Last updated on August 2nd, 2018 at 05:27 pm
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.
Three reasons why TM Multicare gives you more!
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.
2. You get covered UP TO 600% of Advanced Stage CI (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). 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. You are covered more comprehensively
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 this 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 organs: breast, uterus, ovary, fallopian tube, vulva, vagina, cervix uteri, colon, rectum, penis, testis, lung, liver, stomach, nasopharynx or bladder.
Comparisons 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.
In terms of planning, the TMMC only offers term till age 70,75,85 unlike the AVIVA MPCI which can be till any age.
The TMMC is a standalone critical illness term coverage at the moment. Fully if you want to buy CI coverage with nothing else.
It cannot be purchased as a rider unlike the AVIVA MPCI (which can be attached to a wholelife or term plan).
From my communications with TM, it is in the pipeline.
PS: Here’s something that you will really like,
In addition, I’m extending my professional advice to you.
For example, did you know that the TMMC waiver of premium rider is optional unlike in MPCI but worth purchasing.
What about the new AVIVA’s MPCI III plan?
With a simple click of a button below, we can get in touch to address your insurance requirements face-to-face.
I can get you EXTRA COVERAGE THAT YOU WANT in 15MINUTES without SPENDING HUNDREDS OF PREMIUM A MONTH.
In case you’re one of the people (like me) who skim to the P.S. before you read the page
- TMMC covers more for Early CI
- TMMC covers more for CI
- TMMC covers you more comprehensively
- TMMC Premium is 15-20% more than AVIVA MPCI on average
Planning can be complex, there are so many details that I share with my clients that I can’t list here.
If you want to skip the hassle and save yourself time and worry, contact me with the WhatsApp button above to discuss further.
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