fML Reviews: AXA SmartCare Junior

AXA SmartCare Junior review

Critical illnesses can strike any time, be it for adults or young children. During recovery from critical illnesses, you’d need resources to help you such as vitamins or even alternative medicine to complement existing therapy. That’s where the lump sum from critical illness plans come in, when you are diagnosed with a critical illness. However, the critical illnesses that children face are completely different from the ones that adults face. In this article, as a complement to AXA SmartCare Critical, fundMyLife reviews AXA SmartCare Junior and explores its various features. Disclaimer: this article is accurate as of Oct 2018.

What is it?

AXA SmartCare Junior is a critical illness plan for children 15 days old to 18 years old. The plan is renewable up to the age of 25 if he or she is enrolled in an educational institution on full-time studies. The parents buying this policy for the child must be between 18 to 72 years old.

Notable features

Three-tier plan

Similar to the AXA SmartCare Critical, there are three different tiers of plans: Bronze, Silver, Gold. The amount of benefits depends on whichever tier you purchase, with Bronze paying out the least and Gold paying out the most. There are ten conditions covered:

  1. Major cancers
  2. Major Organ/Bone Marrow Transplantation
  3. Blindness
  4. Deafness
  5. Encephalitis
  6. Bacterial meningitis
  7. Benign brain tumor
  8. Poliomyelitis
  9. Terminal illness
  10. Heart valve surgery

The payout ranges from $20,000 to $35,000 to $50,000, depending on whether you’re Bronze, Silver, or Gold respectively. You also get a lump sum benefit of $3,000 if the child dies an illness during or after treatment for the illness at a hospital.

Hospitalization benefit

If your child sent to the hospital for eight conditions, you will get reimbursement for your in-hospital expenses. These are the eight conditions:

  1. Hand, Foot & Mouth Disease
  2. Chicken Pox
  3. Measles
  4. Kawasaki Disease
  5. Dengue Haemorrhagic Fever
  6. Heat Stroke
  7. Food Poisoning
  8. Acute Appendecitis

The amount reimbursed per condition is $2,000, $3,500, and $5,000 for Bronze, Silver, and Gold respectively. On top of that, you will also get a Get Well benefit of $50.

Personal accident cover

For personal accidents, you get $200, $350, and $500 under Bronze, Silver, and Gold plans. On top of personal accident, in the case of of accidental death or permanent total disablement, the policy provides a lump sum of up to the insured child. For both accidental death and permanent total disablement, it is $20,000, $35,000, and $50,000 for Bronze, Silver, and Gold.

Your benefits for accidents, accidental death, and permanent total disablement double when your child suffers them during co-curricular activities.

Payor benefit

On top of protecting the child, the payor (most likely you) is protected under the plan as well. The benefits do not cover critical illness, but it covers accidental death and permanent total disablement of the payor of the plan. This is the ensure that if anything happens to the payor/parent, there is enough money to tide the family by temporarily.

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Interestingly, the AXA SmartCare Junior has several more features compared to its adult counterpart. Even though the plan covers a smaller number of critical illnesses compared to regular critical illness plans, they nonetheless still cover ones that commonly afflict children. It is nice to have a plan that focuses on the needs of a child. On top of that, it bundles critical illness protection together with personal accident and death and permanent total disablement cover as well.

Given how often children get hurt during school, the personal accident cover is great. The doubling of benefits for accidental injuries during co-curricular activities is truly icing on the cake. With personal accident and death and permanent total disablement benefit, you get a relatively more complete set of protection. Another great part is that the payor is protected as well; this covers accidental death and permanent total disablement.

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We hope you found that our review for AXA SmartCare Junior was useful! However, once again, we insist that you’d probably still need to consult a financial adviser to assess if you need more coverage for your child.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you. 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.

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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.

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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.

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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.

fML Reviews: Manulife Ready CompleteCare

Manulife Ready CompleteCare review

Critical illness plans are plans that pay out a lump sum when the doctor diagnoses you with one of the 37 critical illnesses. The lump sum is meant to help you cope with the period when you cannot work and require rest. One disadvantage of critical illness plans is that it will pay out only once, and it terminates after. This exposes you to risks such as recurrent cancer later in your life, but you can no longer purchase critical illness plans. In response to such risks, insurance companies have come up with multi-pay critical illness plans, which provide multiple payouts during the duration of one’s life. In this article, fundMyLife reviews the Manulife Ready CompleteCare and discusses its features. Note: the information is accurate as of September 2018.

What is it?

Manulife Ready CompleteCare is a critical illness plan that provides multiple payouts. The plan provides up to $250,000 for early stage critical illnesses, up to $350,000 for intermediate state, and 100% of coverage for advanced stage critical illnesses. There is also an optional ‘cover me again’ feature, which provides additional benefits such as multi-claim resets.

Notable features

Cover me again

The most widely promoted feature of this plan provides additional benefits. As its name suggests, ‘cover me again’ gives you the opportunity to restore the basic sum assured back to 100%, 12 months after your claim. This reset is available up to five times.

The list of major critical illness benefits that provides 200% of sum assured, once.

It also comes with additional major critical illness benefit, where you get twice the amount of your sum assured (200%) for six major critical illnesses in advanced stages, as seen in the table above.

There is also a recurring cancer benefit, where you can claim 100% of your sum assured if/when your cancer relapses after the first cancer, after a waiting period of two years or longer. This particular benefit kicks in when you 1) get cancer a second time in an organ different from the original cancer location, or 2) have cancer that happens in the same organ of the first cancer, or 3) get the metastatic form of the earlier cancer that you claimed for, after a remission.

Free health check-up

…for every two years. It is also transferable to your loved ones. Presumably, the free health check encourages you to screen early and often to catch illnesses in their early stages. This is a win-win since Manulife pays out less in the case of early stage critical illness, and you have a higher chance of surviving the illness.

Premium refund upon death

In the event of death, all of the premiums you paid are refunded, less whatever claim payout that you claimed. This also means that if you did not claim anything, you would get all of your premiums paid back.

Child cover

There is free coverage for your child up to 18 years old, without compromising anything in your sum assured. You get a lump sum of $10,000 if your child gets a critical illness, without affecting your sum insured. It’s a good feature for those with children. However, don’t bank on the $10,000 and consider a proper critical illness plan for your child instead.

Special benefits for 18 conditions

Manulife Ready CompleteCare special conditions table
The 18 conditions that provide additional benefits. Source: Manulife.

You can claim, up to a maximum of 6 times, when you have a condition that falls under the 18 conditions in the table above. You can claim 20% of the sum assured, for a maximum of $25,000 per life per condition. Good thing is that payout from this benefit does not reduce your sum assured.

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The Manulife Ready CompleteCare is full of features, and more so if you add in the ‘cover me again’ add-on. It is also conscious of your family, providing things like free checkup for either yourself or loved ones, and free child cover. It has a broad cover of diseases, even though the coverage of 106 conditions is just variations of the same diseases in different stages (such is marketing). The premium refund is a nice touch, but again you should consider life insurance for better and more substantial death benefits.

However, we observe that there is one huge caveat. Given the complexity of the conditions set by Manulife, it is very crucial that you fully understand these said conditions under which you will get a payout. Make sure you are aware of the T&Cs completely before committing to this plan, as it is a relatively recent product in the market.

You should also be refreshing your memory on how you qualify for payouts – don’t just leave this your financial adviser to handle.

Connect with fundMyLife financial advisers today!

Interested to know whether the Manulife Ready CompleteCare, or other multi-pay plans are suitable for you? You should ask your financial adviser. 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.

fML Reviews: Aviva MultiPay Plan III

Aviva MultiPay Plan III review

Critical illness plan is a form of insurance that provides a lump sum payout whenever you’re diagnosed with one of the 37 critical illnesses, defined by the Life Insurance Association of Singapore. The lump sum is to help the person during the recovery period, when he/she cannot work. In our previous article, we discussed the differences between single-pay and multi-pay critical illness plans. One plan that we mentioned in the article was the Aviva MultiPay Plan III. Where is Aviva MultiPay Plan I and II? That’s a question that we’re unable to answer. However, we can answer something else instead. In this article, fundMyLife reviews the Aviva MultiPay Plan III and explores their features. Note: this information is accurate as of September 2018.

What is it?

Aviva MultiPay Plan III, as its name suggests, is a critical illness plan that provides multiple payouts. More specifically, it provides up to five payouts across early, intermediate, and severe stage critical illnesses. This also includes payouts if/when your cancer reoccurs. It is available as both a standalone plan or a rider to your existing policies.

Notable features

No waiting period between illnesses of different groups

While multi-pay critical illness plans from other companies have a waiting period, the Aviva MultiPay Plan III is notable because it has no waiting periods between Layer 1 disease groups. Early and intermediate critical illnesses form the first layer. Bear in mind, it’s a maximum of two claims in the first layer.

Aviva MultiPay Plan III Payout structure
Aviva MultiPay Plan III payout structure. Source: Aviva.

For example, if the doctor diagnoses you with Stage I breast cancer and you had a heart attack, you would obtain payout for both conditions. Statistically, it is not likely to happen, i.e. getting multiple critical illnesses from different baskets at the same time, but it’s a good thing to have.

If you take a closer look at the brochure, it says that Aviva will pay 300% of the sum assured less any claim paid from Layer 1. This means that if you suffer from a severe critical illness from the get-go without any claims on early/intermediate critical illness, you’d get the full 300% of sum assured. For example, your payout would be $300,000 if your sum insured was $100,000. However, if you claimed once or twice for early stage, you’d get 200% ($200,000) and 100% ($100,000) respectively instead.

Premium waiver after severe critical illness

This is different from the usual critical illness plan since the plan terminates after you get the payout. There are two advantages with this, as it means you are still protected and you do not have to carry the burden of premium payment during and after recovery.

Special benefit from certain illnesses

If you are diagnosed with one of the 18 conditions set out by Aviva, you will get an additional 20% increase for your sum insured, for a maximum of $25,000 per life per condition. These are the 18 conditions:

The list of special conditions that give additional sum assured for Aviva MultiPay Plan III.
The list of special conditions that give additional sum assured for Aviva MultiPay Plan III. Source: Aviva.

Several of the special conditions listed are children’s diseases, but there are conditions which are relatively regular such as diabetic complications and mastectomy.

Death benefit

Considering that critical illness plans are for the living, and not for the dead, the Aviva MultiPay Plan III has a death benefit component. Even so, the $5,000 death benefit is a paltry sum compared to most of the regular critical illness plans out there. Better than nothing, but you’d have better cover getting a regular life insurance for death benefit.

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The plan is a recent entrant in the critical illness market, and it stands on its own among the emerging multi-pay critical illness plans in the market. The lack of waiting period between early to intermediate stage critical illnesses is a nice feature. The waiting period between a cancer occurrence and a recurrent is two years, which is biologically and statistically sensible.

However, conditions that qualify for special benefits are a mixed bag. The inclusion of juvenile conditions is a push towards getting this plan for your children. However, it is good to note that there are other conditions that you’d get when you’re older, e.g., diabetes complications and osteoporosis with fractures. Breast cancer survivors who opt for mastectomy – a common procedure – can sigh a breath of relief from this feature as well.

As mentioned, with the relatively low amount of death benefit, you should get a proper life insurance as well.

Connect with fundMyLife financial advisers today!

Interested to know whether this plan, or other multi-pay plans are suitable for you? You should ask your financial adviser. 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.