Singlife Big 3 Critical illness plan offers a different value proposition angle when comes to critical illness coverage protection. If you are focused mainly on covering the top 3 most common critical illness in their early, intermediate and severe stages, and want coverage to extend till up to age 99; this plan is a fit.
But note that other than Cancer, Heart attack and Stroke; this plan also offers 100% of the sum assured for the other 44 severe stage critical illnesses (must fit definitions). Plus 13 specific heart and neurological conditions.
Further elaboration of some of the features include getting extra 20% of your sum assured if you spend 4 days or more at the intensive care unit in a single hospital admission. (Only one claim is allowed under this benefit. The Intensive Care Unit (ICU) stay of 4 days or more must be in one hospital admission in Singapore and must be confirmed as Necessary Medical Treatment. A stay in ICU will not be considered as Necessary Medical Treatment if the Life Assured can be safely and adequately treated in any other facility. This benefit shall end on the date on which a claim is made, on the Policy Anniversary in which the Life Assured is 85 years old, or upon the expiry of the plan, whichever is earliest. Waiting period and survival period are applicable. Please refer to the Product Summary for more details on the benefit terms and conditions.) This additional support for ICU fees is capped at SGD25,000 per life.
This non-cash value accumulating plan gives a SGD5,000 lump sum benefit for loved ones in the event of death.
Some things to note. This review post will get dated. And the product might not be available for new subscriptions at some point. Hopefully this serves as reference for future policyholders who have forgotten what they have taken up.
There can be shifts in planning narratives over time. For example, limited premium tenures gain popularity over the years because people are less confident of their future earning capacity or sustainability of income levels. Regular payout features gained popularity when more and more people are in tune with the FIRE (Financial independence retire early) movement. An extended period of low interest rates brought down insurance products’ returns yield for policy holders, but now in a rising interest rates environment, things are set to change.
Singlife Big 3 Critical illness plan may or may not fit into your financial plans. Understand that there is no best plan for all time, but there is a method to objectively facilitate your decisions. Read more about it here.
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