policies is because they are reliant on their income now, rather than being dependent on someone before (like your parents). The amount of insurance you buy really depends on how much you value your income as an asset and understand how much this asset could bring you and your family for the many years to come. At the end of the day, make an informed choice before doing anything with someone you're comfortable with. Cheers! :)
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AIA

Insurance

Critical Illness (CI)

Health Insurance

Early Critical Illness (ECI)

AIA Power Critical: 'Early stage Carcinoma in-situ definition has been improved to include all sites except those specified.' Can someone explain what 'except those specified' sites are?
Hi anon, Let me give you some background on this. AIA Power Critical Cover is an evolution of the previous plan, AIA Triple Critical Cover (this plan is no longer available). When AIA TCC was on the market, the definition of early stage Carcinoma in-situ in the product summary was as follows: "Carcinoma in situ of specified organs Carcinoma in situ of the following sites: Breast, uterus, ovary, fallopian tube, vulva, vagina, cervix uteri, colon, rectum, penis, testis, lung, liver, stomach or nasopharyx or bladder", along with Early Prostate Cancer, Early Thyroid Cancer, Early Bladder Cancer and Early Chronic Lymphocytic Leukaemia With AIA PCC, the product summary definition did not include the underlined passage above, thus there was no restriction on the claims being limited to only certain sites, other than "Carcinoma In-situ of the skin (both Melanoma & Non-melanoma) and Carcinoma in situ of the biliary system is also specifically excluded" which was also present in AIA TCC. AIA PCC also added the following claimable sites specifically: Early Melanoma, Gastro-Intestinal Stromal Tumours. Thus, the difference in the scope of claimable sites.
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Term Life Insurance

Insurance

Health Insurance

Disability Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

I’m 24, What’s the best policy for health insurance (1 mil coverage annually, global access, lifetime) and term life insurance (traditional term with guaranteed renewal, lifetime, global access)?
Hi anon, For health insurance, if you are locally based, a shield plan is enough. However if you are frequently overseas, you may want to consider global medical plans (those are a lot more expensive however, but will truly cover you globally for hospitalization). If you only travel overseas occasionally, just get travel insurance to cover yourself for unforseen hospitalizations while overseas. There is no blanket 'best' policy as the 'best' one is the one best suited to your needs. Term coverage is actually global. However, for CI/Early CI, a more cost effective way of getting coverage may be via a limited payment whole life plan instead. For 1 million death/TPD coverage, a term plan usually sufficies during your working years when you have dependents or liabilities. If not, there isn't strictly a need for death/TPD coverage.
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Insurance

Term Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Health Insurance

Hospitalisation Insurance (H&S)

Healthcare

Should I be prioritising getting a term insurance or critical illness plan?
Hi anon, Instead of looking at the type of plan, look at the type coverage you need, and how much of it you need. You have identified critical illness as something you are looking at. That's great. The thing is, based on what you need, and what you already have, if you don't have a shortfall, then there's actually no need to take any action. If you do, you then need to identify what that shortfall is, and you can then identify what plans would suit you As Hariz has put it, you can get a term plan with no CI. You can get one with CI. You can get a term with multipay CI. Standalone CI plans are actually all term plans. A whole life plan can be bought without CI coverage (not that it makes much sense). The permutations are quite plentiful.
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Insurance

Whole Life Insurance

Lifestyle

Early Critical Illness (ECI)

Critical Illness (CI)

Health Insurance

Term Life Insurance

Healthcare

Hospitalisation Insurance (H&S)

Should I get life insurance for ECI/CI if I plan to be single?
Hi, the answer will depend on the following as well: (1) Do you need multiple payouts? (2) How long you wish to get covered for? (3) Do you wish to have a very comprehensive list of Critical Illness conditions covered? For (3), as of now, if you wish to be covered with the most comprehensive list of Critical Illness conditions in Singapore, you may wish to look at our AIA Power Critical Cover, where you can choose between with no cash value or with cash value. Link: https://www.aia.com.sg/en/our-products/critical-illness-protection/aia-power-critical-cover.html Feel free to ask me if you have any queries.
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Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Health Insurance

Hospitalisation Insurance (H&S)

I have ECI ($70k) and CI ($100k) until age 75 (term plans). Is this sufficient? Any recommendations if I should increase the sum assured?
Hi anon, The amount of CI/ECI coverage needed depends on the individual. There are some rules of thumb that can be followed. One of them is 5 times of annual income. Another can be 5 times of your annual expenses plus a lump sum for liquidity and out of pocket costs. Now if I go by the first rule of thumb, you're lacking. I can't guage by the second rule of thumb as you don't know your own expenses, but you can do so on your own, and subtract whatever coverage you already have to assess your gap. However, you will want to take note that your CI coverage will end after age 75. I recommend having CI cover in your retirement years as it means that any illness will not cause you to deplete your retirement funds as you will have instant liquidity from the payout, and neither will you have to sell your assets to fund the associated costs. Shield plans do have limitation, especially if you need extended care due to chronic illness, etc, and you might have to fork out money first before claiming back from the plan. If you want to get ECI/CI coverage for your retirement years, it's usually more cost effective with a limited payment whole life plan.
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Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Health Insurance

Hospitalisation Insurance (H&S)

Healthcare

Should I go for Aviva multipay or Manulife ready complete care for CI coverage?
Hi anon, Interestingly I am advising a client between these two plans currently. Basically both plans will allow multiple claims, but there are some differences which I would like to point out, besides the claim structure (which differ between each plan), and this is definitely not the exhaustive list of differences between the two plans. For Aviva, the first layer of claim has no waiting period (you can claim twice here), and the premiums are waived after claiming from layer two (this is build into the plan). For Manulife, there's a waiting period of 12 months (based on claim date) between the layers, but you can add an early CI premium waiver in ordrer to waive the premiums For Manulife, there are additional payouts for cancer only, whereas for Aviva, the additional payouts for layer 3 and 4 can be for recurrent heart attack, recurrent stroke, or re-diagnosed cancer. Waiting period for Aviva is based on date of diagnosis. As you can see there is almost no apple to apple comparison between the plans and it may be just as well. As the premiums between them are generally competitive, you could do what Hariz suggested and split your coverage equally between both plans.
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Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Health Insurance

Hospitalisation Insurance (H&S)

What are the most common type of claims from early critical illness?
Hi anon, To be honest, there's no telling if we will ever contract critical illness, let alone knowing which one. However, statistically the chance is there, and the big three are of course heart attack, cancer and stroke. Looking at how LIA defines critical illness, if we are looking at ensuring that we cover what our own LIA considers critical enough to disrupt our lives, then who wouldn't want to cover all 37 critical illness at their early stages compared to just 10? But I think the main point I would look at is that the early CI rider on the group term insurance actually increases with age. I do not know your profile, but you may wish to compare that to a limited payment whole life plan and you might discover that there is not a lot of difference in the total premiums paid, with the added benefit that the whole life plan will cover you for life, whereas the group term only covers you till 65. I feel that one start with a good baseline for their coverage first (via whole life), and if you are still concerned about recurrent CIs, additional coverage can be obtained from a multipay. Remember, a multipay plan needs to be paid every single year as long as you want the cover, unless you have a waiver rider added (e.g. AIA), or waivers are build into the plan upon late stage diagnosis (Aviva)
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Insurance

Whole Life Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Health Insurance

Term Life Insurance

Hospitalisation Insurance (H&S)

Does it still make sense to get whole life insurance in my situation?
Yes for all stages of CI cover. Especially since you won't have someone to help you with your assets, having the instant liquidity of cash payout from insurance should you fall ill when you're old will help. For your health concern, I'd suggest doing a preliminary underwriting with every insurer, and see who gives you the best rates. But even if you get loaded (pay extra premiums) it juat means you have a higher chance to claim than your peers. So take it and consider buying a little more as it might not get any better if you want to buy more in the future.
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Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Whole Life Insurance

Term Life Insurance

Health Insurance

Is multipay critical illness or wholelife with early critical illness more worth it for kids?
Hey there! You probably will want to get the Whole Life plans with early Critical Illness (CI) riders since it will probably fit your budget better ; what you can do at least is to build a foundation to insure against a risk. But thats not to say a multi-pay CI plan is off the table. At some point when your child grows older, a multi-pay CI plan will be a better safety net from CI. Financial planning is an integral part of life. You can reach me at this platform to find out more.
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