Before we look at what’s the best multi-pay or recurrent critical illness plan, let’s go through the importance of one.

Critical illnesses can hit like a truck going at full speed. The cost of treatment in a hospital is just one small part of the story. What about the income loss due to the loss of ability to make money?

Having a solid integrated shield plan can help you out significantly with the cost of treatment. However, to cover the loss of income, you will need a multi-pay critical illness plan.

Of course, we all hope that we won’t be hit with a critical illness. However, we should not rely on our hopes when it comes to matters of health and money.

Even though we live in one of the top 10 healthiest nations in the world, statistics have shown that 1 in 4 – 5 adult Singaporean may develop a critical illness at some point in their lives.

What is a multi-pay critical illness plan and why would you need one?

A multi-pay critical illness plan, as the name suggests, pays you multiple times over each diagnosis of critical illness and recurrent or reoccurring critical illnesses.

If you’re unlucky, you get critical illness once. If you’re unfortunate, you get critical illness again, and again.

If you only have a normal critical illness plan, that plan would most likely terminate after paying you. Signing for another critical plan will then be very expensive and very difficult as the insurance company will take into account the likelihood of you getting ill again.

The importance of a multi-pay critical illness plan cannot be looked over. That’s why we have filtered through the dozens of critical illness plans in the market to bring you the best multi-pay critical illness plan so that you can be well-informed buyers and protect yourselves with only the best.

Through our strict filtering, we have concluded that these are the best multi-pay critical illness plans. They are not ranked in any way:

Best Multi-pay Critical Illness Plan for Most Critical Illnesses Covered – Aviva MyMultiPay Critical Illness
Best Multi-pay Critical Illness Plan for Shortest Waiting Time Before Next Claim – Manulife Ready CompleteCare
Best Multi-pay Critical Illness Plan for Critical Illness Rediagnosis Coverage – AXA Super CritiCare

Best Multi-pay Critical Illness Plan for Most Critical Illnesses Covered – Aviva MyMultiPay Critical Illness

Aviva’s My MultiPay Critical Illness Plan IV covers you up to 900% of the Sum Assured of several claims against 132 Critical Illnesses. Future premiums are waived upon making a successful claim of advanced-stage critical illness.

What you may look forward to:

• Covers you up to 900% of the sum assured
  600% for early to advanced stage and
  300% for recurrent critical illnesses
• Covers you against 132 critical illnesses of all stage
• Covers you against 6 specified recurrent critical illnesses
• Option to receive additional 100% of sum assured when diagnosed with an advanced stage critical illness, voiding your recurrent critical illness cover
• Covers you up to 6 claims of special conditions (20% of Sum Assured per claim)
• Premiums are waived upon successfully claiming 300% of the Sum Assured
• Receive 20% of the sum assured upon completing a surgical removal for a benign tumor
• Receive 20% of the sum assured if you are hospitalized in an ICU ward for 4 days or more
• Death benefit of S$5,000 should you pass on during the term

What you may not look forward to:

• Death benefit considered low compared to Manulife
• If a successful claim is made for advanced or recurrent critical illness, a waiting period of 12-month will apply before you can make a claim against an early to intermediate stage critical illness
• A 24-month waiting period is needed for a claim against recurrent critical illness

Best Multi-pay Critical Illness Plan for Shortest Waiting Time Before Next Claim – Manulife Ready CompleteCare

Be covered up to 5 claims of early to advanced stage critical illness with the first claim of advanced stage critical illness 200% of the sum assured, and 2 recurrent critical illness claim. A total of 900% of the sum assured against 106 critical illnesses of all stages

What you may look forward to:

• Covers you against 106 critical illnesses of all stages
• Covers you up to 900% of the Sum Assured
• Free child cover against covered advanced-stage critical illness
• Free medical checks every 2 years
• Additional cover of up to 6 claims of special conditions (20% of sum assured per claim)
• Death benefit of premiums refunded if death were to occur less any claims paid
• Premium waiver riders available

What you may not look forward to:

• If a successful claim is made, there’ll be a waiting period of 12 months before making another claim

Best Multi-pay Critical Illness Plan for Critical Illness Rediagnosis Coverage – AXA Super CritiCare

First in the market, AXA’s Super CritiCare covers you against the rediagnosis of critical illnesses of all stages, not only at advanced-stage.

What you may look forward to:

• Covers you up to 600% of Sum Assured of critical illness of all stage
• Covers you against recurrent critical illness at ALL stages
• Covers you against 11 special conditions (10% of Sum Assured per claim)
• Free diabetes care program should you be diagnosed with diabetes
• Flexible policy terms; choose to be covered
  Up to age 50 to 75 or a
  Renewable term of 5 to 30 years
• Death benefit of S$10,000 should you pass on
• Premium waiver riders available

What you may not look forward to:

• Covers you only up to 600% of Sum Assured
• 12-month waiting period apply upon a successful claim of a new critical illness diagnosis
• 24-month waiting period apply upon a successful claim of a recurrent or rediagnosed critical illness

How can you choose a Multi-pay Critical Illness Plan that is best suited to you?

The multi-pay critical illness plans filtered here are the best so their payout and coverage are more or less the same. However, they each have individual selling points so you can match these points to your protection planning.

Again, if you’re unsure you may fill-up the form, and an experienced financial advisor will be in touch with you free of charge.

Alternative to critical illness plans – Whole life insurance plans

Instead of just covering critical illnesses, whole insurance life plans also cover death, total and permanent disability, and terminal illness. Life coverage aside, a whole life insurance plan helps you save in the form of accumulating cash value in the policy.

If nothing happens to you when you’re old, you can choose to surrender a whole life policy to take back cash that in most cases, can be higher than the amount of premiums you put in, as compared to a critical illness plan with no cash value.

Source: Top 10 healthiest countries in the world

Source: CI stats

Conclusion

There are many factors to consider when it comes to choosing a critical illness plan as there is not a one size fit all option. If you are unsure, drop us your details and an experienced financial advisor will be in touch with you to guide you through everything.

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InsuranceFirst.sg compares and bring you the best 3 insurance quotes across all insurers in Singapore. Be it for your savings or protection needs, we got you covered!

Preferred insurer (if any): None Aviva Manulife NTUC Income Prudential AIA AXA Great Eastern Tokyo Marine

Preferred insurer (if any): None Aviva Manulife NTUC Income Prudential AIA AXA Great Eastern Tokyo Marine

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