Tokio Marine MultiCare
3.5/5
CATEGORY
Critical Illness
TYPE
Multi-pay CI term insurance
COVERS
Early, intermediate, late stage critical illnesses (CI) and recurrent Cancer
OPTIONAL ADD-ON RIDERS
N.A
Overview
One of the most extensive multi-pay CI coverage plans across all stages of CIs.
Pays out 100% of Sum Assured in event of diagnosis of early to intermediate stage CI.
Pays out 300% of Sum Assured in event of diagnosis of late stage CI, minus what has been claimed for early/intermediate CI for same group of conditions.
Pays out 100% of Sum Assured for recurrent Major Cancer.
For Whom
Suitable For
Individuals looking for a comprehensive plan that covers all stages of critical illnesses and continued protection even after a critical illness claim has been made.
Not Suitable For
People looking for whole of life coverage, and those who wants cash value/savings element.
For What Purpose?
Income replacement for dependants or self in case of:
Early, intermediate, late and recurrent CIs
Multiple lump sum payout to the insured, with varying amounts, based on the severity of the CI condition. The plan pays out 100% of the sum assured for early or intermediate-stage critical illnesses, 300% for late-stage critical illnesses, and an additional 100% for recurrent cancer diagnosis.
Pros & Cons
Pros
- Generous payout for late-stage Critical Illness (CI) claims: Receive 300% of the Sum Assured for each late-stage CI claim (up to a maximum of two claims).
- No waiting period between claims for Early/Intermediate-stage CI diagnoses from different CI groups, or between an Early/Intermediate-stage claim and a subsequent late-stage CI claim.
- Additional protection for special non-CI conditions: Covers 10 special conditions for juveniles (before 19th birthday) and 10 special conditions for adults including dengue, diabetic complications and osteoporosis. Each condition pays out 20% of the sum assured, with a total of 5 claimable conditions.
Cons
- Premium is relatively higher compared to other multi-pay CI plans in the market.
- 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
- Critical illness plans are subject to premium change
Things to Note
- This plan only offers options to cover till age 70/75/85
- This plan covers over 100 CI conditions from early to late stages, categorised into three major CI groups. You can only claim once per CI group at Early/Intermediate stage, and once per CI group at Late-stage (up to a maximum of two claims per stage).
- Recurrent Cancer Benefit must be of late-stage to be eligible for payout. Recurrent Cancer Benefit can be a persistent cancer from the first diagnosis, a relapsed cancer recurring at the same organ as the preceding cancer, cancer that has metastasised, or a new cancer unrelated to the preceding cancer diagnosis.
Written by: Anton Tan, CFP®
Last updated: 16 December, 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.