Last updated on January 17th, 2019 at 09:41 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.
I’d highlight to you the key improvements in terms of coverage that it can offer.
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.
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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.
Three reasons why TM Multicare gives you more!
Reason 1: You get covered for 2 different pots of early CI. If happen back-to-back? Claim both
TM Multicare has NO waiting period between early stage claims (circled in red).
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.
Reason 2: You get covered UP TO 600% of Advanced Stage CI with TMMC (circled in yellow).
Great for critical illness coverage needs if you are looking.
TMMC can pay for claims between 2 advanced stage CI from different groups (subjected to the 1year waiting period).
In total, you could get 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%
Reason 3: You are covered more comprehensively with TMMC
TM Multicare has a broader carcinoma in situ definition
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 his instance, the broader definition of TMMC would have provided for a claim unlike the AVIVA MPCI.
For AVIVA MPCI while the list is extensive, it covers only for following main organs.
They are breast, uterus, ovary, fallopian tube, vulva, vagina, cervix uteri, colon, rectum, penis, testis, lung, liver, stomach, nasopharynx or bladder.
Premium comparison between the TM Multicare plan (TMMC) vs AVIVA My Multipay Critical Illness (MPCI)
TM Multicare is about 15-20% more expensive for the same coverage term and sum assured amount.
Other smaller differences on which plan suits you
In terms of planning, the TMMC plan only offers term till age 70,75,85.
The AVIVA MPCI?
It can be till any age. I’ve had some private clients who preferred planning to age60 only.
The TMMC plan is a standalone critical illness term coverage at the moment. (From my communications with Tokio Marine, it is in the pipeline)
It works if you want to buy CI coverage with nothing else.
If you want a plan to cover for death benefits also, then AVIVA MPCI may be a better option.
* Note: There is a new AVIVA MPCI III. Do look for the sign up box below for more strategies and latest offers!
You’ve seen the analysis. For a private discussion, Click to WhatsApp Josh Tan @ 90060446
The views and opinions expressed in this article are those of the author and do not represent the views of any other organisation.
Image credits: Plan brochure from Tokio Marine Life and Aviva Life
In case you’re one of the people (like me) who skim to the summary before you read the page. TMMC has
- More for CI (2x 300% of sum assured)
- More comprehensively in coverage wordings
- Higher premium of 15-20% more than AVIVA MPCI on average