Best Early Stage Multiple Pay Critical Illness Plan Singapore (2021)

Best Early Stage Multiple Pay Critical Illness Plan Singapore (2020)
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Last Updated on by Tree of Wealth

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.

Comparison of Multiple Critical Illness Insurance Plans (2021)

For better reading experience on your mobile device, please read horizontally.

Aviva MyMultiPay CI IV Tokio Marine MultiCare AIA Beyond Critical Cover AXA Super CritiCare Manulife Ready CompleteCare (Cover Me Again)
Maximum Sum Assured $250,000 $350,000 $3,000,000 $1,000,000 $500,000
Maximum Sum Claimable 900% 900% 200% 600% 900%
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 $350,000
Max Advance Stage CI Lump Sum 300% of Sum Assured 300% of Sum Assured 100% of Sum Assured 100% of Sum Assured 100% 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

  • 20% Sum Assured Per Condition
  • Max $25,000
  • Cover till Age 21
  • Up to 5 times of claim
10 juvenile conditions

10% of the sum assured,

capped at S$25,000

A maximum of 3 claims

8 juvenile conditions

20% of Sum Assured, capped at $25,000 per claim
A maximum of 6 claims can be claimed on Special

and Juvenile Conditions

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 per claim
A maximum of 6 claims can be claimed on Specialand Juvenile Conditions
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

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 afterwards payout 100% Sum Assured
Unique feature
  • No Waiting Period for Similar CI Condition or Different CI Condition which progresses from Early to Advance Stage
  • Advance Care Option (Additional 100% Sum Assured Payout)
  • Intensive Care Benefit
  • Benign & Borderline Malignant Tumour Benefit
No Waiting Period for Separate Early/Intermediate Stage CI Claim from different Pot Diagnosis

 

  • Mental Illness Coverage
  • Child illness/Special Conditions
  • Full Premium Refund at Age 85
Covers Recurrent Non Related Early/Intermediate

1. Cancer

2. Heart Attack

3. Stroke

With 24 months waiting period

Restart feature that restores your coverage in 12 months following a claim, allowing you to claim up to 500% of the coverage amount

Premium Breakdown: (Non-smoker, born Feb 1986) Sum assured $100k Coverage until age 75

For better reading experience on your mobile device, please read horizontally.

  Aviva MyMultiPay CI IV Tokio Marine MultiCare AIA Beyond Critical Cover (only till age 85) AXA Super CritiCare Manulife Ready Complete Care (Cover Me Again)
Male $2,010.00 $2,074.00 $2,379.80 $1,498.00 $1,769.00
Female $2,151.00 $2,170.00 $2,231.80 $1,526.00 $1,866.10

Premium Comparisons Till Age 85

Male

Male Non Smoker $150,000 Sum Assured AIA Beyond Critical Care with Early CI & Waiver Aviva MyMultipay CI IV TM MultiCare
35 $6,016.46 $4,546.50 $4,624.50
40 $7,878.56 $7,201.50 $6,036.00
45 $9,908.32 $8,520.00 $8,187.00
50 $12,608.74 $11,470.50 $10,918.50

Female

Female Non Smoker $150,000                 Sum Assured AIA Beyond Critical Care with Early CI & Waiver Aviva MyMultipay CI IV TM MultiCare
35 $5,949.02 $4,501.50 $4,324.50
40 $7,318.61 $5,737.50 $5,479.50
45 $9,103.05 $7,248.00 $7,147.50
50 $11,322.35 $10,311.00 $9,076.50

Interested to learn more?

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Aviva MyMultiPay Critical Illness Plan IV

Aviva’s MyMultiPay Critical Illness IV Plan is the latest version to be updated with the Critical Illness framework updated in August 2020. Being one of the earliest insurers to launch Multiple Payout for Critical Illness plans, Aviva structured the payouts in the form of groupings of 3 main benefits and ditched away the definition from grouping of critical illnesses.

My MultiPay Critical Illness IV
Source: Aviva

Pros of Aviva MyMultiPay CI IV

  • 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
  • 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. Find out the full list in this article.
  • 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 Aviva MyMultiPay CI IV

  • 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

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.

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:
    1. Osteoporosis
    2. Diabetic Complications
    3. Severe Rheumatoid Arthritis
    4. Dengue Haemorrhagic Fever
    5. Mastectomy due to carcinoma in situ or malignant breast

Interested to learn more?

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AXA Super CritiCare Plan

AXA’s 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 AXA’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 AXA 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 AXA 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

AXA’s Diabetic Care Programme – Very Good Health Initiative

One good thing about AXA’s Super CritiCare Plan is that it has an additional benefit for AXA’s Diabetic Care Programme. It’s 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.

Manulife Ready CompleteCare Plan (Cover Me Again)

Manulife Ready CompleteCare is a standalone critical illness term insurance plan. It’s a comprehensive plan that covers all stages of 106 critical illnesses, from early, intermediate to advanced stages.

Manulife Ready Complete Care 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 18 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. For the intermediate stage, the sum assured goes up to $350,000. For the advanced stage, the sum assured is 100% of the coverage amount.

Pros of Manulife Ready Complete Care (Cover Me Again)

  • Affordable premiums for the coverage of 106 conditions
  • Multipay feature allows insured to choose the “Cover Me Again” feature to further enhance the coverage from a single payout to a multiple pay critical illness plan, across all stages from early, to intermediate, to advanced stage.
  • 100% sum assured in the event of a critical illness
  • Reset up to 4 times, making the maximum sum assured for critical illness to be 500%. The waiting period is 12 months between claims
  • Extra 200% of the sum assured is paid out if the person is diagnosed with specific 6 advanced-staged critical illnesses: advanced stage major cancer, advanced stage heart attack of specific severity, advanced stage stroke, advanced Alzheimer’s disease, advanced stage multiple sclerosis, advanced stage Parkinson’s disease.
  • Additional 100% of sum assured for recurring cancers, can be utilised up to 2 times, capped at a sum assured of 200%, provided a 2-year waiting period, subsequent cancer must be unrelated, occurring at a different organ or recurs at the same organ after remission at least once. This means with “Cover Me Again”, the plan with rider actually covers 900%.
  • 100% premium refund less of payouts for claims if death occurs
  • Complimentary health check every 2 years
  • 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.

Cons of Manulife Ready Complete Care (Cover Me Again)

  • Narrow critical illness definitions for an additional 200% to be paid out: If it is of the same condition of CI, each stage can only be claimed once. If you are diagnosed with CI of the same stage, it would not be claimable, except for cancer with conditions. The same illness is capped at only 100% of sum assured.
    The 6 specific advanced stages of CI that qualify:

    • Advanced stage major cancer
    • Advanced stage heart attack of specified severity
    • Advanced stage stroke
    • Advanced stage Alzheimer’s disease
    • Advanced stage multiple sclerosis
    • Advanced stage Parkinson’s disease
  • Inflexible coverage terms: Until age 75 and age 99. That means the Sum Assured is longer and more expensive if you are age 30, looking for a shorter coverage of perhaps 10 or 20 years, as compared to other multiple payout plans that have flexible options of shorter coverage years.
  • Low cash value/surrender value: This is not to be used as a high savings/retirement instrument

How much critical illness cover do I need in Singapore?

There are many types of critical illness plans. From single pay-out early-stage critical illness plans to recurrent multi-payout critical illness plans, there are many types in Singapore.

Contact us below today to see how much cover you require and learn more about the importance of critical illness insurance.

Our partnered financial advisors will only use your information submitted for communication with you to provide a personalised consultation and comparison –  jargon and hassle free.

 

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