Critical Illness

Singlife Multipay Critical Illness: Comprehensive Protection for Life's Unexpected Turns

Have you ever wondered what would happen if you were diagnosed with a critical illness? How would it affect your finances and your family's future? These are questions that many Singaporeans grapple with, and for good reason. Did you know that Stage 3B breast cancer patients face a 70-90% chance of recurrence in 10 years? Or that 4 in 10 stroke patients will suffer another stroke within the next 10 years? These statistics highlight the importance of having robust critical illness coverage that doesn't just protect you once, but multiple times.

Enter Singlife Multipay Critical Illness, a plan designed to provide financial support through different stages of critical illnesses and their recurrences. Let's dive deep into what this plan offers and how it can help you stay in control of your finances while focusing on recovery.

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What is Singlife Multipay Critical Illness?

Singlife Multipay Critical Illness is a comprehensive critical illness insurance plan that offers multiple payouts for different stages of critical illnesses and medical conditions . It's designed to provide ongoing financial support, allowing you to focus on recovery without worrying about the financial impact of your illness.

Key Features and Benefits

Flexible Coverage Duration

Choose your coverage period from 10 years up to age 99 (in one-year intervals). You can also select the currency for your cover amount from SGD, USD, GBP, EUR, AUD, or HKD.

Comprehensive Critical Illness Coverage

The plan covers 132 conditions across early, intermediate, and severe stages of critical illnesses . This broad coverage ensures you're protected against a wide range of health issues.

Multiple Payouts

You can receive up to 900% of your sum assured in total payouts for critical illnesses. This is broken down into:br>- Up to 600% of sum assured under the Critical Illness Benefitbr>- Up to 300% of sum assured under the Recurrent Critical Illness Benefit

Premium Waiver

Once you've received at least 300% of your sum assured in payouts, you stop paying premiums. This feature ensures continued coverage even when you might be financially strained due to your illness.

Special Conditions Payout

Receive 20% of your sum assured (up to S$25,000 per condition) for:br>- Borderline malignant or benign tumors requiring surgical removalbr>- Intensive Care Unit (ICU) stay of four days or more in one hospital admissionbr>- Diagnosis of one of 27 covered conditions under the Special Benefit

Posthumous Payout

If you pass away, your loved ones will receive a lump sum of S$5,000 to help with outstanding medical bills or funeral expenses.

Real premiums suggested for Singlife Multipay Critical Illness

28, Female making $4,166.667 a month

Coverage:
early ci
$75,000
severe ci
$150,000
recurring ci
$112,500
Premium:
$860.25
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26, Female making $3,800 a month

Coverage:
early ci
$70,000
severe ci
$140,000
recurring ci
$105,000
Premium:
$738.5
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25, Female making $3,300 a month

Coverage:
TPD
aci
$300,000
eci
$100,000
death
$5,000
recurrent ci
$150,000
Premium:
$1,379
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28, Male making $9,000 a month

Coverage:
$216,000
Premium:
$381.25
Read More
Get your own quotes →

How Does the Coverage Work?

The plan is structured to provide payouts at different stages of critical illnesses:

Early and Intermediate Stage Critical Illness Benefit

  • 100% of sum assured per claimbr>- Covers 72 early or intermediate stage critical illnesses

Severe Stage Critical Illness Benefit

  • 300% of sum assured less any claim paid for the early and intermediate stage of the same CI groupbr>- Covers 60 severe stage critical illnesses

Recurrent Critical Illness Benefit

  • 150% of sum assured per claimbr>- Payable upon diagnosis of specified severe stage critical illnesses or recurrent critical illnessesbr>- Maximum of two claims allowed

Real-Life Scenarios

Let's look at two examples to understand how this plan works in practice:

Scenario 1: Vincent, 35-year-old lecturer

Vincent buys Singlife Multipay Critical Illness with a sum assured of S$100,000 for a 30-year coverage period, paying S$1,187 annually. br>- At age 45: Warded in ICU for 5 days due to viral infectionbr> Payout: S$20,000 (20% of sum assured)br>br>- At age 50: Suffers stroke with permanent neurological deficitbr> Payout: S$300,000 (300% of sum assured)br>br>- At age 56: Diagnosed with early bladder cancerbr> Payout: S$100,000 (100% of sum assured)br>br>- Later at age 56: Diagnosed with severe stage bladder cancerbr> Payout: S$200,000 (300% of sum assured less S$100,000 paid for early stage)br> Additional Payout: S$150,000 (Recurrent Critical Illness Benefit)br>br>b>Total Payout: S$770,000 (770% of sum assured)

Scenario 2: Rachel, 30-year-old manufacturing worker

Rachel buys Singlife Multipay Critical Illness with a sum assured of S$100,000 for a 35-year coverage period, paying S$1,181 annually. br>- At age 43: Diagnosed with carcinoma-in-situ of breastbr> Payout: S$100,000 (100% of sum assured)br>br>- At age 48: Suffers heart attack of specified severitybr> Payout: S$300,000 (300% of sum assured)br> Additional Payout: S$100,000 (Advance Care Option exercised)br>br>- At age 53: Undergoes open chest heart valve surgerybr> Payout: S$200,000 (Remaining 200% of sum assured from Critical Illness Benefit)br>br>b>Total Payout: S$700,000 (700% of sum assured)

Pros and Cons

Pros

  • Multiple payouts for different stages and recurrences of critical illnesses

  • Comprehensive coverage for 132 conditions

  • Flexible coverage duration and currency options

  • Premium waiver after significant payouts

  • Additional benefits for special conditions and ICU stays

Cons

  • Premiums may be higher compared to single-payout critical illness plans

  • Waiting periods between claims may limit immediate coverage for recurrences

  • The Advance Care Option terminates the Recurrent Critical Illness Benefit if exercised

Is Singlife Multipay Critical Illness Right for You?

This plan might be suitable if you:

  1. Want comprehensive critical illness coverage that extends beyond a single payout
  1. Are concerned about the possibility of recurring critical illnesses
  1. Prefer a plan that provides coverage for early, intermediate, and severe stages of critical illnesses
  1. Want the flexibility to choose your coverage duration and currency

However, it's important to consider your overall financial situation, existing insurance coverage, and long-term health goals before making a decision.

Conclusion

Singlife Multipay Critical Illness offers a robust solution for those seeking comprehensive critical illness protection. With its multiple payouts, coverage for various stages of illnesses, and additional benefits, it provides a financial safety net that can help you focus on recovery without worrying about the financial impact of a critical illness diagnosis.

However, as with any insurance decision, it's essential to carefully consider your personal needs, financial situation, and long-term goals. Consult with a financial advisor to determine if this plan is the right fit for you and how it can complement your existing insurance portfolio.

Ready to explore your critical illness coverage options? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on critical illness insurance. These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision possible.

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Why people were suggested Singlife Multipay Critical Illness

Veronica
Veronica, 26
GenderFemale
Monthly Income$3,800
Insurance Types Suggested
  • Hospital
  • Personal Accident
  • Critical Illness
  • Term Life
Why SINGLIFE MULTIPAY CI was suggested:
The SINGLIFE MULTIPAY CI plan offers comprehensive critical illness coverage, including payouts for early, severe, and recurring conditions. This aligns with the prospect's need for $228,000 in critical illness coverage to replace income for 5 years. The plan covers 132 conditions and provides higher payouts for severe critical illnesses.
Aqilah
Aqilah, 25
GenderFemale
Monthly Income$3,300
Insurance Types Suggested
  • Critical Illness
  • Hospital
  • Personal Accident
Why Option A - Singlife Multipay Critical Illness was suggested:
This critical illness plan provides comprehensive coverage for various stages of critical illness, including early and advanced stages, as well as recurrent critical illness. The plan offers additional benefits such as an advanced care option, intensive care benefit, tumor benefit, and a special benefit. Given the prospect's young age, this plan can provide valuable protection against critical illnesses.
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