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

Singlife Launches ALL Stage Critical Illness coverage With Promotion

Singlife launched it's standalone critical illness plan in Mar19. It used to be distributed by financial advisers only but now it's also on the DIY purchase platform.

Nonetheless, we can help you understanding it better and clear any doubts for you in your planning process. Premium is the same. You benefit from best of both worlds.

15% off promotion now! Look for our contact below!

While Singlife is still a relatively new insurer, it has added credible shareholders in PGL, Aflac and Aberdeen. They offer you a neat digital application process for your insurance.

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

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.

The Singlife Coverage For Early Critical Illnesses Is Competitive

Below is a comparison between Singlife Critical Illness Plan with Early CI rider and special benefits rider vs AVIVA's MyEarly CI Plan.

I've plotted the premium per month against the term duration for a Male Age25, non smoker.

A longer term duration to the plan would definitely mean more premiums.

If you are a male age25, you would realise that if you are looking for early critical illness coverage till age65 or till age75, the Singlife plan is worth considering.

Next, below is a comparison of premiums per month for Female Age25, non smoker.

If this situation suits you, you'd realise that for coverage till age55, age65, age75, the Singlife plan is more competitive.

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.

If you want to read the Singlife Critical Illness brochure, click here.

Singlife's Critical Illness plan is competitive and one of my top recommendations. There is too much to cover in a post, hence I'd like to invite you to leave your contact for a personal discussion.

If you would like a personal discussion on Critical illness coverage,

contact Josh Tan at 9006 0446 or click the link below now

Last updated on March 5th, 2020 at 11:25 am

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://www.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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