Choosing Critical Illness policy

 Critical Illness (CI) coverage


1.   Three things I consider when buying Termlife CI:
a. Coverage duration:
b. Lifetime annual or total premium
c.  Late or early stage CI coverage

Others:
d. CI list coverage
e. Got Cashback / SV ?
f.  Multi-stage Coverage

2.  I compare cost, upto age 85yo coverage duration:
- FWD TermLife CI,
- INCOME Ltd Pay VivoLife,
- SingLife-Aviva TermLife CI.
- MANULIFE W/Life insurance w CI (99yo) rider

For a 25yo assured as illustration,

1. FWD TermLife CI: $40.60 p.m. fixed premium
Total lifetime premium cost:
$40.60 × 12 x (85-25) = $29.23k

2. INCOME Ltd Pay 10yo TermLife CI VivoLife:
Total lifetime premium cost:
$411 x 12 x (35-25) = $49.14k

3. SingLife-Aviva TermLife CI MyProtector:
Lifetime lock-in annual premium:$21.20 p.m.
Total lifetime premium cost:
$21.20 x 12 x (85-25) = $15.26k

4.  ManuLife Wholelife insurance, with CI rider:
Lock-in monthly premium: $80.50 p.m.
Total lifetime premium cost:
$80.50 x 12 x (85-25) = $58.14k
Assume Surrender Value: 0.5 × $58.14k = $29.07k
Nett Lifetime premium cost = $58.14k - $29.07k = $29.07k

~~~~

In summary, total lifetime premiums paid till age 85yo,
FWD CI: $29.23k
INCOME CI: $49.14k
SingLife-Aviva CI: $15.26k
Manulife W/Life c/w CI: $29.07k

Best CI bargain buy:
1. SINGLIFE-AVIVA
2. FWD
3. Manulife W/Life
4. INCOME

Note:
1. This based on real policy costing of a 25yo, female, coverage upto 85yo. Assume normalize at $100k coverage

2. All CI policies c/w Death & TPD coverage

3.  INCOME VIVOLIFE x3.5, Basic Insure drops to $100k from age 70.

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