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.

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