Critical Illness

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

Did you know that 70-90% of Stage 3B breast cancer patients face a chance of recurrence within 10 years ? Or that 4 in 10 stroke patients may experience a recurrence in the same timeframe ? These sobering statistics highlight the importance of comprehensive critical illness coverage that extends beyond a single diagnosis. If you're considering a critical illness plan that offers multiple payouts and extensive coverage, Singlife MyMultiPay Critical Illness might be the solution you're looking for.

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What is Singlife MyMultiPay Critical Illness?

Singlife MyMultiPay Critical Illness is a unique insurance plan designed to provide financial support through different stages of critical illnesses and their recurrences . Unlike traditional critical illness plans that typically offer a single payout, this plan continues to support you financially as you navigate through various health challenges, allowing you to focus on recovery without the added stress of financial burdens.

Key Features That Set Singlife MyMultiPay Apart

Flexible Coverage Duration

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

Comprehensive Coverage

Protection for 132 conditions across early, intermediate, and severe stages of critical illnesses . Coverage for specified recurrent critical illnesses.

Multiple Payouts

Total payout of up to 900% of your sum assured for critical illnesses . Premium waiver once you've received at least 300% of your sum assured.

Special Conditions Payout

20% of your sum assured (up to S$25,000 per life per condition) for specific situations.

Advance Care Option

Option to convert the Recurrent Critical Illness Benefit into an extra payout for certain severe stage critical illnesses.

Real premiums suggested for Singlife MyMultiPay

35, Male making $3,000 a month

Coverage:
base
$80,000
maximum
$720,000
Premium:
$83.3
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32, Female making $6,000 a month

Coverage:
critical illness
$150,000
Premium:
$171.6
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31, Male making $8,333.333 a month

Coverage:
income protection
3 to 5 years of income
early critical illness
1 year
Premium:
Not provided
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21, Female making $4,600 a month

Coverage:
relapse ci
$150,000
late stage ci
$300,000
maximum claim
$900,000
base sum insured
$100,000
early intermediate ci
$100,000
Premium:
$84.9
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24, Female making $9,000 a month

Coverage:
base
$220,000
multipay
$720,000
Premium:
$186.75
Read More
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What Does Singlife MyMultiPay Critical Illness Cover?

Total maximum payout: 900% of sum assured

Critical Illness Benefit

Early and Intermediate Stage: Covers 72 conditions. Payout: 100% of sum assured per claim. Severe Stage: Covers 60 conditions. Payout: 300% of sum assured less any claim paid for the early/intermediate stage of the same CI group. Maximum payout: 600% of sum assured.

Recurrent Critical Illness Benefit

Covers specified severe stage critical illnesses. Payout: 150% of sum assured per claim (maximum 2 claims). Maximum payout: 300% of sum assured.

Special Benefit

Covers borderline malignant tumors, ICU stays of 4+ days, and 27 specific conditions. Payout: 20% of sum assured (up to S$25,000) per condition.

How Much Coverage Do You Get?

The coverage amount depends on the sum assured you choose when purchasing the policy. For example, if you select a sum assured of S$100,000:

  • Critical Illness Benefit: Up to S$600,000 (600% of sum assured)
  • Recurrent Critical Illness Benefit: Up to S$300,000 (300% of sum assured)
  • Special Benefit: Up to S$25,000 per condition

Total potential payout: Up to S$900,000 (900% of sum assured)

Real-Life Scenarios

Multiple Critical Illnesses

Vincent, a 35-year-old lecturer, buys a policy with S$100,000 sum assured. Over the years, he receives payouts for an ICU stay, severe stroke, early and severe bladder cancer, and recurrent stroke and coronary artery bypass surgery. Total payout: S$900,000 (900% of sum assured)

Exercising the Advance Care Option

Rachel, a 30-year-old, buys a policy with S$100,000 sum assured. She claims for carcinoma-in-situ of breast, severe heart attack, open chest heart valve surgery, and exercises the Advance Care Option. Total payout: S$700,000 (700% of sum assured)

How Much Does It Cost?

The premium depends on factors like your age, health condition, and chosen sum assured. For example:

  • Vincent (35-year-old, non-smoker) pays S$1,187 annually for S$100,000 sum assured
  • Rachel (30-year-old, non-smoker) pays S$1,181 annually for S$100,000 sum assured

Remember, premiums are waived once you've received at least 300% of your sum assured in payouts.

Pros and Cons

Pros

  • Comprehensive coverage for multiple critical illnesses and stages

  • High total payout potential (up to 900% of sum assured)

  • Flexible coverage duration and currency options

  • Premium waiver after significant payouts

  • Coverage for special conditions and ICU stays

Cons

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

  • Waiting periods apply between claims

  • Advance Care Option terminates the Recurrent Critical Illness Benefit

  • Some benefits cease at age 85 or after a certain number of claims

Important Considerations

Waiting Periods

One year between most Critical Illness Benefit claims. Two years between Recurrent Critical Illness Benefit claims.

Age Limits

Some benefits cease at the policy anniversary when you turn 85.

Claim Limits

Only one claim allowed for early/intermediate stage of each CI group. Maximum of six claims under the Special Benefit.

Frequently Asked Questions

Can I get this plan if I have pre-existing conditions?

The acceptance may depend on your specific conditions. Discuss this with a Singlife representative.

Is there a survival period for claims?

Yes, survival periods apply. Check the product summary for specific details.

Can I change my sum assured later?

You should check with Singlife about options for adjusting your coverage after purchase.

What's not covered by this plan?

Like most insurance policies, there are exclusions. Review the product summary for a complete list.

How do I make a claim?

Contact Singlife as soon as possible after diagnosis. They will guide you through the claim process.

Conclusion

Singlife MyMultiPay Critical Illness offers a unique and comprehensive approach to critical illness protection . With its multiple payouts, extensive coverage across various stages of illnesses, and additional benefits like the Advance Care Option, it provides a robust financial safety net for life's unexpected health challenges.

However, as with any insurance decision, it's crucial to carefully consider your personal health risks, financial situation, and long-term needs. While the potential for high payouts is attractive, you should also weigh this against the premium costs and your overall insurance portfolio.

Remember, the best insurance plan is one that aligns with your specific circumstances and provides peace of mind. If you're considering Singlife MyMultiPay Critical Illness or any other critical illness plan, it's always advisable to consult with a qualified financial adviser who can provide personalized recommendations based on your unique situation.

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

Click here to get 5 expert opinions on critical illness insurance

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your health and financial needs. Don't leave your protection to chance – get the expert advice you deserve today.

Get 5 Expert Opinions on Critical Illness Insurance

Why people were suggested Singlife MyMultiPay

Joseph
Joseph, 35
GenderMale
Monthly Income$3,000
Insurance Types Suggested
  • Critical Illness
  • Disability
  • Term Life
Why MultiPay Critical Illness Cover IV was suggested:
The MultiPay Critical Illness Cover IV is recommended due to its unique feature of providing coverage for recurrent critical illnesses, even after an initial payout. This is particularly valuable as it can be challenging to obtain new insurance coverage after being diagnosed with a critical illness. Additionally, the policy offers a maximum coverage of $720,000, despite a lower base premium, providing excellent value for the coverage.
Fanny Soh
Fanny Soh, 32
GenderFemale
Monthly Income$6,000
Insurance Types Suggested
  • Critical Illness
  • Personal Accident
Why MultiPay Critical Illness Cover IV was suggested:
The MultiPay Critical Illness Cover IV offers comprehensive critical illness coverage with a sum assured of $150,000, which is approximately 1-2 years of the prospect's monthly income. This plan is recommended to provide financial support during recovery from a critical illness, as it pays out up to 900% of the sum assured for recurrent claims.
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