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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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.
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.
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.
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
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.
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
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.
| Age | What suggestion covers | Premium |
|---|---|---|
| 28, Female making $4,166.667 a month | early ci $75,000 severe ci $150,000 recurring ci $112,500 | $860.25 |
| 26, Female making $3,800 a month | early ci $70,000 severe ci $140,000 recurring ci $105,000 | $738.5 |
| 25, Female making $3,300 a month | TPD aci $300,000 eci $100,000 death $5,000 recurrent ci $150,000 | $1,379 |
| 28, Male making $9,000 a month | $216,000 | $381.25 |
The plan is structured to provide payouts at different stages of critical illnesses:
Let's look at two examples to understand how this plan works in practice:
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)
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)
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
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
This plan might be suitable if you:
However, it's important to consider your overall financial situation, existing insurance coverage, and long-term health goals before making a decision.
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.
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