NEW Critical illness definitions in Feb 2015

Big NEWS! Revised Critical Illness definitions in Feb 2015.
 
On 1 Aug 2014, the Life Insurance Association Singapore has revised the list of advanced critical illnesses (CI) which are applicable to whole life insurance plans, term plans and the critical illness rider or cancer riders to waive of premiums for endowment plans. The current definitions will be phased out come 1st Feb 2015. How will this affect you as a policyholder? If you want to buy a whole life insurance plan or a term plan with CI cover or get the critical illness rider attached to your endowment plan to waive off premiums upon a succesful claim of critical illness such as advanced stage cancer, you will remember that the current severe stage CI coverage protects us against 30 defined advanced stages of critical illness. I’m not talking about the early stage or intermediate stage CI cover. So if you think you can wait till next Feb to enjoy a wider coverage of up to 37 advanced stages of critical illness, you are half-right. Because the disadvantage for you and your children is the new CI definitions are concise and clear but are stricter compared to the current definitions of the advanced stage of critical illness. In my personal opinion, the updated definitions will impose more stringent criterion for claiming by the consumer. Based on my analysis, looking at just the top 3 killers in the context of Singapore:

  • Cancer appears to have more exclusions now than before.
  • There are also more parameters specified for heart attack.
  • And for stroke, the definition adds a liner that stroke must be defined as “Permanent means expected to last throughout the lifetime of the Life Assured”.
So if you are still procrastinating on a whole life insurance plan with a CI cover, don’t wait anymore! Some things demand immediate attention. Seize the opportunity now when you can to buy a whole life insurance plan with a good CI cover for you, your wife and your children because you will never get to buy the current CI cover come Feb 2015.   A good CI cover will allow you to protect yourself, protect your spouse and kids financially and emotionally you will feel less stress.
 
And you want to buy a whole life insurance plan cheap and it can only happen if you buy today and qualify for the full cover.
 
Most importantly it will replace your income when CI strikes so that you have ready cash to repay your mortgage, send your children to school, ensure your business continues and deliver your responsibilities while you seek medical treatment to survive and live your life again. This peace of mind is priceless! You can check out the new definition of the critical illness cover from the Life Insurance Association of Singapore website.

To find out how this will affect your insurance plans and savings plans with the insurance firms for you and your loved ones, please call Claire at 8168 7459 today to arrange for an appointment to review your insurance plans because you will never get to buy the current CI cover next Feb 2015.

Call Claire at 8168 7459 for a tailor-made insurance solution to suit your need and budget today. Best regards
Claire
 
——————————————————————— Nothing in this material constitutes personalized investment advice. Information provided here should not be considered as advice or as an offer or enticement to buy or sell or trade. The contents of this material, including  any financial data, information, opinions and analysis, are strictly intended for educational use only. No guarantees are made as to the accuracy of the information provided herein. You shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. And please consult your financial consultant or call Claire Soh at 8168 7459 before investing in any investment or insurance. Should you choose not to seek such advice, you should consider whether the investment or insurance product in question is suitable for you.

Contents © 2014 Ms Claire Soh. All Rights Reserved. ———————————————————————
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