What age should I get myself insured until with Tokio Marine Multipay or Aviva Multicare?

Hi there,

I've just the exact answer for you over here https://www.theastuteparent.com/2019/08/multica...

Tokio Marine Multipay pays 300% of sum assured if your second CI claim is for a different group - Layer 2. For this aspect Tokio Marine Multipay of claimable is potentially higher.
Having said that, premiums are slightly higher as compared to the AVIVA Multicare. Both plans follow a similar "group/pot" definition for the multi-CI aspect and are amongst the best offerings in the market to cover shortfall for CI and Early CI concurrently.

The Tokio Marine Multicare plan has only a few plan term structures (AVIVA Multicare is more flexibility) but can fit coverage if you are thinking of premiums till age75 or 85. A suggestion to decide between 75 and 85 is to look at your overall insurance portfolio. Is there a permanent coverage for early critical illness coverage from a wholelife plan? If there is perhaps the till age75 is sufficient as a complement. Also consider your overall budget.

Below is Tokio Marine Multipay "Group" definition which is also in my article.

Multi-CI plans have different payout structures. Singlife also has a plan that can be your solution.
I would suggest speaking to an independent advisor who can assess your options and is competent in this area of planning. If you'd like a further discussion, you can contact me via email me at [email protected]

Hi anon,

Multi pay CI plans were designed to provide coverage even after a CI/ECI occurs. Usually if someone has CI/ECI, it will likely mean that they cannot get more CI cover in future. The payout is meant to cover daily expenses and out of pocket items such as caregiver costs, etc.

Hence, you will probably want to at least ensure that you have a basic CI/ECI cover for life which can be a limited payment life plan. Then, add on a multi-pay plan should you wish to continue to be covered even after CI strikes. Although some multipay plans can cover you till age 100, be aware that you will have to pay premiums throughout the duration of the plan as well, as they are term plans. The longer the coverage, the higher the premiums. You thus need to consider your affordability factor; and thus, whether or not you should get coverage till 75 or 85. I would say that if you have a basic CI/ECI lifetime cover through a life plan, you can consider a standalone multipay till 75, and claim from that first. Thereafter, the life plan will take over and pay out should you make a claim after 75.

Another option is to embed a multipay rider into a life plan, this provides you with a lifetime of CI/ECI coverage, plus a multipay feature till a certain age (e.g. 85), after which you will still have the basic coverage to fall back on. The advantage of this is that you will not have to pay premiums through the duration of the plan, but still get both multipay coverage as well as a basic lifetime CI/ECI cover.

As all standalone multipay plans have different payout structures, I would suggest speaking to an independent advisor who carries multiple products to understand how the plans work, as well as your options before you commit. I distribute Tokio marine and Aviva along with other insurers. If you'd like more information on these products, you can contact me via email at [email protected]