Last updated on May 22nd, 2018 at 12:17 am
In Jan2018, Tokio Marine launched its own version of TM Multicare critical illness plan. This is the most comprehensive way to insure if you are looking for protection that ranges from early illnesses to cancer relapse claims. The TM Multipay critical illness plan (TMMC) has eerie similarities to the Aviva My Multipay Critical Illness (MPCI) plan and this post is to highlight the key improvements in terms of coverage that it can offer to you.
Why buy multipay critical illness plans in the first place?
Serious illnesses can strike when least expected, even in the most health-conscious and fittest of individuals. Cancer and kidney failure statistics are looking bad and these conditions are typical critical illness conditions covered with such a plan.
According to this Straits Times article, 36 people are told that they have cancer each day in Singapore. Stage 3B breast cancer patients face a 70 per cent to 90 per cent recurrence within 10 years, while 80 per cent of colorectal cancer patients are subsequently diagnosed with liver cancer.
In addition, Singapore has the fourth highest incidence of kidney failure in the world. Every day in Singapore, 4.7 new kidney patients are diagnosed, which means over 1,700 cases of kidney failure a year.
All this means that surviving past CI and having more than one CI is very real
which means that a traditional CI coverage may NOT be sufficient.
Quick comparisons between the TM Multicare plan (TMMC) vs AVIVA My Multipay Critical Illness (MPCI)
I did a few comparisons in premium and realised that the TM Multicare is about 15-20% more expensive for the same coverage term and sum assured amount. Will explain the differences in coverage (below) for you to determine if it is a suitable plan.
In terms of planning, the TM Multicare only offers term till age 70,75,85 unlike the MPCI which can be till any age. The TM Multicare is a standalone critical illness coverage at the moment and cannot be purchased as a rider unlike the MPCI (which can be attached to a wholelife or term plan) just in case you want to plan for death and TPD coverage.
From my communications with TM, it is in the pipeline.
The TMMC waiver of premium rider is optional unlike in MPCI.
We have a preference for it but it’s easier to be shared with a private message.
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Three reasons why TM Multicare gives you more!
TM Multicare has NO waiting period between early stage claims (circled in red). 2 early CI back-to-back? Claim both
What is waiting period? It is the time between the first and second diagnosis.
If you are diagnosed with early cancer and have heart related illness concurrently, the TMMC will have to pay both groups of claims (i.e. 200% sum assured).
However, the MPCI will only pay from either pot 1 or 2 (i.e 100% sum assured) as the 30day waiting period between claims was not fulfilled. This could mean a 100% more in claimable amount.
2. TM Multicare pays up to 600% of Advanced Stage CI (circled in yellow).
TMMC can pay for claims between 2 advanced stage CI from different groups (subjected to the 1year waiting period). This could mean 300% sum assured + 300% sum assured worth of coverage.
MPCI on the other hand only pays once 300%. But you will be covered 100% for a second CI (subjected to a 2year waiting period). The good part is it can be ANY CI and not just from a different group.
Illustration 1: Cancer and Heart failure (fulfilling respective waiting period)
TMMC gives you claims on both = 600%. MPCI gives you claim on both = 400%
Illustration 2: Cancer and Kidney failure (fulfilling respective waiting period)
TMMC gives you claim on 1 only as both are under group 1 = 300%. MPCI gives you claim on both = 400%
3. TM Multicare has a broader carcinoma in situ definition, a more comprehensive coverage.
TMMC pays for carcinoma in situ for ANY organ. Manulife’s RCC also. In my opinion, this gives you better piece of mind.
I’ve a friend’s dad who died from carcinoma in situ of the tongue. For this instance, the broader definition of TMMC would have provided for a claim unlike the MPCI.
For MPCI while the list is extensive, it covers only for following organs: breast, uterus, ovary, fallopian tube, vulva, vagina, cervix uteri, colon, rectum, penis, testis, lung, liver, stomach, nasopharynx or bladder.
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The author holds independent views about the merits of the above mentioned plans and is not a direct representative of any of the insurers.