[Analysis] 3 Best Recurrent Multi Payout Critical Illness Plan in Singapore

The 3 Best Recurrent Multi Payout Critical Illness Plan in Singapore

This article on critical illness has been updated base on the latest 2019 CI Framework

The main concern of those who have suffered from critical illness is their ability to be insured again. According to AIA Health Matters Survey 2016, “more than 9 in 10 (94%) find it challenging to purchase another Critical Illness (CI) plan following a CI diagnosis, even though more than 2 in 5 (41%) are looking to purchase another CI insurance plan”.

Given the fact that there is a probability of recurrence, it is easy to understand that insurers are not willing to accept them as the risks of insuring them are high. Other concerns about CI plans include being covered for the different stages of critical illness, enjoying premiums waiver or discounts, having insufficient cover and not being able to claim more than once from the same policy.

The good news is that critical illness plans have evolved and insurance companies here are now offering plans that address these concerns. Here, we analyse three Recurrent Multi Payout Critical Illness plans offered here to provide income replacement and coverage despite being diagnosed or having made a claim once due to any of the 37 LIA listed critical illness

Head to Head Analysis Recurrent Multi Payout Critical Illness

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Critical Illness Plan	Aviva MyMultiPay CI IV – NEW!	AIA Power Critical Cover	Tokio Marine MultiCare
Maximum Sum Assured	250,000	2,000,000	350,000
Maximum Payout Multiplier	9x	7x	9x
Max First Early Stage CI Lump Sum Payout	250,000	250,000	350,000
Max First Intermediate Stage CI Lump Sum Payout	250,000	350,000	350,000
Maximum Lump Sum Claim for Advance Stage Critical Illness	Up to 400% of Sum Assured for  Major Cancer Heart Attack of Specific Severity Stroke with Permanent Neurological Deficit Open Chest Heart Valve Surgery Major Organ/Bone Marrow Transplantation Coronary Artery By-Pass Surgery 300% of Sum Assured Claimable up to 2x on different CI with 12 months waiting period	100% of Sum Assured claim up to 5x on different stages and different ci conditions after 12 months waiting period after each claim	300% of Sum Assured Claimable up to 2x on different category with 12 months waiting period
Total Number Of Early, Intermediate & Late Stage CI Covered	132 Different Stages Of Critical Illnesses Excluding Terminal Illness	149 Different Stages Of Critical Illnesses Excluding Terminal Illness	98 Different Stages Of Critical Illnesses Excluding Terminal Illness
Juvenile Conditions Covered	11 Juvenile Conditions An additional Juvenile Benefit of 20% of the sum assured, capped at S$25,000, is payable for each of the 11 Juvenile Conditions. A maximum of 6 claims can be made under the Juvenile Benefit	5 Juvenile Conditions An additional Juvenile Benefit of 20% of the sum assured, capped at S$25,000, is payable for each of the 5 Juvenile Conditions. A maximum of 10 claims can be made under the Juvenile Benefit & Special Conditions	10 Juvenile Conditions An additional Juvenile Benefit of 20% of the sum assured, capped at S$25,000, is payable for each of the 10 Juvenile Conditions. A maximum of 5 claims can be made under the Juvenile Benefit
Special Conditions Coverage	16 Special Conditions 20% of the sum assured, capped at S$25,000, is payable for each of the 16 Special Conditions. A maximum of 6 claims can be made under the Special Benefit.	10 Special Conditions 20% of the sum assured, capped at S$25,000, is payable for each of the 10 Special Conditions. A maximum of 10 claims can be made under the Special & Juvenile Benefit	10 Special Conditions 20% of the sum assured, capped at S$25,000, is payable for each of the 10 Special Conditions. A maximum of 5 claims can be made under the Special Benefit.
Claim Feature	Benign and borderline malignant tumour benefit Pay up to 20% SA Cap at $25,000 Intensive Care Unit Pay up to 20% SA Cap at $25,000 after 4 days stay Early/Intermediate Stage Critical Illness Claims Allow up to 6 Claims of 100% Sum Assured for Early or Intermediate Stage CI for different CI with 1 year waiting period Advance Stage Critical Illness Claim Allow up to 2 Claims for Advance Stage CI from different CI with 1 year waiting period between each claim, up to 300% SA Per claim. Advance Care Option Choose to get an additional 100% Sum Assured for 6 Advance CI conditions. Recurrent CI Benefit will cease Recurrent Cancer/Heart Attack/Stroke Claim Receive 2x 150% of sum assured per claim with  2-years waiting period in between for Advance Stage Cancer/Stroke/Heart Attack Relapse or Persistency or Metastasis after an Advance Stage CI claim has been made successfully (This option will not be available if Advance Care Option is exercised)	Pre Early Benefit  Chronic Disease Benefit Pay up to 10% Sum Assured Cap at $10,000 x 2 Cardiovascular Disease Benefit  Pay up to 10% SA Cap at $25,000 Benign and borderline malignant tumour benefit Pay up to 10% SA Cap at $25,000 Early/Intermediate/Advance Stage Critical Illness Claims Allow up to 5 Claims of 100% Sum Assured for different Early, Intermediate or Late Stage CI with 1 year waiting period in between each claims Power Relapse Benefit If the Insured is re-diagnosed with or suffers from recurrence on any one of the following Power Relapse Critical Illness Re-diagnosed Major Cancer Recurred Heart Attack Recurred Stroke Repeated Major Organ Transplant / Bone Marrow Transplantation Repeated Heart Valve Surgery or actually undergoes a surgery for a Power Relapse Critical Illness 2 years after it’s first diagnosis, 100% of the sum assured will be paid	Early/Intermediate Stage Critical Illness Claims (Layer 1) Allow up to 2 Claims of 100% Sum Assured for Early or Intermediate Stage CI from different group with NO waiting Period Advance Stage Critical Illness Claim (Layer 2) Allow up to 2 Claims for Advance Stage CI from different Group with 1 year waiting period between each claim, Max Claim of 700% Sum Assured in this category, Can add on Premium Waiver Rider Recurrent Cancer Claim (Layer 3 & 4) Receive 2x 100% of sum assured per claim with  2-years waiting period in between for Advance Stage Cancer Relapse or Persistency or Metastasis after an Advance Stage CI claim has been made successfully

Policy Highlights & Comparisons

Aviva MyMultiPay Critical Illness (IV) – Best Recurrent Multi Payout Critical Illness In Terms of Highest Sum Assured (400%) for CI Claim & Flexibility in Policy Term

What we like?

1. No waiting period between any early to advance stage critical illness diagnosis to claim up to 400% Sum Assured
2. Option to claim up to 400% in the event of common advance stage ci diagnosis with no waiting period by exercising Advance care option
3. More number of conditions covered (165) as compared to the older plan (129)
4. A higher number of total pay-out (up to 900% Sum Assured)
5. Claim for Pre Early Cancer Benefit & ICU
6. No more pots grouping for different Early/Intermediate CI Claim
7. One more 300% SA claim for another Advance Stage CI with 1 year waiting period

What we don’t like

• One year waiting period to claim another early/intermediate stage CI after the first early/intermediate critical illness claim
• Max sum assured remains at $250,000
• The Death benefit for stand-alone plan remains at $5,000 regardless of sum assured

 

Tokio Marine MultiCare – Best For 2x Early Stage CI Claim with No Waiting Period

What we like?

1. Able to claim 2x Early Stage Critical Illness (no waiting period) and 2x Late Stage Critical Illness Claim of up to 300% per claim (with 1 year waiting period).
2. Layer 1 & 2 claim allows up to 700% of Sum Assured.
3. Only insurer to be able to claim for another Early-stage Critical Illness from a different group of Critical Illness with no waiting period.
4. Upon diagnosis of any advanced stage CI, the assured gets maximum of 3x Sum Assured immediately regardless of prior claim on early-stage critical illness from any other groupings
5. Maximum lump sum claim of 350,000 for early-stage critical illness as compared to Aviva and AIA which only allows the max lump sum claim of  250,000 for early-stage critical illness
6. 2 more late-stage recurrent cancer claim bringing total claim up to 9x sum assured

What we don’t like

• Premium waiver for late-stage critical illness claim is not embedded into the main plan, have to add a rider for it to be waived off upon first late ci claim
• Lack of flexibility for coverage term, choose only till age 70, 75, 85
• Most expensive multi-stage payout critical illness plan in the market as compared to it’s peers

 

AIA Power Critical Cover – Best Recurrent Multi Payout Critical Illness for Pre Early Benefits and Highest Number of Critical Illness Conditions Covered (175 Conditions)

What we like?

1. First in the market to offer Pre-Early Benefit which covers for before early-stage ci diagnosis
2. Improved features on the Surrender value for it’s Life Plan (Till age 100) version
3. More number of conditions covered (175) as compared to the older plan (104)
4. A higher number of total pay-out (up to 940% Sum Assured)
5. Highest sum assured for death benefit as compared to the rest in the market

What we don’t like

• One year waiting period still applies after the first critical illness claim, 2 years waiting for 6 similar condition claim upon the advance stage diagnosis.
• Premium is among the more expensive among its peers for coverage till Age 75
• Limitation of coverage till Age 75 and 100 still remains, not flexible enough

Confused with all these technicalities?

Here are some analysis on which recurrent ci plan to choose in respect to your main concern. Assumptions: a 35-year-old lady named Lily, who is healthy, non-smoker wants a sum assured of 100,000 to cover her till the age of 75.

1) High claim amount on diagnosis of different early & severe stage conditions 

Lily suffers a late-stage stroke and also requires a cardiac pacemaker insertion (an early stage of heart attack) to regulate her heartbeat. After a year of surviving her ordeals, Lily found herself diagnosed with late-stage stomach cancer.

How will Tokio Marine Multicare Pay?

• Late-stage stroke diagnosis – Lily will receive a lump sum of $300,000
• Requires cardiac pacemaker insertion (Early Stage Heart Attack) – Lily will receive another lump sum of $100,000 (No waiting period required)
• 1 year later, gets diagnosed with late-stage pancreatic cancer – Lily will receive another $300,000

Lily will receive a total payout of $700,000 in less than 2 years due to a series of misfortune from Tokio Marine MultiCare

How will Aviva MyMultipay CI IV Pay?

• Late-stage stroke diagnosis – Lily will receive a lump sum of $300,000
• Requires cardiac pacemaker insertion (Early Stage Heart Attack) – Lily will not receive any amount as the condition happens within a year
• 1 year later, gets diagnosed with late-stage pancreatic cancer – Lily will receive another $300,000 for the 2nd CI condition which occurs after 2 years

Lily receive a total payout of $600,000 from Aviva MyMultipay CI IV

How will AIA Power Critical Cover Pay?

• Late-stage stroke diagnosis – Lily will receive a lump sum of $100,000
• Requires cardiac pacemaker insertion (Early Stage Heart Attack) – Lily will not receive any payout as it happens within the 1 year waiting period
• 1 year later, gets diagnosed with late-stage pancreatic cancer – Lily will receive another $100,000 for another CI diagnosed after 1 year

Lily receives a total payout of $200,000 from AIA Power Critical Cover

Tokio Marine Pays the best for this scenario – Premium $2,032/year

2) Flexible coverage term and recurrent critical illness coverage 

Since a CI policy’s main objective is for income replacement, some clients might only want their plan to cover them until retirement age. This can potentially translate to more savings since you pay less premium when the coverage term is shorter. In this case, Aviva’s My MultiPay CI is a good choice because it offers coverage from anywhere till 5 – 99 years old whereas the other 2 plans require a minimum coverage until 70/75 years old.

Say Lily was diagnosed with late-stage heart attack, Lily miraculously recovers from her late-stage heart attack after months of monitoring and treatment and is able to get back to work full time. 2 years later, lily’s heart attack relapses and this time she was hospitalised again.

How will Tokio Marine Multicare Pay?

• Late-stage heart attack – Lily will receive a lump sum of $300,000
• Late stage heart attack recurs 2 years later – Lily will not receive any payout as TM only covers recurrent cancer 2 years after late cancer diagnosis

Lily will receive a total payout of $300,000 from Tokio Marine MultiCare

How will Aviva MyMultipay CI IV Pay?

• Late-stage heart attack – Lily will receive a lump sum of $300,000
• Late-stage heart attack recurs 2 years later – Lily will receive another $150,000 for relapse of a late-stage heart attack after 2 years

Lily will receive a total payout of $450,000 from Aviva MyMultipay CI III

How will AIA Power Critical Cover Pay?

• Late-stage heart attack – Lily will receive a lump sum of $100,000
• Late-stage heart attack recurs 2 years later – Lily will receive another $100,000 under AIA Power Relapse Benefit

Lily will receive a total payout of $200,000 from AIA Power Critical Cover

Aviva Pays the best for this scenario – Premium $2,093/year

3) Highest Number Of Early Stage Critical Illness Claim

Lily was diagnosed with early-stage breast cancer, the cancer went under remission subsequently. 15 months on, Lily was diagnosed with brain aneurysm but recovered after going through brain surgery. A year later, Lily was diagnosed with early-stage liver cirrhosis.

How will Tokio Marine Multicare Pay?

• Early Stage Breast Cancer – Lily will receive a lump sum of $100,000
• Upon diagnosis of a brain aneurysm (Early Stage Stroke), Lily will receive another lump sum of 100,000
• 1 year later, Early Stage Liver Cirrhosis – Lily will not receive any payout as liver cirrhosis is under the same category as cancer and kidney failure for early stage

Lily will receive a total payout of $200,000 from Tokio Marine MultiCare

How will Aviva MyMultipay CI Pay?

• Early Stage Breast Cancer – Lily will receive a lump sum of $100,000
• Upon diagnosis of a brain aneurysm (Early Stage Stroke), Lily will receive another lump sum of 100,000
• 1 year later, Early Stage Liver Cirrhosis – Lily will receive another $100,000 from Aviva

Lily will receive a total payout of $300,000 from Aviva MyMultipay CI III

How will AIA Power Critical Cover Pay?

• Early Stage Breast Cancer – Lily will receive a lump sum of $100,000
• Upon diagnosis of a brain aneurysm (Early Stage Stroke), Lily will receive another lump sum of 100,000
• 1 year later, Early Stage Liver Cirrhosis – Lily will receive another $100,000 from AIA.

Lily will receive a total payout of $300,000 from AIA Power Critical Cover

AIA & Aviva Pays the best for this scenario –

Premium $1,803/year (AIA)

Premium $2,093/year (Aviva)

What to do next?

Compare: Multiple Claim Critical Illness Plans

As we can see, all three Recurrent Multi Payout Critical Illness have their strengths and weaknesses and they all cover a different aspect of risks which the other company does not cover.

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All comparisons done are solely based on your individual needs.