Last Updated on by Tree of Wealth
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Multiple payout critical illness plans are gaining in popularity as people fast realising that there is no guarantee that they will only suffer from one critical illness.
Think about it, what if you get diagnosed with a few critical illnesses at once? Or suffer a relapse after recovering? Multiple payout critical illness plans will offer a few layers of compensation, which offers more peace of mind.
The important thing about multiple payout critical illness plans is that they cover early stage critical illnesses. This is crucial for breadwinners or key contributors of the household, as it helps to cover any income loss when diagnosed with an illness.
However, not all multiple payout critical illness plans are made the same. Most of them require you to wait for 12 months after a claim, while a select few do not. Death benefits and payouts differ too.
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Comparison of Multiple Critical Illness Insurance Plans (2024)
For better reading experience on your mobile device, please read horizontally.
|
Singlife Multipay Critical Illness |
Tokio Marine MultiCare | AIA Beyond Critical Cover | HSBC Life Super CritiCare |
Manulife CI FlexiCare (with Cover Me Again) |
|
|
Maximum Sum Assured |
$250,000 | $350,000 | $3,000,000 | $1,000,000 | $250,000 |
|
Maximum Sum Claimable |
900% | 900% | 200% | 600% | 600% |
| Max First Early Stage CI Lump Sum Payout | $250,000 | $350,000 | $350,000 | $350,000 |
$250,000 |
|
Max First Intermediate Stage CI Lump Sum Payout |
$250,000 | $350,000 |
$350,000 |
$350,000 | $250,000 |
| Max Advance Stage CI Lump Sum | 300% of Sum Assured | 300% of Sum Assured | 100% of Sum Assured |
100% of Sum Assured |
200% of Sum Assured |
| Juvenile Conditions Covered |
11 Juvenile Conditions 20% of the sum assured capped at S$25,000 A maximum of 6 claims can be made |
10 juvenile conditions 20% of sum assured, capped at $25,000 A maximum of 5 claims |
16 Child Conditions – Max Coverage $150,000 9 Child Special Illness
|
10 juvenile conditions 10% of the sum assured, capped at S$25,000 A maximum of 3 claims |
13 Juvenile Conditions 20% of basic sum assured, up to $25,000 (up to 6 claims) |
|
Special Conditions Covered |
16 Special Conditions 20% of the sum assured capped at S$25,000 A maximum of 6 claims can be |
10 Special Conditions
20% of sum assured, capped at $25,000 A maximum of 5 claims |
5 Special Conditions (Under Early CI rider)
20% of the sum assured, capped at S$25,000 A maximum of 1 claim per condition |
11 Special Conditions
10% of the sum assured, capped at S$25,000 Maximum of 5 claims |
10 Special Conditions 20% of sum assured, capped at $25,000 A maximum of 6 claims |
| Waiting Period for a Separate Early/Intermediate CI Claim | 1 year waiting period | No waiting period | Not Applicable. Early & Intermediate only claimable once. | 12 months |
12 months (only for CoverMeAgain Rider) |
|
Waiting Period from Early/ Intermediate to Advance Stage CI Claim |
No Waiting Period and will pay up to 300% of Sum Assured less any payouts from previous layer | No Waiting Period and will pay up to 300% of Sum Assured less any payouts from previous layer | 12 months | 12 months | 12 months |
| Waiting Period for Recurrent Cancer/Heart Attack/Stroke | 2 years afterwards 2x 150% sum assured per claim | 2 years afterwards 2x 100% sum assured per claim | 2 years afterwards pay out 100% Sum Assured | 2 years afterwards payout 100% Sum Assured |
2 years from the date of diagnosis of the CI under the most recent claim will be applicable before you can make another claim under this benefit |
|
Unique feature |
|
No Waiting Period for Separate Early/Intermediate Stage CI Claim from different Pot Diagnosis
|
|
Covers Recurrent Non Related Early/Intermediate
1. Cancer 2. Heart Attack 3. Stroke With 24 months waiting perio |
|
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Premium Breakdown:
For better reading experience on your mobile device, please read horizontally.
Premium Comparisons Till Age 85
Male
|
Male Non-Smoker $150,000 Sum Assured |
Singlife
Multipay Critical Illness |
Tokio Marine
MultiCare |
HSBC Life
Super Criticare(max age 75) |
Manulife
CI FlexiCare (CoverMeAgain) |
|
35 |
$4,546.50 | $4,624.50 | $2,142.00 | $4,512.00 |
| 40 | $6,277.50 | $6,036.00 | $2,667.00 |
$6,301.35 |
| 45 | $8,520.00 | $8,187.00 | $3,501.00 |
$8,479.20 |
| 50 | $11,470.50 | $10,918.50 | $4,698.00 |
$11,343.60 |
Female
|
Female Non-Smoker $150,000 Sum Assured |
Singlife
Multipay Critical Illness |
Tokio Marine
MultiCare |
HSBC Life
Super Criticare (max age 75) |
Manulife CI FlexiCare (CoverMeAgain) |
|
35 |
$4,501.50 | $4,324.50 | $2,194.50 | $4,520.55 |
|
40 |
$5,737.50 | $5,479.50 | $2665.50 | $5,832.15 |
| 45 | $7,248.00 | $7,147.50 | $3,328.50 |
$7,313.55 |
| 50 | $10,311.00 | $9,067.50 | $4,240.50 |
$9,643.95 |
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Singlife Multipay Critical Illness
Being one of the earliest insurers to launch Multiple Payout for Critical Illness plans, Singlife Aviva structured the payouts in the form of groupings of 3 main benefits and ditched away the definition from grouping of critical illnesses.
Read our full review for Singlife Multipay Critical Illness.
Pros of Singlife Multipay Critical Illness
- Flexible term: Highly flexible, more lenient than other multi pay critical illness plans in the market, as it has a term period of a minimum of 5 years all the way to age 99
- Premium waiver: Upon diagnosis of critical illness, future premiums will be automatically waived off, without the need to purchase additional premium waiver riders, as with other plans in the market
- Rider/standalone critical illness plan: Can be a rider (supplementary benefit) to Aviva’s main term plan (MyProtector Term II) as well as a standalone Multipay Critical Illness Plan.
- No waiting period for same CI group:
- For the same group of CI claims from Early/Intermediate to Advance Stage CI, there is no waiting period for 300% of Sum Assured.
- For Early Stage CI to Advance Stage CI, there is a One Year waiting period in between claims of 100% and 300% respectively. Total of 400% Sum Assured, this if for different CI groups and not activating the Advance Care Option
- Cancer has 2 ways of categorizing and able to claim once under each:
-
- Carcinoma in-situ (CIS) and Early Cancers:
- (a) Carcinoma in-situ (CIS)
- (b) Early Cancers:
- Early Prostate Cancer
- Early Thyroid Cancer
- Early Bladder Cancer
- Early Chronic Lymphocytic Leukaemia
- Early Melanoma
- Gastro-Intestinal Stromal tumours
- Carcinoma in-situ (CIS) and Early Cancers:
-
- Advance Care Option provides additional 100% of Sum Assured should Life Assured choose to claim more with one Advance CI (will forfeit Recurrent CI Benefits though)
- High sum assured during advanced stage: In the event of advance stage, 300% of sum assured will be paid out, beating most competitor’s 100%. For example, a $150, 000 sum assured coverage will pay out $450, 000 in the event of advance stage CI
- More illnesses covered: First in the market to cover relapse, persistency and mestastasis for Major Cancer, Heart Attack & Stroke and in addition, for new category of CI not claimed in previous payouts
- Special Benefits: Includes Juvenile and Special conditions, additional 20% capped at $25, 000 will be paid out. Maximum of 6 claims. This will not reduce your sum assured.
- Maximum payout is now 900% instead of the previous plan’s 600%
- There are Pre Early Cancer Benefits, ICU Benefits as well as BENIGN AND BORDERLINE MALIGNANT TUMOUR BENEFIT
Cons of Singlife Multipay Critical Illness
- There is now a waiting period of One Year between Early/Intermediate CI Stage Claims
- Plan is too complicated and understand
- Death Benefit remains at a low $5, 000 and Maximum Sum Assured remains at $250, 000
Read Full Review Here!
Review – Singlife Multipay Critical Illness Is Packed With Features
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Tokio Marine MultiCare Plan
The Tokio Marine MultiCare is a multiple payout standalone critical illness plan that has competitive premiums. It’s not the cheapest, but it provides better value when compared to other insurers in the market.
The maximum sum assured is $350,000 and the maximum payout is 900%. For early stage critical illness payout the maximum is $350,000, for intermediate stage critical illness payout the maximum is $350,000 and the advanced stage critical illness payout is 300% of the sum assured.
You can claim up to 2 times of different CI categories within the 12 months’ waiting period and the plan covers 98 different stages of critical illnesses not including terminal stage illnesses.
There are 10 juvenile conditions covered, including severe haemophilia and Kawasaki Disease. You get additional 20% of the sum assured, capped at $25,000. A maximum of 5 claims are allowed. 10 special conditions are also covered and the plan offers 20% of the sum assured, capped at $25,000. Special conditions include osteoporosis, severe rheumatoid arthritis and diabetic complications.
Pros of Tokio Marine MultiCare Plan
- No waiting period for claims of Early Stage CI to another category of early stage
- No waiting period for claims of Early Stage CI to any Advance Stage CI
- Up to 2 times for Early Stage CI (no waiting period)
- Up to 2 times for Advance Stage CI (1 year waiting period) – Up to 300% per claim.
- Total of 700% for Layer 1 & 2
- Advance stage CI payout at 300% of sum assured despite being the same category of claim from Early stage before (less off any previous payouts).
- Maximum payout capped at $350, 000 for Early stage CI. Highest in the market.
- Layer 3 provides additional safety net protection for cancer, total of 900% coverage.
- Waiver of premiums riders need to be bought separately, giving policy holders the extra choice and flexibility.
Cons of Tokio Marine MultiCare Plan
- Inflexible protection term only until age 70, 75 and 85, no other choices.
- One of the highest priced in the market for multiple payout CI plan.
- Layer 3 only covers Major Cancer, Advance Stage.
Read Full Review Here!
Review – Tokio Marine MultiCare: A Multiple Payout Critical Illness Plan That Cares
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AIA Beyond Critical Cover Plan
AIA’s Beyond Critical Cover Plan is a new iteration of their standalone plan for CIs. Launched in 2021, the features are changed drastically. Mainly for Early Stage Cis they are now only claimable once. There are mental illnesses included, as well as a focus on Child illnesses and Special Child Conditions.
For the second claim, there remains a 12 months waiting period.
Pros of AIA Power Critical Cover Plan
- Mental Illness Coverage: Only 5 conditions. Additional 20% of Sum Assured Per Condition, maximum Coverage of $50,000 per claim, until 85 years old
- Child Illness CI Coverage: Maximum Coverage $150,000
- Child Special Illness Coverage: Covers until Age 21, 20% Sum Assured Per Condition Max $25,000 and up to 5 times of claim
- Premium Refund at Age 85: 100% of the total premium for the base plan (not including riders, less any claims that were paid out) will be refunded at the end of the coverage/policy term, age 85.
Cons of AIA Power Critical Cover Plan
- Early Stage for CIs can only be claimed once. The remaining claims are for late stage as well as death
- Only 2 Claims Allowed with a 12 Months Waiting Period in between claims.
- Lack of flexibility: Only covers till age 85, no other options
- Coverage Term until age 85 makes policy expensive
- Refunds only includes the premiums for Base Plan
- Early/Intermediate CI Coverage till Age 75 only
- For the previous AIA plan, the full refunds are at age 75, while it is now 85 years old
- Mental Illnesses has only 5 and it ends at age 85
- Special Benefits Reduced to 5:
- Osteoporosis
- Diabetic Complications
- Severe Rheumatoid Arthritis
- Dengue Haemorrhagic Fever
- Mastectomy due to carcinoma in situ or malignant breast
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HSBC Super CritiCare Plan
HSBC Life Super CritiCare Plan is a critical illness plan categorised mainly into 3 groups: cancer, heart-related diseases and stroke. It provides up to 600% multiple payouts of the basic sum assured across early to intermediate to advanced stage critical illness.
The outstanding thing about HSBC Life’s multi-pay critical illness plan is its maximum sum assured, which is $350,000, higher than the usual $250,000.
There is no waiting period for the remaining sum assured to be paid out if an early or intermediate stage of critical illness moves on to the advanced stage. But this is on the condition that you take up a sum assured much higher than the maximum capped payout of $350,000.
Do note that there will be a 12-month waiting period between claims, regardless of which stage, and each stage will provide 100% sum assured per payout, again, regardless of which stage.
In a scenario where you have a sum assured of $600,000 for early critical illness coverage, when early critical illness strikes, $350,000 will be paid out and the remaining $250,000 will be paid out without any waiting if there is a second early stage CI. This is quite similar to other competitors.
Pros of HSBC Life Super CritiCare
- Affordable premiums
- Covers another early/intermediate stage of cancer, heart attack or stroke, as long as not related to the first diagnosed early stage cancer within 24 months waiting period
- Complimentary Diabetes Care Programme offered upon diagnosis of diabetes without lowering the sum assured of the main plan
- High payout limit of $350,000 for early-stage critical illness per claim
- More sites covered for carcinoma in-situ definition for early cancer
- Flexibility to choose between renewable policy term of 5,10,15, 20, 25 & 30 years with no medical underwriting/check-up, or a coverage term till age 50/55/60/65/70/75
- Ability to choose sum assured up to $3,000,000
Cons of HSBC Life Super CritiCare
- 1 year waiting period for different CI conditions or CI stage: Subsequent multiple payouts are still subjected to the 1 year waiting period. If your sum assured is below the applicable limit ($350k for early stage CI for example), you have to wait a year to be eligible for the next claim. If your sum assured is above the applicable limit, then there is no waiting period if another same early stage CI were to occur within 1 year.
- Second claim must be a different critical illness and be subjected to 1 year of waiting
- For re-diagnosis and recurrence of major cancer, heart attack and stroke, there will be a 24 months waiting period
HSBC Life’s Diabetic Care Programme – Very Good Health Initiative
The additional benefit of Diabetic Care Programme is a 12-month programme and applies should the policy holder be diagnosed of diabetes. It does not reduced the policy’s sum assured amount.
The complimentary programme worth $2,500 per year offers a curated diabetes control plan to help the insured manage their diabetes, through personalised consultations, dietary counselling, fitness programme, eye screening, foot screening and annual lab tests.
Read Full Review Here!
Interested to learn more?
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Manulife CI FlexiCare (With Cover Me Again)
Manulife CI FlexiCare with Cover Me Again benefit is a standalone critical illness term insurance plan. It’s a comprehensive plan that covers all stages of 126 critical illnesses, from early, intermediate to advanced stages.
Manulife CI FlexiCare, however, on its own, is a single payout critical illness plan and there is an option to add the “Cover Me Again” feature to turn it into a multiple pay critical illness plan.
There are 10 special conditions, and when diagnosed, you get 20% of sum assured, capped at $25,000 per claim, up to 6 claims. It covers conditions such as diabetes, dengue haemorrhagic fever and Kawasaki Disease.
The sum assured for early stage critical illnesses goes up to $250,000.
Pros
- Reset up to 4 times, with a waiting period is 12 months between claims
- Free child coverage: In the event if an advanced stage critical illness occurs to your child, an additional amount of $10, 000 will be paid out. This does not reduce your total sum assured.
- Additional 200% for Advance Stage CI
Cons
- 1 year waiting period for different CI conditions or CI stage: Subsequent multiple payouts are still subjected to the 1 year waiting period.
- Special Conditions are lesser
Review of Manulife CI FlexiCare
How much critical illness cover do I need in Singapore?
Multiple payout critical illness plans are becoming increasingly popular among individuals who recognize the uncertainty of experiencing multiple critical illnesses. The ability to receive compensation for several critical illnesses provides an added layer of security and peace of mind. These plans are especially beneficial for breadwinners and key contributors to households, as they help mitigate income loss during periods of illness.
However, it’s important to note that not all multiple payout critical illness plans are created equal. Variations exist in waiting periods, death benefits, and payout amounts.
To ensure you choose the right plan for your specific needs, it’s advisable to consult with a financial advisor specializing in financial planning. Our team of experienced financial advisors is ready to assist you in selecting the most suitable multiple payout critical illness plan tailored to your unique circumstances. Take the first step towards securing your financial future by getting in touch with our dedicated financial advisor today.
Are you interested in safeguarding your financial well-being with a comprehensive multiple payout critical illness plan?
Don’t hesitate to reach out to our expert financial advisor for personalized guidance and assistance. Our team will assess your individual requirements and recommend the most suitable plan to protect you and your loved ones from the financial burdens of critical illnesses. Take control of your future by contacting us now to schedule a consultation with our dedicated financial advisor.
Together, we can create a solid financial plan that provides peace of mind and security for years to come.
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