Singlife Multipay Critical illness – Best in class Critical illness plan

What is Critical illness Insurance?

Critical illness insurance will pay a lump sum if the insured is diagnosed with a critical illness condition covered in the policy. The types of critical illness covered may vary from one insurer to another. Critical illness can be classified into different severities, mainly Early, Intermediate and Advanced Critical illness.

Why is critical illness insurance important?

As the term suggest, critical illness refers to a serious condition/illness that will affect the quality of life. Statistically, the prognosis of recovering from critical illness diagnosis has been going up as medical advances. However, as the person continues to recover, financial commitments such as medication, daily living expenses, transport etc. will continue to build up.

According to research findings, it is shown that the majority of critical illness claims received by life insurers are: 
• Major Cancer
• Heart Attack of Specified Severity
• Stroke with Permanent Neurological Deficit
• Coronary Artery By-pass Surgery
• End Stage Kidney Failure

Should a person be diagnosed with critical illness (such as Cancer, Heart Attack, Stroke), they most certainly will not be able to work and earn an income. As such, it is important to be covered with Critical illness insurance as a safety net and ensure that they have a lump sum of money as income replacement in the event of critical illness diagnosis.

What affects the premium?

There are few factors that will affect the premium of the insured.

1. Gender: The cost of critical illness coverage is more expensive for female as compared to male.

2. Entry age at time of application: The younger the applicant is, the cheaper the premium will be. As such, it is highly encouraged to have critical illness insurance in place as soon as possible while the person is young and healthy.

3. Lifestyle: A smoker will have higher premium for the critical illness plan as compared to a non-smoker as the risk of critical illness diagnosis is higher for a smoker.

There are plenty of critical illness plans in the insurance market. Multipay critical illness plan have been popular in the market as it focuses on providing comprehensive critical illness coverage of all stages, as well recurrent diagnosis of critical illness.

Singlife Multipay Critical illness comes to mind when one is looking for the best multipay critical illness plan in Singapore.

Singlife Multipay Critical illness at a glance:

Source: Singlife

• Can be a Standalone critical illness plan or added as a rider to Main term plan

• Choice of coverage term of 10 years, or up to age 99 (ANB) at every one year interval

• Pays critical illness benefit of potentially up to 600% of sum assured in total where:
- Upon Early or intermediate stage critical illness, 100% of sum assured will be payable
- Upon Advanced stage critical illness, 300% of sum assured less any claim paid for Early or Intermediate stage of the same CI group will be payable

• Pays recurrent critical illness benefit of 150% of sum assured per claim, up to 2 times:
- Upon diagnosis of the specified Advanced stage Critical illness covered
- Upon diagnosis of the specified recurrent Advanced stage Critical illness covered

• Opt for Advance Care Option which pays additional 100% of sum assured when the first Advanced Critical illness benefit made is one of six eligible advanced critical illnesses. Once the option is exercised, the recurrent critical illness benefit is no longer applicable.

• Additional ICU benefit of 20% of sum assured (up to $25,000) if the insured is admitted to Intensive care unit for 4 days or more in one hospital admission

• Additional Benign and borderline malignant tumour benefit of 20% of sum assured (up to $25,000) upon complete surgical excision of benign tumour

• Additional Special benefit of 20% of sum assured (up to $25,000) upon diagnosis of any one of the 27 conditions covered.