The Singlife Multipay Critical Illness Plan offers coverage for 132 conditions across all stages, multiple payouts up to 900% of the sum assured, and a recurrent illness benefit. While it’s flexible and comprehensive, its S$250k sum assured cap and premium waiver conditions could be limiting.
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Competitively priced with most of its competitors in the market.
Offers comprehensive coverage for 132 critical illness conditions across all stages, with payouts for special and juvenile conditions.
Includes multiple payouts up to 900% of the sum assured, recurrent critical illness benefits, and a premium waiver after significant claims.
- Offers competitive premiums for its extensive benefits.
- Includes multipay benefits, recurrent illness coverage, and special condition payouts.
- Comprehensive protection for 132 conditions, covering early, intermediate, and severe stages.
- The maximum sum assured is capped at S$250,000, which might not meet the needs of those requiring higher protection.
- Premium waiver is only triggered after claiming 300% of the sum assured, limiting early-stage relief.
VERDICT:
The Singlife Multipay Critical Illness Plan is a strong choice for those seeking comprehensive coverage with multiple payouts and recurrent illness benefits.
Its mid-range pricing balances cost and protection, but the S$250k sum assured cap and restrictive premium waiver conditions might not suit everyone.
If your financial goals align with its coverage and features, it’s a solid option for safeguarding against critical illnesses.
What we like about the Singlife Multipay Critical Illness Plan
Comprehensive Coverage
The Singlife Multipay Critical Illness Plan truly shines with its wide-ranging coverage, offering protection for 132 critical illness conditions.
This includes conditions across early, intermediate, and severe stages, making it a robust safety net for life’s unexpected health challenges.
Notably, the plan also covers 16 special conditions and 11 juvenile conditions.
This means if you or your child face rare but serious health issues, you’re still covered.
For the special conditions, the payout is 20% of the sum assured, capped at S$25,000 per condition.
These additional layers of protection make the policy stand out in terms of depth and breadth.
The inclusion of a lump-sum payout for ICU stays adds an extra layer of reassurance.
Whether you’re dealing with early-stage illnesses or more severe conditions, this plan ensures financial support is available throughout the treatment journey.
Multiple Payouts
One of the standout features of this plan is its multiple payout structure, allowing claims up to 900% of the sum assured.
This is a game-changer for those who may face repeated or new critical illnesses over time.
Here’s how it works:
- After receiving payouts that total 300% of the sum assured, you no longer have to pay premiums. This ensures financial relief during recovery, without worrying about ongoing policy costs.
- The payouts are structured in a way that covers different stages and types of illnesses, providing flexibility and peace of mind.
If you’ve ever been concerned about how a single critical illness payout might fall short, this feature directly addresses that fear.
With this plan, even multiple health setbacks won’t leave you without financial support.
Recurrent Critical Illness (RCI) Benefit
Recurrent critical illnesses can be a devastating blow, both emotionally and financially.
The RCI benefit in this plan acknowledges this reality, offering coverage for 6 specific critical illnesses that have a higher likelihood of recurrence.
Here’s what I like:
- You can make up to 2 claims under this benefit, with each payout at 150% of the sum assured.
- It specifically includes illnesses like major cancer, stroke, and heart attack, which are known for their high recurrence rates.
This feature ensures that even if the same illness strikes twice, you won’t be left without financial resources to handle it.
It’s a thoughtful addition that reflects real-world needs, especially for those battling long-term or recurring conditions.
Flexible Policy Terms
The Singlife Multipay Critical Illness Plan offers flexibility in choosing your coverage period, allowing you to customise the policy to suit your needs.
You can opt for coverage ranging from 10 years to as long as age 99.
Why is this great?
- If you’re planning for short-term coverage while managing other financial commitments, you can choose a 10-year term.
- For those looking for lifelong protection, the option to extend till age 99 ensures peace of mind for the long haul.
This flexibility means you’re not locked into a one-size-fits-all solution.
Whether you want coverage during your working years or well into retirement, there’s an option that fits your life stage and goals.
Competitive Premiums
One of the things I really appreciate is the affordability of this plan, especially considering its comprehensive coverage.
The premiums are relatively mid-range compared to others in the market, striking a balance between cost and benefits.
For example:
- A 30-year-old male non-smoker with a sum assured of S$100,000 pays an annual premium of S$1,465.
- Considering the wide coverage and multiple payouts, this is a reasonable cost for the protection it offers.
This makes it accessible to a broad audience, from young professionals starting their financial planning journey to older individuals seeking reliable health coverage.
Advance Care Option
The Advance Care Option is a standout feature that adds a layer of customisation and flexibility to this policy.
If a severe critical illness occurs, you can convert the RCI benefit into an additional lump-sum payout of 100% of the sum assured.
Why is this so appealing?
- It allows you to prioritise financial needs during a severe illness, ensuring a larger immediate payout for medical costs or lifestyle adjustments.
- You maintain control over how the funds are utilised, offering a sense of empowerment during a challenging time.
This thoughtful feature demonstrates an understanding of the unpredictable nature of critical illnesses and ensures the plan remains relevant and adaptable to individual circumstances.
What we think the Singlife Multipay Critical Illness Plan could do better
Maximum Sum Assured
One limitation of the Singlife Multipay Critical Illness Plan is its relatively low maximum sum assured of S$250,000.
While this might be adequate for some, it can feel restrictive for individuals looking for higher levels of financial security, especially for those with larger families or significant financial commitments.
Here’s why this could be a drawback:
- For critical illnesses that require long-term care or expensive treatments, S$250,000 may fall short of covering medical costs and income replacement.
- It doesn’t provide the flexibility for policyholders who want higher coverage to prepare for inflation or future medical advancements, which may increase costs.
This cap feels limiting, especially when critical illness coverage is often seen as a way to safeguard against unforeseen financial burdens.
Premium Waiver Conditions
The premium waiver feature, while beneficial in concept, comes with certain limitations that reduce its appeal.
Under this policy, the waiver is only triggered after claims amounting to 300% of the sum assured have been made.
Policyholders need to go through multiple claims (up to 300% of the sum assured) before being eligible for the waiver.
This means the benefit might not kick in during earlier critical illnesses, when financial burdens are already significant.
While the premium waiver feature does exist, its activation conditions feel too rigid and not as user-friendly as one might hope for.
A more accessible structure could have made this a truly standout feature.
Better alternatives to the Singlife Multipay Critical Illness Plan
AIA Absolute Critical Cover
The AIA Absolute Critical Cover stands out for its unparalleled breadth of coverage, offering protection for 187 critical illness conditions, which is one of the most extensive in the market.
This ensures peace of mind, as virtually all major conditions are included.
Another remarkable feature is the cash value benefit.
This policy allows you to receive a payout at the end of the policy term if no claims have been made, effectively serving as a form of financial return.
This is particularly appealing for individuals looking for dual benefits — protection and savings rolled into one.
The policy also includes mental health coverage for 5 conditions, addressing a critical gap that many other policies, including Singlife’s, overlook.
With a maximum sum assured of up to S$3 million, it caters to those seeking robust financial protection for their family’s future and inflation-proof coverage.
Manulife CI FlexiCare
The Manulife CI FlexiCare is celebrated for its flexibility and customisation.
Unlike other policies that follow a rigid structure, this plan offers the freedom to tailor the coverage to your specific needs.
One of its standout features is the higher number of multipay options, which allows you to make claims for recurring critical illnesses or different conditions over time.
The multipay structure is thoughtfully designed to accommodate relapses and late-stage illnesses, ensuring comprehensive protection throughout a policyholder’s life.
This plan also scores well with its coverage for juvenile illnesses, making it an excellent choice for families.
Its flexibility and emphasis on recurring illnesses make it a practical option for those looking for long-term, adaptable protection.
HSBC Life Super CritiCare
The HSBC Life Super CritiCare excels as a cost-effective option, offering high-value coverage at lower premium rates.
For example, a 30-year-old male non-smoker can expect to pay approximately S$1,165 annually for a sum assured of S$100,000 — making it significantly more affordable than many competing plans.
This policy covers 111 critical illness conditions, which includes both major and early-stage illnesses, providing a solid safety net for various health concerns.
Its payout structure supports claims up to 300% of the sum assured, ensuring that policyholders have enough financial support for multiple illnesses during the policy term.
Another appealing feature is its renewable terms, which range from 5 to 25 years.
This allows policyholders to manage their coverage and premiums dynamically, adjusting to their financial situation or changing needs over time.
Let Us Compare Policies For You
When it comes to critical illness insurance plans, the most important factor really depends on your personal concerns and priorities.
If you’re focused on covering the most number of conditions, then that becomes your top consideration.
On the other hand, if you’re particular about how certain conditions are defined, you’ll need to dive into the details to ensure the policy aligns with your expectations.
If your priority is the number of claims you can make, then multipay plans will be more relevant to you.
And if price is a big factor, finding a policy with the best value — or even exploring whole life or term life plans with riders, which are typically cheaper — could be the way to go.
Things get even trickier if you have pre-existing medical conditions.
Finding an insurer and a policy willing to cover you becomes much more challenging.
What works for one person might not work for another.
A great policy for someone focused on comprehensive coverage might not be ideal for someone whose main concern is affordability or recurring claims.
That’s why it’s so important to understand what you’re purchasing at a deeper level.
This is where we can help.
We offer free, non-obligatory comparison sessions to help you navigate the options, ensuring the policies you’re considering are suitable for your current situation and future goals.
We’ll also help you obtain quotes, so you can make an informed decision.
Let us make the process easier for you, and ensure you’re getting the protection that truly matches your needs.