With Aug updates to CI definition, considering if to get Early CI/CI Plan now. My current CI Plan cover 50k. Been reading up and wondering if I should get WL or Term (single/multi-pay). Any advice?

Generally for Critical Illness coverage, we will want to be covered for as long as we live. Therefore, most people will prefer coverage till age 100. However, given that cost and affordability may be a concern, I tend to suggest to my clients to perform a detailed calculation and have a balanced portfolio of coverage. This is because it is the most economical way to get insured, while not overpaying for insurance.

As for Mindef Group insurance, all corporate insurance scheme will transit over to the new definition (Version 2019) upon renewal. For more details, you may refer to a post that I have written recently: Critical Illness Definition Changes Singapore: Clarity comes with a Cost

In detail, I have explained on the changes that will be happening, as well as the policies that will be affected. Additionally, if you want an analysis on this change, I have covered it in this video: https://www.facebook.com/workwithpzl/posts/6094...

Overall, we need to know your needs and how you wish to plan for your future. At the end of the day, insurance is merely a tool to cover your financial gaps. For this purpose, you may wish to spend quality time to plan your future, or to speak to an experienced professional to guide you through this process.

I share quality content on estate planning and financial planning here.

The updates to CI definition will affect the criteria for claims admission. Generally is worded more specifically with less ambiguity, resulting in a stricter definition.

Notwithstanding the updates, most importantly is your need for the coverage, rather than rushing to get due to the update.

GTL is a group insurance policy and subjected to renewal by Mindef with the companies. I am unsure how it will be impacted, because even if purchase is made now, T&C of some companies allow them to change the definitions with notice to customer.

With respect to the amount of the coverage needed, whether single or multipay, it is more of the amount you will need when it strikes. When it happens, any amount is appreciated, the more the better, as I experienced while doing claims for clients. In my numerous years in the business, I realise its a matter of making the first time counts, if and only if a claims is necessary. That being said, we all want to be healthy, but illness sometimes do not give us a choice. Whole life may cost more, but it does accumulate cash value for when it doesn't strike.