AVIVA My Multipay (MPCI) plan and AIA Triple Critical Cover (TCC) plan are two unique Critical Illness Plans currently in the market. Both of them can potentially pay out for Early Critical illness and both can potentially allow you to claim more than once!
Early Critical Illness (ECI in short) plans generally includes conditions that are easier to meet the required definitions for payout. Therefore, it is priced at a few time more expensive than your usual Critical Illness (CI) coverage.
With modern health screening, early onset of cancer conditions for example can be picked up with cancer market test and stools analysis test. Naturally, treatment can take place much earlier.
Why would you need to purchase early critical illness benefits?
Tip: Sum assured coverage amount to be maybe 6-12months of your annual income with inflation forecast. Allocate more for critical illness coverage if you deems necessary.
1) 30days waiting period between different early critical illnesses
2) 3x of sum assured is paid out for a critical illness claim
3) Up to a further 2x of sum assured for re-diagnosed cancer
4) 5 more conditions under “special benefits” which are capped at $25k
1. Diabetic Complications
2. Angioplasty & Other Invasive Treatment for Coronary Artery
3. Osteoporosis with Fractures
4. Severe Rheumatoid Arthritis
The AVIVA MPCI provides you with a further 5 conditions (Total 10 special benefits coverage) for claims under “special benefits”. However, based on feedback from a trained medical professional, these additional 5 conditions are quite rare.
1) Death benefit of sum assured
2) 7 more Critical Illness conditions covered and 2 more Early/Intermediate Critical Illness
For illustration purchases using Male 34 with sum assured $100,000 till age75
- AVIVA MCPI premium is $1,577/y
- AIA TCC premium is $1,918/y
In comparison, the TM EarlyCare plan is priced at $1,892/y providing a payout based on a single Early Critical Illness claim. The AVIVA SAF Living Care Plus rider cost a mere $96/y at age 34. However, the premium rises drastically at a later age and the plan covers for only a few conditions.
You may wish to gather an official benefit illustration to compare for your age and duration of coverage desired.
Make your critical illness planning come true
Cancer is the largest cause for a claim of critical illness and is increasingly diagnosed at an earlier age. With adequate insurance coverage, you can safeguard your family from financial distress if such a situation arises.
Insurance premium is cheaper when you are at a younger age. Talk to us today.
The author holds independent views about the merits of the above mentioned plans and is not a direct representative of any of the insurers. The author is not covered by any of the above mentioned plans.