TM Multicare plan vs NEW AVIVA My Multipay Critical Illness IV – What are key differences!

Multiple Critical Illness (CI) plans are about the most comprehensive way to insure for critical illnesses if you are looking for protection that ranges from early illnesses to cancer relapse claims.

The Aviva My Multipay Critical Illness IV (MPCI) plan is the latest version multiple critical illness plan in the market at this time of writing.

I'd highlight to you the key differences between these two plans.

Why buy Multiple CI plans in the first place?

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.

Hence, plans with recurring cancer coverage has use.

Kidney failure statistics in Singapore are looking bad and every day in Singapore, 4.7 new kidney patients are diagnosed. This means over 1,700 cases of kidney failure a year

All this means that surviving past once CI and having more than one CI is very real which means that a traditional CI coverage may NOT be sufficient.

How Multiple CI claims work in Tokio Marine Multipay vs AVIVA MyMultipay CI IV

Tokio Marine Multipay CI groups conditions into 3 main GROUPS and 3 layers of claims structure.

For early CI (layer 1), it allows you to claim 100% of sum assured for up to two times. If early CI is from a different group, there is no waiting period between claims.

When it comes to CI claim, Tokio Marine Multipay CI pays 300% of sum assured.

Which means a $100,000 sum assured plan allow you coverage for $300,000 if a CI stage claim occurs under Layer 2. 

However for My MultiPay Critical Illness Plan IV, upon diagnosis of any one of the 72 Early or Intermediate Stage Critical Illnesses covered,  100% of the Sum Assured will be payable.

Upon diagnosis of any one of the 60 Severe Stage Critical Illnesses covered,  300% of the Sum Assured less any claim paid for the Early and Intermediate Stage of the same CI Group  will be payable. 

Total payable benefit is 600% based on multiple claims.

Under the Critical Illness (CI) Benefit, there is no waiting period from an Early and Intermediate Stage CI Benefit claim to a Severe Stage CI Benefit claim. 

There is a one-year waiting period: 

 • Between two Early and Intermediate Stage CI Benefit claims; 

 • Between two Severe Stage CI Benefit claims; and 

 • From a Severe Stage CI Benefit claim to an Early and Intermediate Stage CI Benefit claim.  

Singlife Critical Illness plan with multiple CI option Click here to read more on our review of it... 

Tokio Maine Multipay CI has a rider to get waiver of premium after a "layer 2 claim" but for AVIVA MyMultipay CI IV, the premium waiver after a CI claim is embedded within the plan.

More recurrent critical illness coverage under NEW AVIVA My Multipay CI IV

Tokio Marine under "layer 3" pays only for additional cancer benefit which is if cancer is re-diagnosed.

It will pay 100% of sum assured after a 2year waiting period.

Aviva My Multipay CI plan pays 150% of sum assured for recurrent critical illness. 

The list of conditions is more extensive. There is also a 2year waiting period.

Summary and how to purchase now

Both plans have strengths and can meet your CI and early cI shortfall in one plan.

The coverage is not totally identical. Speak to a qualified adviser to know how to plan adequately.

Last updated on September 14th, 2020 at 04:26 pm

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://theastuteparent.com/josh-tan Practising financial planner with Promiseland Independent Pte Ltd. TJL100057681 EXPERIENCE: More than 14years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.

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