AIA Beyond Critical Care Review: Premium Refunds?

The AIA Beyond Critical Care is a critical illness insurance policy that provides basic protection against major stage critical illnesses (CIs), CI relapses, and mental illnesses.

On top of the above coverage, the policy also offers a premium refund.

With additional add-ons, the policy provides additional protection against 104 early, intermediate and major CIs, and premium waivers if you encounter a CI condition.

Here’s our review of it.

My Review of the AIA Beyond Critical Care

Premiums are based on a 30-year-old male, non-smoker with a sum assured of $100,000, with policy term up to age 75 – with the exception of the AIA Beyond Critical Care. Premiums are paid annually.

In comparison with the annual premiums across the critical illness plans available in the market, AIA Beyond Critical Plan has one of the most expensive premiums with one of the lowest coverage of critical illnesses Conditions on the basic plan (43 Advanced Stage CIs on basic plan, 104 CIs if add on Early Critical Cover Extra Rider).

There are CI policies offered by other insurance companies with more comprehensive coverage.

The AIA Beyond Critical Care has the following benefits for consideration when choosing a CI plan best suited for your needs:

• Provides coverage for 5 rediagnosed CIs
• Provides coverage for 5 mental illness conditions
• Provides a waiver of premium option if you or your child (up till the age of 25) is diagnosed with multistage CIs and, in the case of the insured child, if the parent encounters death or disablement due to CI.
• Your basic sum assured is your death coverage.
• A full refund of the premium paid if you are in the pink of health and have not made any claims upon the policy maturity due date.
• Provides services beyond financial protection- up to $200 Health Screening Benefits every 3 years, AIA Critical Assist, Teladoc Health, AIA Vitality.
• Has one of the highest maximum sum assured of $3 million.
• $10k Compassionate Benefit.

The policy also has its downsides as well. These include

• Most expensive premiums (more than 2x) with one of the lowest coverage of CI conditions on its basic plan. Required to add on a rider for more comprehensive coverage.
• It is not as flexible as the policy term is either up to age 85 or for 30 years.
• No coverage for Juvenile or Special conditions.
• There is no coverage for early and intermediate-stage CI on its basic plan.
• Claims up to only 200%, whereas other policies allow you to claim up to 900%

AIA Beyond Critical Care vs. Tokio Marine MultiCare

AIA Beyond Critical Care and Tokio Marine MultiCare are both designed to offer extensive protection against critical illnesses, but they cater to different needs and preferences.

AIA Beyond Critical Care is notable for its inclusion of mental health conditions and the unique feature of premium refunds, making it a comprehensive choice for those who value mental health coverage as part of their critical illness protection.

On the other hand, Tokio Marine MultiCare is recognized for its adaptability, allowing policyholders to adjust their coverage to suit changing health and financial circumstances.

While both plans offer the option of multiple claims for various stages of critical illnesses, the choice between them may hinge on the specific illnesses covered and the degree of flexibility desired by the policyholder.

AIA Beyond Critical Care could be the preferred option for those prioritising mental health coverage and the possibility of premium refunds, whereas Tokio Marine MultiCare might appeal more to those seeking a plan that covers more ECI/CI conditions, more multi claims, and lower premiums.

AIA Beyond Critical Care vs. Singlife Multipay Critical Illness Plan

When comparing AIA Beyond Critical Care with Singlife’s Multipay Critical Illness Plan, both plans offer comprehensive protection with multiple payouts for different stages of critical illnesses.

Singlife’s plan is known for its wide range of covered conditions, similar to AIA Beyond Critical Care.

However, AIA’s plan distinguishes itself with additional benefits like coverage for mental health conditions and the option for premium refunds.

These features could be decisive factors for individuals who value these specific aspects of coverage. The decision between these 2 plans might ultimately come down to the additional benefits and the particular critical illnesses covered, with AIA Beyond Critical Care potentially more appealing to those prioritising mental health coverage and premium refunds.

However, if you’re prioritising value for money, more ECI/CI conditions covered, and more payouts from your ECI/CI plan, Singlife’s Multipay Critical Illness Plan is the way to go.

AIA Beyond Critical Care vs. HSBC Life Super CritiCare

HSBC Life Super CritiCare and AIA Beyond Critical Care share similarities in offering broad coverage for critical illnesses, including early and intermediate stages.

HSBC Life’s plan, however, strongly emphasises providing financial support during the course of the illness, which can be crucial for policyholders during their recovery period.

While AIA Beyond Critical Care also allows for multiple claims, the specific terms and conditions of these claims might differ from HSBC Life’s offering. A key difference is AIA’s 200% multipay vs HSBC Life’s 600%.

For individuals looking for a balance between comprehensive coverage, financial support during their illness, and affordability, HSBC Life Super CritiCare might be a more suitable choice.

However, AIA Beyond Critical Care could be the preferred option for those who value the inclusion of mental health coverage and the potential for premium refunds.

AIA Beyond Critical Care vs. Manulife CI FlexiCare

Manulife CI FlexiCare, a recent addition to the critical illness insurance market, offers long-term coverage up to the age of 99, distinguishing itself from other plans in terms of coverage duration.

This extended protection might appeal to those seeking insurance that covers them well into later life stages.

The choice between these 2 plans may depend on the individual’s coverage priorities: Manulife CI FlexiCare for those seeking extended coverage duration, more ECI/CI conditions covered, and affordability.

The AIA Beyond Critical Care is for those who prioritise coverage for mental health, along with financial benefits like premium refunds.

These critical illness plans offer unique features and benefits, catering to different coverage needs and preferences. The decision should be based on individual health concerns, financial capacity, and long-term coverage goals.

That’s why we emphasise understanding your available alternatives.

Start with our comparison of the best critical illness plans in Singapore to get an idea of what’s available and what policies are good for which types of individuals.

Once you know your alternatives, we always recommend seeking a second opinion to determine if the AIA Beyond Critical Care is for you or if there are better options.

With something as important as ECI/CI coverage, coupled with the fact that it requires you to commit 20 to 30 years of premium payments, it’s wise to take your time researching and choosing what’s really the best for you.

If you need some guidance or someone to get a second opinion from, we partner with MAS-licensed financial advisors to help you with this.

Click here for a free, non-obligatory chat.

Now let’s explore the AIA Beyond Critical Care deeper.

Criteria

Sum Assured

• Minimum sum assured of $50,000.

Basic Product Features

Premium Policy Terms

For AIA Beyond Critical Care, there are 2 coverage options: a coverage term to either

1. Age 85 or
2. For at least 30 years.

Whichever is later.

What this means is that once you reach either 85 or a term of at least 30 years, the insurance coverage will end.

Premium Payment Terms

• Payable throughout the premium term of the policy.
• As with all CI premiums, premiums are not guaranteed and may be adjusted.

Your final premium amount is determined by factors such as age, gender, smokers status, sum assured, policy type, and length of premium period.

Protection

Death Benefit

Upon the death of the insured, there will be a payout of 100% of the full coverage amount less CI claims, if any.

Compassionate Benefit

AIA will make a payout of S$10,000 will be made to your loved ones should the life insured passes on.

Holistic Critical Illness Protection (CI)

Major Critical Illness and Relapse

The AIA Beyond Critical Care provides up to 200% coverage against 43 major stage CIs and 5 rediagnosed or recurred critical illnesses up till the age of 85 or for at least 30 years, whichever is later.

Here are the critical illnesses covered by the AIA Beyond Critical Care:

And 5 rediagnosed or recurred CIs are:

1. Rediagnosed Major Cancers
2. Recurred Heart Attacks
3. Recurred Stroke
4. Repeated Heart Valve Surgery
5. Repeated Major Organ / Bone Marrow Transplantation

Mental Well-being Benefit

The AIA Beyond Critical Care provides an additional 20% of the coverage amount up to a maximum of up to S$50,000 per claim up to the age of 75, for 5 mental illnesses such as Major Depressive Disorders and Obsessive-Compulsive Disorder.

There is a limit of $50,000 per mental illness and $150,000 for all claims for mental illnesses by the AIA Beyond Critical Care or any policies issued by AIA.

Other Features and Benefits (Rider)

Multistage Critical Illness Benefit (CI)

The Early Critical Cover Extra Rider Provides additional coverage for 104 early, intermediate and major CIs, up till the age of 75 years old, with maximum coverage of S$350k.

Here are the ECI and CIs covered by AIA Beyond Critical Care:

Waiver of Premiums

You’re entitled to a waiver of future premiums upon diagnosis of:

• 103 multistage CIs under the Early Critical Protector Waiver of Premium Rider, or
• 42 major CIs under the Critical Protector Waiver of Premium Rider.

Waiver of future premiums will be available for your child up till the age of 25, if the below circumstances are encountered by you:

• Diagnosis, disablement, or death due to the 103 multistage CIs under the Early Critical Protector Payor Benefit Rider.
• Diagnosis, disablement, or death due to the 42 major stage CIs under the Payor Benefit Comprehensive Special Rider
• Disablement or death under the Payor Benefit Rider.

Full Refund of Premium Payment Benefit

Receive full refund payout of your base plan’s annual premiums paid upon the end of the policy term, less claims, if any.

This also is inclusive of waived premiums, under the optional premium waiver rider.

Additional Features

Health Screening Benefits

Reimbursement of up to S$200 of your health screening expenses from your fourth policy year, and 3 years thereafter. To be eligible for this benefit, you must be at least 21 years of age.

AIA Critical Assist

With the purchase of the AIA Beyond Critical Care, you have access to AIA Critical Assist, a hotline offering expert advice and recommendations and referrals to reliable health, home, and medical call services.

Teladoc Health

In the event of Critical Medical Conditions, receive personalised medical support upon diagnosis up till recovery.

AIA Vitality

AIA Vitality is a comprehensive health and wellness programme that promotes leading a healthy lifestyle.

You can integrate your AIA Beyond Critical Care policy with AIA Vitality to enjoy further benefits from AIA.

AIA Vitality also encompasses the PowerUp Dollar feature, which allows you to enjoy up to an additional 25% coverage in addition to your basic coverage without having to pay extra premiums. The increase of AIA Vitality status:

• Rewards you with PowerUp Dollars, providing increased coverage without additional costs.
• Up to 15% discount on riders.

Main Product Conditions

The following is a summary of the main terms and conditions to be taken note of. You should read through the actual terms and conditions in the main policy or consult your financial advisor representative for clarifications.

Claim Conditions and Waiting Period

Critical Illness Claim Conditions

Receive a payout of 100% of the coverage amount upon diagnosis of first CI, to assist with your recovery journey.

After 12 months, the coverage amount will be restored to 100%, which can be utilised for:

• A different CI from the first diagnosis.
• Any one of the 5 rediagnosed or recurred critical illnesses is the same as the first diagnosis.

Upon 200% payout, no further policy premium payment is required and the policy will terminate thereafter.

Waiting Period

Critical Illness Coverage

• 1 year for another Critical Illness Condition.
• 2 years for rediagnosis of the same CI condition.

Mental Illness Coverage

• 3 years waiting period between each claim for another Mental Illness Condition.

Exclusions

The following exclusions are applicable for the policy:

• The death benefit will not be paid, in the event that 100% of the coverage amount has been paid out under the critical illness benefit.
• The death benefit will terminate upon the death of the insured.
• The premium discount is only applicable on premiums paid on standard life, from the second policy year onwards. The amount of discount is also dependent on AIA vitality status with a cap of 15%

References

Product Brochure

https://www.aia.com.sg/en/our-products/critical-illness-protection/aia-beyond-critical-care.html