Our biggest asset lies in our ability to earn. After becoming a parent, it just became more important than ever.
Early Stage CI Insurance plans protect your Ability to Earn, replacing your income when you and your family need it the most.
An Early CI plan takes care of some financial burdens and gives a peace of mind to focus on recuperating while undergoing treatments to getting well and to spend time with your loved ones.
Early Stage CI coverage pays out once or multiple times of a full sum assured upon diagnosis of early, intermediate and advance stage of the 37 critical illnesses listed by Life Insurance Association Singapore (LIA).
It can be a rider added to your term or whole-life insurance, as well as being standalone Critical Illness plans.
Upon diagnosis of CI (especially with yourself or your child on early stage with higher survival rate), the ongoing monthly expenses will definitely be an issue as Income is affected due to unabling to work.
For parents, it is to protect their income as children are financially dependent on them.
For the child, it is to protect the income of parents should the child get diagnosed with early to advance stage CI, so the parents can afford to pause having to work for that few years to focus on the child’s recuperation.
As children are younger, premiums are much lower as compared to adults.
When Critical Illness occurs, are you financially prepared for that situation?
The child is depending on parents’ ability to earn. Parents will need to take care of the child should they be diagnosed with early CI. Early CI plans are for everyone at any stage and as with morbidity rate, they are priced lower the younger the person is.
Be covered for more than once in the event of relapse, persist or even lead to another type of critical illness being diagnosed, even if claims have been made before, up to 900% of Sum Assured.
Getting diagnosed with CI (Early or Advance stage) can take a toll on not just the child but the parent as well. Parents can take a break from work to care for the child, being crucial to provide financial stability at this point.
We compare extensively and in depth across the Early Critical Illness Plans as well as Multi-Pay Critical Illness plans that covers multiple times. Depending on insurer, they may pay up to 600% and some insurers do not have any waiting periods among claims.
The best Multiple Pay CI plan across. No waiting period from Early Stage to Advance Stage CI. Up to a whopping 900% payout. Premium is waived while still being covered.
Choose to get additional 100% Sum Assured payout with the Advance Care Option and utilise Benign & Borderline Malignant Tumour Benefit as well as ICU Benefit to complement your hospitalisation plan.
Premium is the most competitive and versatile in coverage years from 10 years to 99 years old
The other plan aside from Aviva that has no waiting period from Early Stage to another category of Early Stage CI. Premiums will be waived while still being covered once claimed.
Also, this plan provides a 1 year waiting period from the first and second Advance Stage CI.
The plan is value for money, albeit coverage term being more rigid.
Early Stage CI plan fills in the gap that are commonly overlooked and replaces your income, providing financial consistency especially when early stage diagnosis of critical illness.
To find the most suitable coverage, simply fill in the form and a licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
No obligations, no hidden fees. All advice are of no charges.
In the event your depandant is diagnosed with critical illness, as a parent it is highly likely that the a pause in work will occur. In that scenario, the CI payout will substitute the income of the parent so that they can take care of the child.
Early Stage CI plans are structured to be payout once. As Insurers now are recognizing Critical Illnesses may reoccur, Multiple Pay plans seek to address a main concern: When the person is un-insurable (even after receiving a payout from Early Stage CI Claim) after being diagnosed with an Early Stage CI, would the person want to continue working, worrying about monthly expenses? Or would he or she like to spend time with family members and loved ones, focusing on getting well and healing the illness, without having to concern about the critical illness relapsing.
Multiple Pay also means that there are more payouts should your condition re-occur, persist (CI doesn’t go away and still remains) or new CI being diagnosed.
An Early CI plan takes care of covering some financial burdens should situations occur. It gives a peace of mind to focus on recuperating while undergoing treatments and getting well, to spend time with your loved ones.
While a healthcare plan covers for your hospitalisation treatment and ward stay, a good Critical Illness plan serves as an Income Replacement plan. If any, this is the single most important reason to get Early Stage CI coverage, as it provides for financial stability in the time that you need it the most and unable perform at your maximum in your profession. As with the morbidity rate, Critical Illness plans are priced lower the younger the person is. It is crucial to get a comprehensive Critical Illness coverage.
Traditional Critical Illness Policy only covers Major Late Stage, which is Advance Stage CI. Early Stage CI Insurance fills that gap by covering even if you are diagnosed with Early Stage CI because you would not be able to claim under usual CI plans as there is a void where they fall short that would render unable to claim, simply because Early Stage CIs are not covered.
A good example is carcinoma in situ (Early Stage Cancer). They are cells that are not normal and have not spread yet. However, they may potentially become full fledged cancerous cells and spread into nearby tissues/organs (Advance Stage). This is why they are also known as Stage 0/1 cancer.
Do you know that total loss of sight in 1 eye is considered Early Stage CI? Other lesser known examples include:
Yes, there is a difference. The total coverage amount is the total sum assured for the early critical illness, where as the total claim amount is the payout amount per claim, usually capped at for example, $250, 000 or a maximum of $350, 000, depending on the individual insurer.
For instance, depending on the individual insurer, the claim limit for Aviva is at $250, 000 and for some insurers like AXA and Tokio Marine they are at $350, 000, per early critical illness diagnosis claim. The total coverage limit for AXA is at $3, 000,000 and this means early critical illness diagnosis coverage is limited at $350, 000 per payout, it can be covered for more than twice that claim limit.m
No, you are not over-insured and yes, you will still be able to claim from different insurers, as long as your total coverage sum assured amount is not more than $2, 000, 000 SGD.
2 to 3 years of your annual income is usually adviced, inclusive of any bonuses that you may have. This is because in the event of Early Stage CI occurring, you have 2 to 3 years of Income Protection as well as to cover for costs coming from treatment. And frankly, no one goes for 3 years chemotherapy sessions.
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