SingLife Multipay Critical Illness Plan

3.5

/5

Category

MultiPay Critical Illness

Type

Multipay CI term

Covers

Early, intermediate, severe stage critical illnesses (CI) and selected recurrent CI conditions

Optional add-on Riders

N.A

Available Policy Term

5 years (renewable), 20 years or up to age 65 (max age)

Overview

  • One of the most extensive CI coverage plans across all stages of CIs.
      
  • Coverage extends beyond critical illness conditions such as diabetic complications and mastectomy.
     
  • Coverage for selected conditions that are prone to relapse or recur, such as cancer, heart attack and stroke for continuous financial support.  

For Whom

Suitable For

Individuals looking for a comprehensive plan that covers more than 1 occurrence of CI diagnosis and payout. 

Not Suitable For

People with severe chronic diseases such as diabetes and coronary artery disease, retirees.

For What Purpose?

Income replacement for dependants or self in case of:

Early, Intermediate, Severe and Recurrent Critical Illnesses
  • Early, intermediate, severe and recurrent CIs:
    Multiple lump sum payout, with varying amounts, based on the severity of the CI condition.
  • The plan pays out sum assured of:
    • 100% for early or intermediate-stage critical illnesses
    • 300% for severe-stage critical illnesses
    • 150% for recurrent conditions. 

What are the Pros & Cons?

Pros

Comprehensive coverage:
Covers an extensive 132 CI conditions across early, intermediate, and severe stage conditions, including 6 commonly re-diagnosed or recurrent conditions such as cancer, heart attack, and stroke.

Supplementary coverage for non-CI conditions and scenarios: Covers 27 special conditions (for juveniles) and 16 conditions for adults. Each condition pays out 20% of the sum assured, with a total of 5 claimable conditions.

Waiver of premiums:
Kicks in when benefits payout reaches 300% of the sum assured, waiving future premiums for the remaining term of the plan.

Cons

Critical illness plans are subject to premium change.

The plan has waiting periods ranging from 1 or 2 years between claims, leading to non-payout scenarios if conditions are diagnosed during these waiting periods.

Premium is relatively higher than other types of CI plans that pay out once, or only for a certain stage of CI i.e., severe-stage CI coverage only

What's the Cost?

Premiums for non-smoker standard premium for $100,000 basic sum assured covering till age 65   
Premiums for SingLife MultiPay Critical Illness

For $100,000 covering till the age 65:

Age Annual (Male) Annual (Female)
25 $811 $959
35 $1,187 $1,606
45 $2,279 $2,905

Things to Note

  • Recurrent CI conditions must be of severe stage to be eligible for payout.
  • For major cancer re-diagnosis, it can be a persistent cancer from the first diagnosis, a relapsed cancer recurring at the same organ as the preceding cancer, cancer that has metastasized, or a new cancer unrelated to the preceding cancer diagnosis.
Written by: Anton Tan, CFP®
Last updated: 21 November, 2024

Disclaimer: This publication has not been reviewed by the Monetary Authority of Singapore. The information contained herein does not have any regard to the specific investment objective(s), financial situation or particular needs of any individual. Buying insurance is a long-term commitment and should be based on your unique needs and the suitability of the products. It is advisable to seek advice from a financial adviser to assess your needs and guide you on the features and details of the products before making any financial decisions. The coverage, benefits, premiums, and terms of insurance policies may vary depending on individual circumstances and insurance providers. Individuals are encouraged to review their own insurance needs and policies and seek advice tailored to their specific situation. While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission.

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