6 Factors That Affect Your Insurance Premiums

Factors that affect your insurance premiums

Pay a sum of money to an insurance company, and you get a bigger sum in return if bad things happen to you. That’s how insurance works, generally. We previously wrote about the different kinds of insurance premiums there are, and the modes of payment. However, have you ever thought about what affects the premiums for your plans? In this article, fundMyLife lists the factors that affect your insurance premiums.

Age

There’s a commonly touted saying that you should get your life insurance while you’re still young. When you’re young, there is a lower risk that your insurance company will pay you any time soon. On the other hand, once you’re older, there’s higher risk for the insurance company to need to pay out. As such, you would need to pay relatively higher insurance premiums if you get your insurance later in your life as opposed to earlier.

Does it mean you should get life insurance as soon as you’re born? Not necessarily, especially when you do not have dependents yet.

Sex

More specifically, your biological sex. Get your mind out of the gutter. Statistically, women live longer than men. As such, with the higher risk of dying, men will pay more than women at every age to reflect that relatively higher risk.

Lifestyle

Smoking status

Smoking is associated with a lot of health problems later in life. It ranges from respiratory diseases to coronary heart disease to the deadliest – lung cancer. As such, smokers pay a higher premium compared to non-smokers because smokers are likelier to die earlier.

Occupation

Not all occupations are dangerous, but conversely not all are safe either. Office workers are less likely to die during their work as opposed to, say, a firefighter. As such, depending on how risky your work is, your premiums may differ to reflect the level of risk your job brings.

Health status

If you’re unhealthy, you’re at risk of contracting more diseases and live a shorter life. For example, if you are overweight, you contract obesity-related diseases such as heart disease or diabetes. As such, if you’re not at the pink of health, your premium increases.

On a related note, in the recent years insurance companies are incentivizing consumers to get healthier via innovative solutions. For example, AIA Vitality gives you premium discounts and ManulifeMOVE gives you premium cashback when you hit a certain number of steps a day. This is a win-win because consumers reduce their rate of mortality, and insurance companies do not have face too many claims due to a pool of healthy insured individuals.

Coverage amount

At the risk of sounding obvious, one of the factors that affect your insurance premiums is the coverage amount. More specifically, the more you insure yourself for, the higher the premiums. Insuring yourself for $500,000 will definitely be more expensive than if you insured yourself for $100,000. This case is true for all kinds of insurance, not just life insurance.

Mode of payment

As mentioned in our previous article on different modes of payment for your insurance. Paying annually saves you a bit of money as opposed to paying monthly. This is because insurers are also unsure about how regular the payment will be if you do monthly as opposed to yearly. As such, the premiums are cheaper if you pay annually as opposed to monthly. While it’s cheaper to pay all at one go, you must carefully consider your existing liquidity and not end up having no cash when you need it.

Pre-existing conditions

When/if you have pre-existing conditions, you have a higher chance of being hospitalised or getting injured or even die.

As such, usually you get completely rejected when you want to buy insurance. However, if the pre-existing condition is not severe enough, sometimes the insurance company will increase the premiums to reflect the additional risk of taking you on.

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There we have it, the factors that affect your insurance premiums, relative to other people who are getting the same product. For most parts, we here at fundMyLife believe that products are more or less competitive. The advisers on the other hand, are more crucial parts of your financial planning.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

Comparison Of Early and Multi-pay Critical Illness Plan Premiums

Comparison between different critical illness plan premiums

Critical illness plans help you cope with recovery and expenses when you are out of a job in the event of a critical illness. Initially, there was only regular critical illness plans that give a payout after late stage disease diagnosis. After that, came early critical illness plans that pay out after early to intermediate stage diagnoses. While useful, this is a separate plan that you had to get. Multi-pay plans emerged in recent years, and is innovative for providing multiple payouts without immediate policy termination, unlike the early and normal critical illness plans. This implies that there is a difference between the three types of critical illness plan premiums.

We here at fundMyLife are understanding, and we understand that a lot of people have one thing in their minds – money. More specifically, the cost of their insurance plans. That also explains why comparison sites are so popular. In this article, we compare the early and multi-pay critical illness plan premiums from various insurance companies. Disclaimer: take this article as a rough guide of the difference between plans from the insurance companies. As such, you should always confirm with a qualified financial adviser.

Approach

We compare seven early and multi-pay critical illness plan premiums. However, we’re afraid we do not have data on some critical illness products, such as Great Eastern Critical Care Advantage (review) and Prudential Crisis Cover (review). For those, you’d have to find a qualified professional to advise you. As for the products that we are covering, we have even written product reviews on several of them! These are:

  1. Tokio Marine Early Cover
  2. Aviva My Early Critical Illness Plan
  3. Manulife ReadyCompleteCare [Review]
  4. Aviva My MultiPay Critical Illness Plan III [Review]
  5. Tokio Marine Multicare [Review]
  6. AIA Triple Critical Cover [Review]
  7. AXA Early Stage CritiCare [Review]

Here, we used a combination of profiles of a typical consumer:

  1. Sex: male/female
  2. Sum assured: $50,000/$100,000
  3. Non-smoker
  4. Until age 75

Assume that smokers have to pay way more than what you see in the following graphs. In addition, we used age 75 because some plans are until the age of 75 and no longer, such as AXA Early Stage CritiCare. 75 is also a good age, statistically speaking. After a certain age you’d want to focus your resources on health insurance anyways.

Male

Critical illness plan premiums for males across two amounts of sum assured
Comparison of premiums for the plans. Top one is for $50,000 sum assured, whereas the bottom on is $100,000 sum assured.

Female

Critical illness premiums for females across two sum assured amounts
Comparison of premiums for the plans. Top one is for $50,000 sum assured, whereas the bottom on is $100,000 sum assured.

Observations

General trends

Unsurprisingly, men pay more premiums compared to women. This is because men are at higher risk of contracting critical illnesses, such as coronary heart problems. Men also live shorter than women. Also unsurprisingly, is that both men and women pay more in their premiums when their sum assured is $100,000 compared to $50,000.

Here’s where it gets interesting. In general, The annual critical illness plan premiums plateau at first, but increases exponentially after ages 35-40 and beyond for all of the plans. Based on the graphs, it’s a good idea to start considering critical illness plans before you reach 40 years old. This is because the annual premiums are still manageable before 40, and then they become too expensive as the premiums scale exponentially after.

Product trends

For early critical illness plans, Tokio Marine Early Cover and Aviva My Early Critical Illness are competitive with each other. This is true for both males and females, and across both sum assured.

For men, under multi-pay critical illness plans, Aviva MyMultiPay Plan III is the cheapest in terms of premiums. It remains relatively low over time. AIA Triple Critical Cover comes second. For women, AIA Triple Critical Cover is the cheapest in terms of premiums for a multi-pay plan. This is followed by Manulife ReadyCompleteCare.

AXA Early Stage CritiCare is the most expensive critical illness plan among all the other plans. The premiums shoots right up after 50 years old and becomes way more expensive after that so if you’re considering this plan, best do it early.

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We hope that this comparison of early and multi-pay critical illness plan premiums are useful as an overview on what to expect. Once again, we must emphasize that early critical illness plans and multi-pay plans are different altogether, so we do recognize that this is somewhat an apple and orange comparison to a certain extent. Again, remember, cheapest may not be the most suitable. Only a qualified financial adviser can advise properly.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: AXA SmartCare Critical

AXA SmartCare Critical Review

Critical illness plans are immensely useful when you experience critical illnesses, as you get a lump sum of money to help you cope during recovery. In this article, fundMyLife examines AXA SmartCare Critical and reviews its features.

What is it?

In contrast to the AXA CritiCare For Her/Him and AXA Early Stage Cover, AXA SmartCare Critical is a relatively straightforward critical illness plan that covers 30 critical illnesses at late stage. You can start when you are 18, and it is renewable until you are 65.

Notable features

Four-tiered plans

The table of benefits for the AXA Smart Critical Care. Source: AXA.
The table of benefits for the AXA Smart Critical Care. Source: AXA.

You cannot set exactly how much you want as sum assured. Instead, the AXA Smart Critical Care has four different plans, Plan A-D. Each plan provides a different lump sum payout. On top of that, the plans provide different amounts for the female and male cancer benefits, and daily hospital cash benefit.

Extra benefits for male/female cancer

On top of the usual benefits, you will get extra benefits if you get cancer that affects your sex-specific biological parts. For example, breast cancer for females and prostate cancer for males.

Daily hospital benefits

You get cash benefits whenever you’re hospitalised. This benefit is up to 60 days per insured person. The amount depends on which plan that you’re getting as well.

Affordable premiums

We took the liberty of not only providing the premium table on the brochure, but also plot them for comparison.

Premium table for male non-smoker for the four plans.
Premium table for male non-smoker for the four plans. Source: AXA.
Premium table for female non-smoker for the four plans. Source: AXA.
Premium table for female non-smoker for the four plans. Source: AXA.
Premium table for male smoker for the four plans. Source: AXA.
Premium table for male smoker for the four plans. Source: AXA.
Premium table for female smoker for the four plans. Source: AXA.
Premium table for female smoker for the four plans. Source: AXA.

Furthermore, the affordable premiums are reasonable, as the scope of diseases that the plan covers is relatively less compared to the other plans that we have reviewed.

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As basic as plans go, the AXA SmartCare Critical does its job in a cost-efficient manner. However, it covers 30 critical illnesses, instead of the usual full 37. Bear in mind that you’d need complementary plans like early critical illness plans to cover earlier stages of the disease.

Take note that there will not be any benefits given within 30 days of getting on this plan. Similarly, you’d have to wait for 90 days before you can obtain the benefits from getting cancer, heart attack, and coronary artery by-pass. In addition, you must survive for more than 30 days from the date of confirmed diagnosis of the critical illness.

Another con is that plan is yearly newable, meaning that once you enter a new age band you will have to pay a higher premium. However, the premiums remain relatively affordable as long as you go for the ones which best suit your needs.

Connect with fundMyLife financial advisers today!

We hope you enjoyed this article as much as we did preparing it! The AXA SmartCare Critical fulfills the basic need of a classic critical illness plan. Do consider it and approach your financial adviser if you’re interest in it!

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

 

fML Reviews: AXA Early Stage CritiCare

AXA Early Stage CritiCare review

Critical illness can strike whenever, given how prevalent nowadays. This is because chances of you getting a critical illness increases as you live longer. When it happens, you’d need time to recover from the illness. Critical illness plans pay a lump sum of money to help you cope with recovery during the period when you are not working. However, while traditional critical illness plans pay out only in the event that you get a late stage critical illness, new innovative plans like early critical illness plans and multi-pay plans have emerged. In this article, fundMyLife reviews AXA Early Stage CritiCare and explores its notable features. Note: this article is accurate as of Oct 2018.

What is it?

In contrast to AXA CritiCare for Her/Him, AXA Early Stage CritiCare (despite its name) is a critical illness plan that covers early, intermediate, late, and terminal critical illnesses. We wrote about AXA CritiCare for Her/Him – you can read it here. The coverage of the plan is until the age of 75.

Notable features

4-Stage Claim

A summary of the main benefits of AXA Early Stage CritiCare. Source: AXA.

According to the product information, the plan pays out for not only early, intermediate, and advance stage critical illness, but also terminal stage as well. For example, the last benefit kicks in when you get terminal stage cancer.

Under the terminal illness benefit, it says that you will get “150% of the Sum Assured minus all previous claims paid”. As such, if you made a prior claim under either early, intermediate, or advanced stage critical illness, you’d get only 150-100 = 50% of the sum assured. It is most likely that you will get 150% of sum assured, since most sum assured are usually between $50,000 to $100,000. This is aside from the additional benefits that is included in the plan, of course.

Post-Critical Illness Health Checkup

After your first claim, the plan reimburses you for your health checkups. Under this benefit, you can claim up to $2,500 per health checkup per policy year, to a maximum of $7,500. This implies you can have three of theses benefits. Presumably, this feature encourages you to undergo regular health checkups to avoid the worsening of your health. This is especially useful for cancer patients, when cancer patients can experience a relapse within a few years. Catching relapses early can mean between curable and non-curable.

Special condition benefits

On top of the benefits for the 37 critical illnesses, this plan also provides additional benefits for five commonly encounteted special conditions:

  1. Dengue haemorrhagic fever
  2. Angioplasty and Other Invasive Treatment for Coronary Artery
  3. Diabetic Complications
  4. Osteoporosis
  5. Severe Rheumatoid Arthritis

How it works is that when you contract these conditions, you receive either %10 of your sum assured or $25,000, whichever is lower. It means that if your sum assured is $100,000 and you get dengue, you’d receive $10,000 (10% of $100,000). On the other hand, if your sum assured was $300,000 and you got the same disease, you’d receive $25,000 (the maximum) instead of $30,000 (10% of $300,000). You can only claim once per condition, i.e. you may receive 5 times from this benefits.

Premium waiver

After your first successful claim, all future premiums are waived for the rest of your policy duration.

Discounts

We thought this was notable because it is the only plan among other similar plans that mention premium discounts. You get a 10% loyalty discount of the AXA Early CritiCare policy if you got it together eligible basic plans. These plans are:

  1. Term Protector
  2. Term Protector (To Age)
  3. Decreasing Term Assurance
  4. Decreasing Term Assurance (To Age)
  5. Prime Care (Plan 3)
  6. Premier Care (Plan 3 & 4)
  7. Smart PA (Package 3 & 4)
  8. Other basic plans

Note that for Plans 1-4, you have to have at least $300,000 as sum assured.

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Wew, what a feature packed product. Given that the plan works on a deduction basis, if your sum assured is lower than the maximum per stage, i.e. $200,000 and below, you’d be done after claiming 150% as advertised most of the time.

This plan is also good as a complementary plan to your AXA plans since there is discount when you buy them together. Presumably, it encourages consumers to stick to AXA and get purchase other plans as well. However, with only five conditions covered under its special condition benefits, there is less coverage for special conditions compared to other plans out there.

One caveat, if you’re price conscious. The AXA Early Stage CritiCare is relatively more expensive if you compare it to other multi-pay plans out there. However, it’s best to check with a financial adviser if this plan is suitable for you.

Connect with fundMyLife financial advisers today!

There you have it, the AXA Early Stage CritiCare in a nutshell. We hope that this article helped in clarifying what it is and its various features. Do consider it and approach your financial adviser if you’re interest in it!

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: TM Multicare

Tokio Marine TM MultiCare Review

Critical illnesses are on the rise, with increasing lifespans. When you’re struck with a critical illness, such as cancer, you become unable to work. Critical illness plans step in to provide that lump sum of money for you to tide the tough times. However, critical illnesses often strike several times, necessitating longer period of protection. However, traditional critical illness plans terminate after the first payout. This leaves you in a vulnerable position since you’d have preexisting conditions that disqualifies you from subsequent critical illness plans. In response to this demand for protection for critical illness relapse and/or recurrence, Tokio Marine introduced the TM Multicare. In this article, fundMyLife reviews the TM Multicare and identifies its notable features. Disclaimer: this review is accurate as of October 2018.

What is it?

The TM Multicare is a multi-pay critical illness plan that covers critical illnesses in early, intermediate, and late stages. The policy term is until either age 70, 75, or 85.

Notable features

Multiple payouts across critical illness stages

In the brochures, you might see that it says “Total Payout of up to 900% of sum assured“. Woah what – that’s quite a bit. Let’s break it down a little.

The layers of benefits are divided across three layers: Layer 1 (Early/Intermediate Stage Critical Illness), Layer 2 (Advanced Stage Critical Illnesses), and Layer 3 (Additional Cancer Benefit).

The critical illnesses are divided into three groups as well: Group 1 (Cancer and Illnesses Related to Major Organs), Group 2 (Heart-Related Illnesses), and Group 3 (Illnesses Related To Nervous System and Other Systemic Conditions).  The table below is one of the things that you’d see in the brochure. Let’s focus on the first part of the table, and see why the payout for Layers 1 and 2 across the three Groups is “up to 700%”

The first part of the payout table in the TM Multicare. Source: Tokio Marine.
The first part of the payout table in the TM Multicare. Source: Tokio Marine.

Therein lies several conditions for your payout. In the first layer, Layer 1, you can claim up to two times and 100% sum assured per claim and at a maximum of $350,000 per claim and each claim must be from a different group. It means you cannot claim for early cancer in two different places twice using Layer 1 benefits.

Similarly, you can only claim twice from Layer 2, and 300% of your sum assured minus whatever you’ve claimed in Layer 1. On top of that, you have a 1-year waiting period between claims for different groups of advanced stage critical illnesses. How do you get 700% of your sum assured?

The quick math to explain why you’d get up to 700% of your sum assured.

In this example table, you can claim twice from both layers. We did a quick summary of the potential payouts that you can get if you were to contract diseases under the three groups.

In the second table in the brochure, you will also read about the Additional Cancer Benefit:

The second part of the payout table in the TM Multicare. Source: Tokio Marine.

The third layer is relatively straightforward, with you being able to claim up to two times again at 100% each. This layer is for new diagnosis of cancer and advance stage cancer. However, this has extra conditions in that you have to wait at least two years before you can dip into Layer 3. You also need to wait two years between the first and second claim under this Layer.

With the 700% from the first table, and 200% from the second table, you’d get the 900% of sum assured promoted by the marketing materials of TM Multicare.

Special benefits

It covers 20 additional conditions, 10 special conditions and 10 juvenile conditions. As a result, this plan forms the largest number of illnesses among the new generation of multi-pay critical illness plans.

The list of special conditions covered by TM Multicare. Source: Tokio Marine.
The list of special conditions covered by TM Multicare. Source: Tokio Marine.

Under the special benefits, you can claim a maximum of five special benefits. Each special condition is payable once per policy, and at a maximum of $25,000. Making special claims does not reduce the sum assured.

Death benefits

Instead of the usual fixed lump sum that most critical illness plans provide, the death benefit that TM Multicare provides is 10% of the sum assured. As such, this feature allows your death benefits to scale with whatever sum assured that you have.

Rider options

On top of the main plan, you can also add riders that enhance your plan. These are the list of riders available for the plan:

  1. Waiver of Premium Rider
  2. Payer Benefit Rider
  3. Enhanced Payer Benefit Rider
  4. Spouse Rider
  5. Enhanced Spouse Rider

The riders are useful because, especially plans that waive your premium in the case of critical illness claims or death or total permanent disabilities.

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At 900% of sum assured, the TM Multicare has the highest potential multiple of sum assured. What’s the catch? Firstly, if you have noticed there is a lot of terms and conditions for claims to succeed. On top of that, benefits for Layer 3, for example, require a long waiting period. Furthermore, you won’t be likely to claim 900% of your sum assured, given how hard it is to withstand multiple critical illnesses at any time.

On top of that, the second catch is that amongst the current generation of multi-pay critical illnesses, TM Multicare ranks amongst the most expensive in terms of premiums. In fact, it gets even more expensive as you age.

The additional special conditions that the TM Multicare covers is a nice touch, and at 20 it is the largest number amongst comparable plans in its category. However, these diseases are exceedingly rare, with several exceptions such as diabetes and angioplasty.

The death benefit payout that depends on the sum assured is different from the existing critical illness plans that pay a fixed lump sum. This feature is more proportional compared to the lump sums. That said, don’t pick this plan just because of the death benefit. You should get a dedicated life insurance plan, term or otherwise instead.

Lastly, we cannot emphasize enough that there are a lot of terms and conditions for and in between claims, which means you have to be very careful and make sure you know what you’re in for.

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This is by far the most complicated plan we’ve reviewed so far. As such, we hope you found our dissection useful. If you’re interested in it, you should ask your financial adviser. The TM Multicare has many terms and conditions that benefits from expert help and advice.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: PRUmultiple crisis cover

PRUmultiple crisis cover review

Critical illnesses suck. When it strikes you – touch wood – you’d have to undergo treatment or surgery. After that, you cannot work as per normal in your job because you have to set aside time to recover. This also means there won’t be any income in the meantime. Fortunately, that’s where critical illness plans come in. The lump sum payout helps you cope with the time when you are recovering from your illness. You also get to use that money to pursue alternative treatment. On big minus is that the plan terminates upon pay out and leaves you at risk when/if the critical illness strikes again. To address this, a new form of critical illness plan – multi-pay critical illness plan – provides multiple payouts over a period of time. In this article, fundMyLife reviews PRUmultiple crisis cover and identifies key features in the plan.

Note: the article is accurate as of October 2018.

What is it?

PRUmultiple crisis cover is a multi-pay critical illness plan that provides up to three payouts when critical illness strikes. It has a flexible policy term, allowing you to choose between 20 – 98 years, up to age 99.

Notable features

Claim up to three times

The main claim of the policy is that you can claim up to three critical illnesses. To elaborate, you can claim up to three different critical illnesses, listed under seven groups.

PRUmultiple crisis cover critical illness table. Adapted from Prudential brochure.
PRUmultiple crisis cover critical illness table. Adapted from Prudential brochure.

Generally, there is a 12-month waiting period between the critical illnesses. The conditions are slightly different for cancer claims. After the first claim under cancer, you can claim another two instances of cancer. After that first claim, you’d have to wait for five years before you can claim another cancer case (Group 1) or major organ failure (Group 2).

On top of the three critical illness claims, you can also do a one-time claim for ‘Angioplasty and Other Invasive Treatment for Coronary Artery’. This amount is 10% of your sum assured, at a maximum of $25,000.

Premium waiver

After claiming your first critical illness, the PRUmultiple crisis cover will waive all future premiums after paying your lump sum of money. This allows you to focus on recovering without using any of the lump sum money to pay the premiums. This premium waiver also applies when you experience Total and Permanent Disability.

Rider-able

There are not a lot of multi-pay critical illness plans out there that can be added onto main plans as riders. Having riders is useful because these are usually more cost-efficient compared to getting standalone plans. For PRUmultiple crisis cover, you can add it as a rider onto:

  1. PRUlife
  2. PRUlife limited pay
  3. PRUlink protection plus account
  4. PRUlife multiplier flex

With riders, it’s two birds with one stone.

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While it sounds good, it comes with a host of terms and conditions. On top of that, the long waiting period between cancer occurrences is a deal-breaker, especially when it’s possible for cancer to relapse within five years. Similar to the Great Eastern Critical Care Advantage, it’s slightly behind in the multi-pay race.

Moreover, this plan does not explictly cover early and intermediate stage critical illnesses. With advances in technology, we can diagnose critical illnesses such as cancer earlier and earlier. This means it’s not likely that you get a payout from this unless you diagnose it too late or if you purposely allow it to develop to late stage critical illness.

Lastly, it also has a small amount of death benefit of $3,000. You should get a proper life plan for death benefits instead.

Connect with fundMyLife financial advisers today!

We hope the review was helpful! Critical illness plans are good-to-haves, especially if you can afford it and you want to protect yourself from unexpected illnesses. Still not sure whether this particular critical illness plan is suitable for you? You should ask your financial adviser.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: Great Eastern Critical Care Advantage

Great Eastern Critical Care Advantage review

Critical illnesses can be debilitating, often requiring you to take time off work. The loss of income is a source of stress, while you need the money to aid your recovery. That’s where critical illness plans come in – a lump sum payout that addresses that loss of income during recovery. Typically, a critical illness plan covers only late stages of diseases and you need to purchase two separate plans (early critical illness and regular critical illness plan) to cover the three stages of critical illnesses – early, intermediate, and late/critical. To address this need, Great Eastern offered the Great Eastern Critical Care Advantage plan.

It is a critical illness plan that covers all three stages of critical illnesses. In this article, fundMyLife reviews the Great Eastern Critical Care Advantage. Note: this article is accurate as of October 2018.

What is it?

Great Eastern Critical Care Advantage is a combination of a regular critical illness plan with an early critical illness plan. This means you’re covered for all stages of critical illnesses across different stages from early, intermediate, and critical/late stage.

Great Eastern Critical Care Advantage benefits table summarized
The Great Eastern Critical Care Advantage benefits table at a glance. Source: Great Eastern.

All three stages pay out 100% of the sum assured. But not really. That’s because the payout for the various stages of diseases are capped for early and intermediate, at $100,000 and $200,000 respectively. Presumably, the cap leaves a bit of money left for later stages of diseases, should the illness progress.

Notable features

Premium waiver

Upon diagnosis of the first successful claim under an early or intermediate stage critical illness, you no longer need to pay future premiums for the remaining term of the policy. This provides a sigh of relief, as you can fully focus on using your money for your immediate needs.

No waiting periods between claims

Compared to other plans with 12 months’ waiting periods, this plan does not have a waiting period. It means you can claim across either different illnesses or illnesses of different stage, e.g., two different cancers at the same time.

Death benefit

There is a death benefit of $15,000 during the policy term, which is slightly more than usual compared to other plans. However, it’s best that you consider a proper life insurance plan for a more substantial death benefit.

Special benefit payout

On top of the usual spread of critical illnesses across the three stages, the plan also provides special benefit payouts for 7 additional conditions:

  1. Diabetic complications
  2. Severe Rheumatoid Arthiritis
  3. Severe Osteoporosis with Fractures
  4. Systemic Lupus Erythematosus
  5. Severe Dengue Haemorrhagic Fever
  6. Crohn’s Disease
  7. Cancer recovery (intermediate and critical)

The additional payouts for conditions 1-6 are 25% of the sum assured, capped at $25,000 each. For condition 7, it is 10% of sum assured at $10,000 maximum for recovery from intermediate cancer and 25% of sum assured at $25,000 maximum for recovery from critical cancer. You can claim for one condition each, at a maximum of $185,000. However, it is highly unlikely that you’d contract all of those diseases. And even then, it’s even more unlikely that you’d survive to use those sums.

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Since it works on a deduction mechanism, you have to make sure that your sum assured is enough to cover across all three stages. To elaborate, let’s take a look at the illustration of the payouts for the Great Eastern Critical Care Advantage.

An example of the payouts given in the Great Eastern Critical Care Advantage brochure.
An example of the payouts given in the Great Eastern Critical Care Advantage brochure. Source: Great Eastern.

Judging from the illustration, it implies that you’d have to account for any possible deductions in the early and intermediate stages. Otherwise, you might end up claiming everything in either stages, leaving nothing for critical stages. While the sum assured can be between $15,000 to $3,000,000, having too little is not enough to cover multiple disease stages whereas having too much is not efficient either due to caps for early and intermediate stage claims. However, the premium waiver upon diagnosis of early and intermediate stages is a nice touch.

In its current form, it is hard for this plan to compete properly with other companies’ more innovative critical illness products, such as Manulife Ready Complete Care and Aviva MultiPay Plan III. In addition, it also lacks benefits that address cancer relapse, which is quite a common occurrence.

Connect with fundMyLife financial advisers today!

We hope you found the review for Great Eastern Critical Care Advantage useful! Still not sure whether this particular critical illness plan is suitable for you? You should ask your financial adviser.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: AXA CritiCare for Her/Him

AXA CritiCare for Her/Him review

Critical illness plans are plans that pay a lump sum of money when you are diagnosed with a critical illness. The lump sum of money will then help you during your recovery and absence of work. As regular critical illness plans are meant for both men and women, the benefits can be quite general and does not take into account sex-specific needs. As such, AXA designed a plan called AXA CritiCare for Her and AXA CritiCare for Him for women and men respectively. In this article, fundMyLife reviews AXA CritiCare for Her/Him and looks at its features. Note: this article is accurate as of September 2018.

What is it?

AXA CritiCare For Him/Her benefits in a nutshell. The illustration is the similar for both Him or Her plans. Source: AXA.

AXA CritiCare for Her/Him is a sex-specific critical illness plan that contains four core benefits, covering various stages of illness from diagnosis to treatment/surgery to recovery. The CritiCare series cater to the client’s specific needs, as both sexes have their respective diseases that occur with different probabilities. You can choose to cover yourself for 10 years, 20 years, or to age 65.

Notable features

Sex-specific disease and surgery coverage

As mentioned, AXA CritiCare for Her and AXA CritiCare for Him have vastly different core benefits. The former focuses on cancers that often strike women, such as breast cancer, cervical cancer, ovarian cancer, etc. It also covers reconstructive surgeries for tissue affected by cancer treatment.

On the other hand, the latter focuses on lifestyle diseases that men commonly experience such as heart disease. It covers surgeries that correct heart conditions, like heart valve surgery, heart transplant, coronary bypass surgery, angioplasty, etc.

Bear in mind that not all conditions pay out 100% of the sum assured – some conditions and surgeries pay out only 25% and 50% of sum assured.

Coverage Reset

The coverage resets to 100% after 12 months if there are claims that are less than 100% sum assured in total. For example, a male with $100,000 sum assured gets $50,000 (50%) when he is diagnosed with a testicular carcinoma in situ. 12 months later, his coverage goes back to 100%, which is $100,000. However, he is diagnosed with muscular dystrophy, and he gets another $100,000.

The reset happens only once, and after that the Male/Female Illness component for the plan terminates. The plan will still be in force if the other components have no paid out yet. The total sum assured payout with the reset feature for the Male/Female Illness component will be capped at a maximum of 150% of sum assured.

Free health check-ups

You get to have free health screening from the 25th month of your policy onwards. It’s important to conduct health screenings often because survival increases when you can illnesses early. The reimbursement varies between $100 to $400

Premium waiver

In the case of a critical illness, you do not need to pay premiums for 36 months. You can claim this waiver twice for additional support.

Free coverage for child

The plan also provides $5,000 free coverage for a child, claimable once.

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AXA CritiCare for Her/Him is a focused plan that complements main critical illness plans. This is because regular critical illnesses do not usually cover the conditions and surgeries that this plan covers. The premiums are relatively cheaper than a full-fledged critical illness plan. However, it is risky to take this on without a proper critical illness plan if your aim is to protect yourself against critical illnesses in the long run. It is also easy to apply for, requiring only four or six questions for application, depending on whether you are a him or her respectively.

The reset feature, when combined with the other categories of benefits means you can get a potential 3.5x your sum assured, plus a little more if you take up the support benefit.

In general, the coverage for sex-specific conditions and surgeries is well thought-out. The plan coverage is only until 65 years old, which is a bummer since there are critical illnesses that occur well beyond that age. There is a $10,000 death benefit, but you’re better off getting a proper life insurance plan.

Connect with fundMyLife financial advisers today!

We hope you found the review useful to answer whatever questions you might have. Not sure whether the AXA CritiCare for Her/Him is suitable for you? You should ask your financial adviser!

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you fam. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: AIA Triple Critical Cover

AIA Triple Critical Cover

When you’re unwell, you take a day off work and return the next day without severely affecting your job. However, when you’re critically unwell, e.g., cancer, you become debilitated and require a long period of rest. This jeopardizes your ability to work. Fortunately, critical illness plans are plans that provide a lump sum of money whenever you are critically ill, to help you cope with the period when you’re not working. The problem with critical illness plans is that they terminate upon paying out and do not account for relapses of critical illnesses. As such, in the recent years insurance companies came up with multi-pay plans, plans that provided multiple payouts throughout the payee’s life. In this article, fundMyLife reviews the AIA Triple Critical Cover and describes its notable features. Note: this article is accurate as of September 2018.

What is it?

The AIA Triple Critical Cover is a multi-pay critical illness plan that covers illnesses in the early, intermediate, and critical stages. It comes in two forms – the Value Plan and the Life Plan. The Value Plan protects you until the age of 75. The Life Plan protects you until the age of 100, when your policy matures.

Notable features

Power reset

AIA Triple Critical Cover in a nutshell. Source: AIA
AIA Triple Critical Cover in a nutshell. Source: AIA

One of the highlighted features of the plan is the ‘reset’ feature, where your critical illness coverage returns to 100% after 12 months. You can get up to 3 times of your coverage amount for different critical illnesses across different stages.

Benefits for special conditions

Besides the usual panel of 37 standard critical illnesses, most other plans have 18 special conditions that provide additional payout. We wrote comprehensively on these conditions before. This plan, however, covers 5:

  1. Osteoporosis
  2. Dengue haemmorrhagic fever
  3. Diabetic complications (Diabetic Retinopathy, Diabetic Nephropathy, Amputation of Limb due to Gangrene)
  4. Severe Rheumatoid Arthritis
  5. Mastectomy due to carcinoma in situ or malignant breast condition

The payout amount is additional 20% of the covered amount, up to a maximum of $25,000 per condition.

Surrender option and plan maturity benefit

Interestingly, the AIA Triple Critical Cover Life Plan gives you the option to surrender your policy after your 60th policy year or 75 years old, whichever is earlier. This amount is a guaranteed cash value of 75% of whatever your coverage amount was, less the claims paid out for critical illnesses. Alternatively, your Life Plan policy matures when you are 100 years old, giving you back the full coverage amount minus the claims.

Death benefit

In the case of death, the AIA Triple Critical Cover pays out 100% of the coverage amount (after deducting any critical illness claims) and an additional $5,000 benefit.

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The AIA Triple Critical Cover is a hybrid of a life plan and critical illness, since you have death benefit and payouts from critical illnesses. However, don’t count on the death benefit since you’d be better off getting a proper life insurance plan. There is no premium waiver in the case of critical illnesses, so you’ll have to be careful to ensure that you’re able to maintain premiums in the case of critical illnesses.

There are only 5 conditions that qualify for special benefits. These five conditions are statistically common, e.g., diabetes complications and mastectomy due to cancer. The only bummer is that it is missing the benefit for insulin-dependent diabetes, which occurs quite commonly and is part of the 18 conditions found in other plans.

It is highly unlikely that you will not make any critical illness claims. As such, when the policy either matures or you surrender it, you’d probably won’t get much, if any at all, since it’s cash value minus whatever payouts that you might have had.

Connect with fundMyLife financial advisers today!

We hope you found the review useful to answer whatever questions you might have. Not sure whether multi-pay critical illness plans are suitable for you? You should ask your financial adviser.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you fam. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

18 Special Conditions In Critical Illness Plans: What Are They?

18 special conditions in critical illness plans

[10 min read]

Critical illness plans are plans that provide a lump sum payout whenever you contract one of the 37 critical illnesses defined by the Life Association of Singapore. In addition, some insurance companies provide benefits for additional 18 special conditions in critical illness plans. These conditions range from the usual, e.g., diabetes, to the obscure, e.g., Wilson’s disease. We here at fundMyLife are biologists at heart, and the human body is a ceaseless source of wonders (and nightmares). In this article, fundMyLife lists all 18 special conditions in critical illness plans and details what they are.

Disclaimer

We’ve taken the definitions of the conditions that qualifies the consumer for special benefits from insurance company brochures. These definitions are presented in block quotes. We will also provide interesting facts about these conditions. However, bear in mind that this is NOT a definitive guide, since each insurance companies have slightly different definition of the special conditions in their respective terms and conditions. Make sure you look closely at your own policy’s disease definitions!

#1 Insulin Dependent Diabetes Mellitus

Diabetes mellitus is chronic hyperglycemia, caused by defective insulin secretion. IDDM is characterised by the continuous dependence on exogenous insulin for the preservation of life as diagnosed by an endocrinologist and such dependence must persist for not less than six (6) months

Diabetes, a condition that 1 in 9 Singaporeans face. It is a dreadful lifestyle disease that is due to obesity and a lack of exercise. Over time, your pancreas is unable to produce enough insulin, the chemical required to control glucose release in the liver. Your cells are also resistant to insulin, which prevents them from taking blood glucose into them for energy usage. The excess sugar thus circulates in the body and over time cause damage to your blood vessels all over the body.

#2 Diabetic Complications

Diabetic Complications including Diabetic Retinopathy, Diabetic Nephropathy or Amputation of Part of Limb due to Gangrene:

  • Diabetic Retinopathy with the need to undergo laser treatment certified to be absolutely necessary by an ophthalmologist with support of a Fluorescent Fundus Angiography report and vision is measured at 6/18 or worse in the better eye using a Snellen eye chart.
  • A definite diagnosis of diabetic nephropathy by a specialist and is evident by eGFR less than 30 ml/min/1.73 m2 with ongoing proteinuria greater than 300mg/24 hours.
  • The actual undergoing of amputation of a foot / toe / hand / finger to treat gangrene that has occurred because of a complication of diabetes.

Diabetes, when uncontrolled, leads to many complications. High blood sugar levels cause blood vessel damage over a long period of time, and poor oxygen flow. This special condition covers three main complications that arise – diabetic retinopathy, diabetic nephropathy, and amputation due to gangrene.

Diabetic retinopathy refers to the damage to the blood vessels in the eye due to high blood sugar level. Retinopathy causes vision loss and eventually blindness, if not addressed immediately.

Diabetic nephropathy refers to kidney disease that arises from diabetes. The kidneys become leaky, allowing protein to leak into the blood stream. The filtration capabilities weaken as well, and eventually fail – you’ll need dialysis at this stage.

As mentioned, high blood sugar level cause blood vessel and nerve damage. These leads to a devastating combination of a lack of circulation to your extremities, i.e. foot, and you may unwittingly injure your foot and let the wound fester due to a lack of sensation. Minor toe injuries in diabetic patients, for example, can lead to gangrene because the injury does not heal quickly and is thus more likely to get infected. Once the infection is uncontrollable, you may have to amputate the foot to stop the spread of infection.

#3 Angioplasty & Other Invasive Treatment for Coronary Artery

The actual undergoing of balloon angioplasty or similar intra-arterial catheter procedure to correct a narrowing of minimum sixty percent (60%) stenosis, of one or more major coronary arteries as shown by angiographic evidence. The revascularisation must be considered medically necessary by a consultant cardiologist.

Coronary arteries herein refer to left main stem, left anterior descending, circumflex and right coronary artery.

Diagnostic angiography is excluded.

Angioplasty is a medical procedure where the doctor inserts a catheter containing deflated balloon into your narrowed or obstructed arteries or veins, and inflates it to widen them.

Angioplasty 101
What happens during an angioplasty. Source: Total Vascular Wellness.

The inflated balloon forces expansion of the vessel, allowing normal blood circulation again. A doctor may use angiography for diagnotic purposes but that does not qualify you for the special condition benefit.

#4 Osteoporosis with Fractures

Osteoporosis is a degenerative bone disease that results in loss of bone. The diagnosis must be supported by a bone density reading which satisfies the World Health Organisation (WHO) definition of osteoporosis with a bone density reading T-score of less than –2.5. There must also be a history of three (3) or more osteoporotic fractures involving either femur, wrist or vertebrae. These fractures must directly cause the Life Assured’s inability to perform (whether aided or unaided) at least one (1) of the following six (6) “Activities of Daily Living” for a continuous period of at least six (6) months.

Activities of Daily Living:

  • Washing- the ability to wash in the bath or shower (including getting
    into and out of the bath or shower) or wash satisfactorily by other
    means;
  • Dressing- the ability to put on, take off, secure and unfasten all
    garments and, as appropriate, any braces, artificial limbs or other
    surgical appliances;
  • Transferring- the ability to move from a bed to an upright chair or
    wheelchair and vice versa;
  • Mobility- the ability to move indoors from room to room on level
    surfaces;
  • Toileting- the ability to use the lavatory or otherwise manage bowel
    and bladder functions so as to maintain a satisfactory level of
    personal hygiene;
  • Feeding- the ability to feed oneself once food has been prepared
    and made available.

For the purpose of this definition, “aided” shall mean with the aid of special equipment, device and/or apparatus and not pertaining to human aid.

Osteoporosis (Greek for porous bone)  is a disease where you have higher bone weakness, increasing your chances of breaking your bones. It commonly affects older folks, and in women. Risk factors include advanced age, estrogen deficiency after menopause, removal of ovaries, decrease in testosterone, not having enough calcium, etc. Drink your milk folks!

Note: this is a very narrow definition of disease, especially when it has to satisfy WHO’s definition of osteoporosis and have more than 3 fractures in very specific parts of your body. On top of that, you must be unable to do one of the six basic activities for six months.

#5 Osteogenesis Imperfecta

This is a genetic disorder characterised by brittle, osteoporotic, easily fractured bones. The Life Assured must be diagnosed as a type III Osteogenesis Imperfecta confirmed by the occurrence of all of the following conditions:

  • the result of physical examination indicating growth retardation and
    hearing impairment; and
  • the result of X-ray studies reveals multiple fracture of bones and
    progressive kyphoscoliosis; and
  • positive result of skin biopsy.

Diagnosis of Osteogenesis Imperfecta must be confirmed by a pediatrician.

Osteogenesis imperfecta is also known as brittle bone disease, where symptoms include bones that break easily, blue tinted eyes, short stature, hearing loss, and loose joints. It is hereditary, and has no cure. There are at least nine different types of osteogenesis imperfecta – Type I to Type IX. Type I is the most common and mildest, whereas Type III is progressive and gets worse over time from birth.

#6 Severe Rheumatoid Arthritis

Widespread joint destruction with major clinical deformity of three (3) or more of the following joint areas: hands, wrists, elbows, spine, knees, ankles, feet. The diagnosis must be supported by all of the following:

  1. Morning stiffness
  2. Symmetric arthritis
  3. Presence of rheumatoid nodules
  4. Elevated titres of rheumatoid factors
  5. Radiographic evidence of severe involvement

The diagnosis must be confirmed by a consultant rheumatologist.

Rheumatoid athritis is a long-term autoimmune disease, where your immune system attacks the joints. This causes constant inflammation and constant pain. The requirements for the payout are severe, as it involves arthritis so bad that your joint areas are deformed, and has to fulfill all five conditions.

#7 Severe Juvenile Rheumatoid Arthritis (Still’s Disease)

A form of juvenile chronic arthritis characterised by high fever and signs of systemic illness that can exist for months before the onset of arthritis. The condition must be characterised by cardinal manifestations which include high spiking, daily (quotidian) fevers, evanescent rash, arthritis, splenomegaly, lymphadenopathy, serositis, weight loss, neutrophilic leucocytosis, increased acute phase proteins and sero-negative tests for Antinuclear Antibodies (ANA) and Rheumatoid Factor (RF). A claim for this benefit will be admitted only if the diagnosis is confirmed by a paediatric rheumatologist and the condition has to be documented for at least six (6) months.

Think only old people can get arthritis? Think again! Children suffer from a form of rhematoid arthritis kmown as Still’s Disease as well. Similar to adult arthritis, juvenile arthritis is an auto-immune disease that attacks your joints. It results in growth retardation. Left untreated, children develop joint deformities which eventually lead to irrecoverable loss of function.

#8 Rheumatic Fever with Valvular Impairment

A confirmed diagnosis by a consultant cardiologist of acute rheumatic fever according to the revised Jones criteria for its diagnosis. There must be involvement of one (1) or more heart valves and at least mild valve incompetence attributable to rheumatic fever as confirmed by quantitative investigations of the valve function by a consultant cardiologist.

Rheumatic fever is an inflammatory disease that occurs after an infection. The infection is so bad that it creates heart valvular infection that creates abnormal antibodies that destroy valvular tissues. Symptoms include breathlessness, irregular heart beats, fatigue.

#9 Dengue Haemorrhagic Fever

It covers Dengue Haemorrhagic Fever Stage 3 or Stage 4, based on the World Health Organisation case definition, with unequivocal evidence of the Dengue Shock Syndrome and confirmation of dengue infection, with confirmatory serological testing of dengue; and as may be exemplified by the following findings:

  • history of continuous high fever (for two (2) or more days),
  • minor or major haemorrhagic manifestations,
  • thrombocytopenia (less than or equal to 100000 per mm3),
  • haemoconcentration (haemotocrit increased by 20% or more),
  • evidence of plasma leakage (i.e. pleural effusion, ascites or hypoproteinaemia, etc.), and
  • evidence of the Dengue Shock Syndrome (DSS), confirmed by a consultant physician, with the following criteria being met:
    • hypotension (less than 80 mm Hg) or narrow pulse pressure (20 mm Hg or less), and
    • evidence of tissue hypoperfusion such as cold, clammy skin, oliguria, or a metabolic acidosis.
Chances are that you might have encountered plenty of posters about this Aedes mosquito.

Dengue fever is a mosquito-borne illness that occurs in tropical and sub-tropical countries. Symptoms can be mild and typically include fever, rash, and muscle and joint pain. Spend a night or two in the hospital with a drip and you’re good as new. People rarely die from dengue fever. However, it can progress to a more serious form know as dengue haemorrhagic fever. This form involves internal bleeding, i.e. under the skin, vomiting, and abdominal pain.

The benefit covers stages 3 and 4, which are the most severe stages. At Stage 3, you experience circulatory failure and in stage 4 you experience profound shock where you have undetectable pulse and blood pressure.

#10 Severe Haemophilia

The Life Assured must be suffering from severe haemophilia A (VIII deficiency) or haemophilia B (IX deficiency) with factor VIII or factor IX activity levels less than one percent (1%). Diagnosis must be confirmed by a haematologist.

When you’re cut, you stop bleeding after a while because your blood clots. Blood clotting is a complex process that involves 20 proteins. We take blood clotting for granted, but individuals with haemophilia experience prolonged or even spontaneous bleeding. Severe haemophilia A and B happens when you have severely low levels of clotting factors – Factor VIII and Factor IX respectively.

#11 Mastectomy

Mastectomy means surgical removal of at least three quadrants of the tissue of a breast due to carcinoma-in-situ or a malignant condition. Proof of having undergone the breast reconstructive surgery is not required.

The definition more or less explains what mastectomy is – the total removal of breast tissue when there is cancerous tissue on the breasts. It is a dramatic form of treatment, and the 10-year survival rate for patients that undergo mastectomy is >80% for early breast cancer cases. There is no payout for the the alternative procedure – lumpectomy, where only the tumor and some surrounding tissue is removed.

#12 Hysterectomy due to Cancer

The removal of the uterus (at least the corpus and cervix or corpus only) with supporting evidence of carcinoma of the uterus, fallopian tube, ovary, vagina or endometrium, advanced cervical carcinoma, or hydatidiform mole.

Hysterectomy is the surgical removal of a part, or the entire uterus. It is done in cases where cancerous tissue is found on the uterus itself, cervix, or ovaries.

#13 Chronic Adrenal Insufficiency (Addison’s Disease)

An autoimmune disorder causing a gradual destruction of the adrenal gland resulting in the need for life long glucocorticoid and mineral corticoid replacement therapy. The disorder must be confirmed by a specialist in endocrinology through one of the following:

  • ACTH simulation tests;
  • insulin-induced hypoglycemia test;
  • plasma ACTH level measurement;
  • Plasma Renin Activity (PRA) level measurement.

Only autoimmune cause of primary adrenal insufficiency is included. All other causes of adrenal insufficiency are excluded.

Addison’s Disease is a long-term endocrine disorder, where your adrenal glands do not produce enough steroid hormones. Without the right amount of hormones, you will experience low blood pressure, darkening of skin, lethargy, fever, and a whole host of other physical discomforts. Replacement hormonal therapy will bring the steroid hormone levels back to normal.

#14 Chronic Relapsing Pancreatitis

More than three (3) attacks of pancreatitis resulting in pancreatic dysfunction causing malabsorption needing enzyme replacement therapy.

The diagnosis must be made by a consultant gastroenterologist and confirmed by Endoscopic Retrograde CholangioPancreatography (ERCP).

Chronic Relapsing Pancreatitis caused by alcohol use is excluded.

Chronic relapsing pancreatitis is a long-term damage or inflammation of your pancreas, impairing its function. Besides pain and nausea, you’d suffer from malnutrition since the pancreas secretes enzymes that aid digestion. The body does not absorb fats properly, leading to oily stool. Alcohol use is one of the factors for pancreatitis, but is an exclusion criteria for the benefits to kick in.

#15 Wilson’s Disease

A potentially fatal disorder of copper toxicity characterised by progressive liver disease and/or neurologic deterioration due to copper deposit. The diagnosis must be confirmed by a hepatologist and the treatment with a chelating agent must be documented for at least six (6) months.

Wilson’s Disease is a genetic disease in which copper builds up in your body, due to a mutation in a protein that transports copper that you consume into bile for excretion. The copper accumulates in the liver and brain, leading to liver disease and neurological and psychiatric problems. Symptoms of Wilson’s Disease appear between ages 5 to 35. For treatment, a doctor administers chelating agent – a compound that binds to metals – to remove the copper in the body for you.

#16 Kawasaki Disease

This is acute, febrile and multisystem disease of children, characterised by non-suppurative cervical adenitis, skin and mucous membrane lesions. Diagnosis must be confirmed by a pediatrician and there must be echocardiograph evidence of cardiac involvement manifested by dilatation or aneurysm formation in the coronary arteries which persists for at least six (6) months after the initial acute episode.

Kawasaki Disease is a rare disease that affects children. It is an autoimmune disease, causing inflammation in your blood vessels throughout the body.

Clinical manifestations of Kawasaki Disease over a period of time.
Clinical manifestations of Kawasaki Disease over a period of time. Source: Wikipedia.

There are three stages of the disease, with various clinical manifestations. The most important aspect of Kawasaki Disease is the heart complications – coronary aneurysms (weak blood vessels) form after the initial stage, which may lead to myocardial infarctions. In other words, juvenile heart attacks.

#17 Glomerulonephritis with Nephrotic Syndrome

A confirmed diagnosis of glomerulonephritis with nephrotic syndrome by a nephrologist and who should confirm that a treatment regimen appropriate to the clinical presentation has been followed throughout the period to which syndrome relates. The syndrome must have continued for a period of at least six (6) months with or without intervening periods of remission.

Glomerulonephritis is a disorder of glomeruli (clusters of microscopic blood vessels in the kidneys with small pores through that filters blood). The condition involves body tissue swelling (edema), high blood pressure, and the presence of red blood cells in the urine.

#18 Type I Juvenile Spinal Amyotrophy

Degenerative diseases of the anterior horn cells in the spinal cord and motor nuclei of the brainstem characterised by profound proximal muscular weakness and wasting, primarily in the legs, followed by distal muscle involvement. The damage must result independently of all other causes and directly in the Life Assured’s permanent inability to perform (whether aided or unaided) at least three (3) of the “Activities of Daily Living” (ADLs) for a continuous period of six (6) months. The diagnosis must be made by a neurologist with appropriate neuromuscular testing such as Electromyogram (EMG).

Only Life Assured whose Age is between six (6) and seventeen (17) years on first diagnosis is eligible to receive a benefit under this illness.

Activities of Daily Living:

  • Washing- the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means;
  • Dressing- the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances;
  • Transferring- the ability to move from a bed to an upright chair or wheelchair and vice versa;
  • Mobility- the ability to move indoors from room to room on level surfaces;
  • Toileting- the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene;
  • Feeding- the ability to feed oneself once food has been prepared and made available.

For the purpose of this definition, “aided” shall mean with the aid of special equipment, device and/or apparatus and not pertaining to human aid.

Type I juvenile spinal amyotrophy is a condition where your motor neurons degenerate, leading to muscle atrophy over time. It stabilizes after two to five years, where the condition neither improves or worses. It is common to males aged 20 to 50. Unfortunately, it is untreatable.

Connect with fundMyLife financial advisers today!

We hope you found this lengthy guide informative. There’s a lot of information to take it, but one thing’s for sure – living is scary.

As such, it’s important to get yourself protected. Haven’t found a good financial adviser? Worry not – fundMyLife has your back. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.