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Singlife Early Critical Illness Coverage Review (How to use it for your planning requirements!)

Get covered for multiple critical illnesses with the NEW Singlife Critical Illness Insurance plan. 

You can also add in an option to get covered with Early critical illness which is something I've advised many private clients with.

NEW 25% off promotion NOW! Look for my contact below to get started today!

Get Comprehensive Critical Illness Coverage With Multi-claim benefits

This is the early, intermediate and late stage list for critical illnesses covered under Singlife critical illness plan.

With this plan, you get a comprehensive coverage for ALL CI stages.

For carcinoma in-situ, there are also no restrictions to organs which is good.

There is a usual 7days survival period and a 90-day waiting period for
▪ Coronary Artery By-pass Surgery (all stages)
▪ Other Serious Coronary Artery Disease (all stages)
▪ Heart Attack of Specified Severity (all stages)
▪ Major Cancers (all stages)
▪ Angioplasty and Other Invasive Treatment for Coronary Artery

Quick image of conditions in image below

Singlife Critical illness plan offers you a multi-claim CI plan.

The multi-claim has a "12months reset period" between the different conditions for claims.

The claims will not be defined based on pot categorisation which is used in Tokio Marine and AVIVA. Hence, I do think this Singlife Critical illness plan has its merits.

You may our previous comparison on Tokio Marine Multicare Vs AVIVA mymultipay plan here.

Add on the "Step-up" feature To Your Singlife Critical Illness Plan 

Early critical illness is to cover your potential loss of income for the near term.

For example, $100,000 is what you want to cover now.

Traditional, the recommendation is to buy a $100,000 coverage for early critical illness and add on a second plan down the road as the gap in coverage arise.

Now, the Singlife Critical illness plan has a unique "step-up" feature that allows you to buy $100,000 now and step it up gradually by 5% each year. That means at year 2, the sum assured becomes $105,000.

Hence, it is using 1 plan to meet your growing protection needs.

What about the premiums? It ONLY increases by 5% even though you are a year older. 

That means you kind-of lock in the rate at your current age!

This "step-up feature" is definitely a great deal to you because premium rates for someone age35 vs someone age25 is definitely more expensive. At least 20% more based on my preliminary quote comparisons.

Customise your coverage with Singlife Critical Illness Policy

There are other features to add and customisable options to the Singlife Critical illness plan.

They include a "Critical care rider" and "Cancer Care rider" to increase coverage amounts to suit your income level. These riders are extra coverage for specific conditions.

I had a question from a private client and he was asking what the early care rider is about.

For Singlife Critical Illness plan, you'd need to purchase this rider to get early stage illness. Early CI Plans from other insurers are typically designed into the plan and not as a rider.

The Special Benefit rider is also recommended to be added. Angioplasty is a common condition that should be covered for.

Case study: for a 30yo male to explain plan benefits and premium

For a 30yo male who wants coverage to age55, it will be a 25y term plan.

If you do not have much critical illness coverage, consider adding cancer care rider and critical care rider (covers for heart attack, stroke and kidney failure).

From the example below, premium will be $67.59/m. If plan term is till age70 for example with the same coverage, premium will be $94.69/m.

The case study above is to help you understand that there are many customisation options.

Premium differences are also impacted by term plan duration

If you prefer to get advice, look for the whatsapp button at end of post below. I will get in touch with you personally for an online advised-based application.

Benefits of getting advise

Singlife's Critical Illness plan is competitive vs other insurers and with it's flexibility to customise, it one of my top recommendations.

I will get in touch with you personally for an online advised-based application.

  1. Get an analysis on how much coverage you may need
  2. Understand how to plan out your term duration
  3. Understand the various policy size discount tiers to save money

Email to josh.tan@promiseland.com.sg or click the WhatsApp link below now

Last updated on July 16th, 2020 at 09:08 am

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://theastuteparent.com/josh-tan Practising financial planner with Promiseland Independent Pte Ltd. EXPERIENCE: More than 13years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.

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