Last Updated on by Tree of Wealth
Early critical illness coverage is important because it provides financial support to individuals who are diagnosed with a critical illness. It allows individuals to focus on their recovery without worrying about the financial burden of medical expenses, lost income, or other related costs. With early critical illness coverage, individuals can access treatment options, including experimental and alternative treatments, which may not be covered by their regular health insurance plans. Early coverage also means that individuals can access benefits at the onset of their illness, rather than waiting until the illness progresses to a more advanced stage. Therefore, early critical illness coverage can provide peace of mind and financial security, allowing individuals to focus on their health and well-being during a difficult time.
While being the first in market to “Cover for Re-diagnosed Cancer, Recurrent Heart Attack and Stroke at any stage” sounds good, the HSBC Life Super CritiCare (SCC) has its merits and non-merits.
Read on to find out more:
Product Features and Benefits at a Glance
Choice of 5,10,15,20,25 & 30 years term
till age 50,55,60,65,70, 75
Critical Illness – 111 Conditions
Special Conditions – 11Conditions
Juvenile conditions – 10 Conditions
Recurrent Cover – Early & Intermediate Stage Cancer, Heart Attack, Stroke
How HSBC Life’s Super CritiCare Works
While most insurers have a maximum Early CI per payout limit of $250,000, HSBC Life’s maximum cover is at a higher $350, 000. It is (once again) categorized mainly into 3 groups: Cancer, Heart related and Stroke.
It provides up to 600% multiple payouts of the basic sum assured across early to intermediate to advance stage CI.
There will be a 12 months waiting period in between of claims, regardless of the stages of CI in between. It will also be 100% of sum assured per payout, regardless of the stage the CI is at.
If an early or intermediate stage of CI moves on to the advance stage, the remaining sum assured will be paid out without any waiting period. This however also means that you need to take up a sum assured much higher than the maximum capped payout of $350, 000.
For example, you need to have a sum assured of $600, 000 for early CI coverage. When early stage CI 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 that occurs. This is practically found in any other insurer’s early stage CI payout structure and not really that exclusive as a multiple payout feature.
|Critical Illness Stages||Maximum Claim Amount|
|Early Stage||$350, 000|
|Intermediate Stage||$350, 000|
|Advance Stage||$1, 000,000|
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Below we explore the 3 different claim scenarios:
Scenario 1: Same CI Condition
- One Claim Per Early/Intermediate/Advance Stage CI Condition.
- No Waiting Period for next stage claim if Sum Assured is higher than claim limits.
- If sum assured is above $350, 000, the remaining will be paid out without any waiting period if the SAME CI Condition were to progress to a later stage.
Example 1: As mentioned in the above example, you need to have a sum assured of $600, 000 for early CI coverage. When early stage CI 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 that occurs.
This is not something new and is in fact a risk that the remaining $150, 000 may not be paid out if the early stage CI doesn’t advances.
Also, you are paying for a $600, 000 coverage but capped at $350, 000 with the risk and possibility that you may not be paid out on the remaining $250, 000.
Example 2: If the sum assured is at $100, 000, upon an early stage cancer occurring, $100, 000 will be paid out. If it advances, then there are 2 criterias for a possible payout. That is under Scenario 3 which we highlight below.
Scenario 2: Different CI Conditions
- In the event of a separate or different category of CI, 100% of sum assured will be paid out and there is a waiting period of 1 year or 12 months in between payouts. This is regardless of the stages of CI.
- During this waiting period, if another CI were to occur, the remaining sum assured will be paid out (note: if you use the $600k – $350k example, remaining sum assured here refers to $250k).
- After the waiting period, 100% of the Sum Assured up to the applicable limits (refer to table above)
Scenario 3: Re-Diagnosed and Recurrent CI Conditions (First in the market)
- Total sum assured for recurrent, relapse, metastasis cancer and re-diagnosed heart attack and stroke is capped at 300%.
- Only Insurer to pay out re-diagnosis of early/intermediate stage CI of cancer, heart attack or stroke with 2 criterias:
24 months waiting period for re-diagnosis and recurrent pay outs for same medical condition of Major Cancer, Heart Attack and Stroke.
Consists of Recurrent, Relapse and Metastasis of Cancer, Recurrent Heart Attack and Recurrent Stroke:
Metastasis (spread of Cancer)
Diabetes Care Programme
First in the market as well, HSBC Life’s Diabetic Care Programme is a 12-month programme that is an additional benefit. It does not reduce the policy’s sum assured amount and is applicable should the policy holder be diagnosed of diabetes, validated by HSBC Life’s appointed doctors in the form of annual blood test(s) report.
The programme is aimed at diabetics with a carefully curated diabetic control plan that manages their diabetes as long as his/her policy is in-forced.
It provides support in controlling the condition through a 12-month personalised wellness programme to manage diabetes conditions upon diagnosis of diabetes, and will be renewed yearly if one’s condition persists.
It comprises six components: personalised consultations, dietary counselling with individualised nutritional plans, a fitness programme, eye screening, foot screening and annual lab tests.
Through a complimentary care programme with professional support worth S$2,500 every year, you can fully manage your health conditions and control diabetes in an effective way. This programme will be renewed every year till end of the policy term.
This programme does not include medication prescription and refills, if any.
6 Components of the Diabetic Care Programme
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How HSBC Life Super CritiCare Works
Comparison of Single Pay for Male, Non-Smoker, Early CI Till Age 75 for $100, 000
Comparison of Single Pay for Female, Non-Smoker, Early CI Till Age 75 for $100, 000
What We Like About The Plan
- Cheapest (multiple payout structure, not to be confused with the table above as that is Single Payout)
- First Insurer to cover another early/intermediate stage
- Heart Attack
- Disclaimer: not related to the first diagnosed early stage cancer with 24 months waiting period
- Diabetes Care Programme offered to the life assured upon diagnosis of diabetes without lowering the sum assured of the main plan
- Up to a high pay out limit of $350,000 for early-stage critical illness per claim
- Carcinoma in-situ definition for early cancer now includes more sites.
- Renewable policy term of 5,10,15,20,25 & 30 years with no medical underwriting/check-up
- Or choose a coverage term till age 50/55/60/65/70/75
- Ability to choose Sum Assured up to $1,000,000
What We Don’t Like About The Plan
- Subsequent multiple payouts are still subjected to the 1 year waiting period for different CI condition or if CI went on from early to advance stage. 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 CI and subjected to 1 year of waiting. If it is re-diagnosis and recurrent of Major Cancer, Heart Attack and Stroke, there will be a 24 months waiting period.
Comparison With AIA Power Critical Cover
|Insurer||AIA Power Critical Cover||HSBC Life Super CritiCare|
|Maximum Sum Assured||$2,000,000||$3,000,000|
|Maximum Sum Claimable||700%||600%|
|Maximum Early Stage CI Payout||$250, 000||$350, 000|
|Max Intermediate Stage CI Payout||$350, 000||$350, 000|
|Max Advance Stage CI Payout||100% of Sum Assured||100% of Sum Assured|
|Waiting Period for a Separate Early/ Intermediate CI Payout||12 Months||12 Months|
|Waiting Period from Early/ Intermediate to Advance Stage CI Payout||12 Months||12 Months|
|Waiting Period for Recurrent Cancer/Heart Attack/Stroke||2 years||2 years|
|Sum Assured Per Payout||100% of Sum Assured||100% of Sum Assured|
|Unique Feature||Payout Pre-Early CI Coverage of 10% Sum Assured with Cap of 10,000 or 25,000 Claim||
Covers Recurrent Non Related Early/Intermediate
2. Heart Attack
With 24 months waiting period
Conclusion For HSBC Life Super CritiCare Review
There are insurers that extend free coverage for the Coronavirus (2020) and HSBC Life is one of them. There exists many types of multiple payout for Critical Illness plans. If your concern is on a stand alone critical illness plan like that with no frills and competitive premium, HSBC Life’s Super CritiCare is competitively priced with decent features good enough to cover you on multiple payouts for CI.
Simply fill in the form below and our friendly licensed FA advisor will get in touch with you on application process.
Alternatively, to find the most suitable coverage, if you just want to be sure to get the best plans based on your needs, a custom made solution will be adjusted only addressing your concerns.
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