Singlife Multipay Critical Illness Review: Previously Aviva MyMultiPay Critical Illness IV

The Aviva MyMultiPay Critical Illness IV was renamed the Singlife Multipay Critical Illness as of 16 August 2022.

The Singlife Multipay Critical Illness is a critical illness insurance policy that protects different stages of critical illnesses (CIs) and CI relapses.

With its many features, our team has considered it one of Singapore’s best CI plans.

Continue reading our review to find out why.

My Review of the Singlife Multipay Critical Illness

The Singlife Multipay Critical Illness is one of the best multipay critical illness insurance plans in Singapore due to it covering one of the widest ranges of conditions (132 to be exact), allowing claims up to 900%, and a policy term up till you’re 99 years old – all at a competitive price.

Premiums are based on a 30-year-old male, non-smoker with a sum assured of $100,000, with a 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, the Singlife Multipay Critical Illness has a mid-range premium with the highest, most comprehensive coverage of multi-stage critical illness conditions (132 CI Conditions).

The Singlife Multipay Critical Illness has the following benefits for consideration when choosing a CI plan best suited for your needs:

• Highest and most comprehensive coverage of multi-stage CI conditions.
• Provides coverage for 6 recurrent conditions.
• Provides a waiver of premium option if 300% or more of the sum assured has been paid out under the CI Benefit.
• Offer additional benefits such as ICU Stay Benefit, Advance Care Benefit, Borderline and Benign Tumour Benefit, and Special Benefit (11 Juvenile Benefits and 16 Special Benefits).
• Flexible policy term from age 10 up to 99 years old.

The policy also has its downsides as well. These include

• No coverage for mental conditions as other CI plans such as AIA Beyond Critical Care w/ Early Critical Cover Extra Rider (provides coverage for 5 mental conditions).
• Lowest maximum sum assured of S$250k, as compared to other CI policies such as AIA Beyond Critical Care w/ Early Critical Cover Extra Rider (S$3 million) and AXA Super CritiCare (S$1 million).
• The waiver of premium only starts after 300% of payouts have been made.

Singlife Multipay Critical Illness vs AIA Absolute Critical Cover

Singlife Multipay Critical Illness is distinguished by its multipay feature, which allows policyholders to make multiple claims for different stages of critical illness for up to 9X.

This flexibility is particularly beneficial for long-term financial support and planning, as it provides a safety net across various stages of an illness.

The plan’s recognition as one of the best in Singapore suggests high customer satisfaction and possibly superior features compared to other plans in the market.

In contrast, AIA Absolute Critical Cover is notable for its extensive coverage, encompassing 187 conditions.

This broad range indicates a comprehensive approach to critical illness insurance, ensuring policyholders are protected against various health issues, including less common illnesses.

The plan includes multi-stage coverage, catering to early, intermediate, and severe stages of illnesses for up to 500% of your sum assured.

The AIA Absolute Critical Cover also gives you some money back at the end of your policy term, adjusted for any claims you’ve made.

When comparing these 2, Singlife’s plan is ideal for those who value the flexibility of multiple payouts over the course of their illness, while AIA’s plan is more suited for individuals seeking more comprehensive coverage across a wider range of conditions.

It’s important to note that AIA’s plan is more expensive than Singlife’s due to them covering more conditions and giving your some money back.

Singlife Multipay Critical Illness vs Manulife CI FlexiCare (Deluxe)

Manulife CI FlexiCare (Deluxe) stands out for its coverage extending up to the age of 99 with up to 800% in claims, which is significant for those concerned about long-term health risks, especially in later life stages.

They also cover up to 169 conditions – one of the highest in the market.

The plan’s focus on the duration of coverage and number of conditions makes it an ideal choice for individuals prioritising long-term protection.

On the other hand, the Singlife Multipay Critical Illness plan, with its multipay feature, offers the advantage of more multiple claims, which can be more appealing for those seeking financial support at different stages of an illness.

This feature provides a level of flexibility and reassurance that is not solely dependent on the policyholder’s age but rather on the progression of their health condition.

If you want to get covered up until you’re 99 years old, the Singlife Multipay Critical Illness lets you do that too!

However, the reason why we gave Manulife CI FlexiCare (Deluxe) the title of the best critical illness insurance plan in Singapore despite having fewer claims than Singlife is that you need to make claims 3X on the Singlife Multipay Critical Illness before qualifying for the premium waiver.

This may seem like a small thing right now, but when you’re struck with critical illness and need every single dollar for your own care, having the burden of premium payments will set you back quite a bit.

This worry will loom over you until you make 3 claims… which, let’s be honest, nobody wants to go through that.

In summary, each of these plans offers unique features and benefits. The Singlife plan is notable for its multipay feature and strong market reputation, AIA’s plan for its extensive coverage of conditions, and Manulife’s for its balanced approach.

With so many options in the market and so many considerations you need to take note of when purchasing an ECI/CI plan, it’s not easy to decide which policy is the best for you.

We recommend reading our post on the best critical illness insurance plan in Singapore so that you understand your alternatives first.

You should then look for a second opinion from an unbiased financial advisor to whether the Singlife Multipay Critical Illness plan is the best for you.

This is crucial as ECI/CI coverage is one of the most important insurance policies to get due to the rising cost of healthcare and increased diagnosis of ECI/CI in Singapore.

You’re also about to commit to a policy for the next 20 to 30 years, so taking some extra time now to explore your options would be wise.

You don’t want to make a decision now that you’ll regret in the future and, in the worst-case scenario, not get your payouts for any reason (touchwood!).

If you need someone to get a second opinion from, we partner with MAS-licensed financial advisors who have helped thousands of our readers with their insurance needs.

Click here for a free, non-obligatory chat.

Let’s now explore in detail what the Singlife Multipay Critical Illness offers.

Basic Product Features

Premium Policy Terms

The Singlife Multipay Critical Illness provides insurance coverage for you from 10 years old to 99 years old.

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, smoker status, sum assured, policy type, and length of premium period.

Currency Choice

You have the option to choose your preferred currency for the policy – SGD, USD, AUD, GBP, EUR, or HKD.

Protection

Critical Illness Benefit (CI)

Major Critical Illness and Relapse

The Singlife Multipay Critical Illness provides up to 900% coverage against 132 early, intermediate and severe stage CIs, and 6 rediagnosed or recurred critical illnesses from 10 years of age, up till the age of 99.

Here are the critical illnesses covered by the Singlife Multipay Critical Illness:

Early and Intermediate Stage CI Payout Limit

100% of the assured sum based on a per claim basis.

Severe Stage CI Payout Limit

300% of the assured sum, less any claims for early and intermediate stage CIs in the same CI group, based on per claim basis.

Maximum Payout Limit for CI Benefit

600% of the assured sum for the entire CI Benefit.

And 6 rediagnosed or recurred CIs are:

1. Rediagnosed Major Cancers.
2. Recurring Heart Attacks of specified severity.
3. Recurring Stroke with permanent neurological defects.
4. Repeated Open Chest Heart Valve Surgery.
5. Repeated Major Organ / Bone Marrow Transplantation.
6. Repeated Coronary Artery By-pass Surgery.

Rediagnosed or Recurred CI Payout Limit

• 150% of the assured sum per claim.
• Up to 2 claims of a combined maximum limit of 300%.

Waiting Period: Critical Illness

The following conditions will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:

The date of diagnosis of heart attack of specified severity, major cancer, or other serious coronary artery diseases, or;

The date of diagnosis of coronary artery disease resulting in the need for coronary artery bypass surgery.

Other Features and Benefits

Premium Waiver Benefit

Future premiums will be waived if 300% or more of the sum assured has been paid out under the CI Benefit.

Advance Care Option

Upon diagnosis of a first severe stage CI, you have the option to exercise the Advance Care Option Benefit, where you will receive an additional 100% of the sum assured on top of the CI Benefit.

Here are the Severe CI conditions eligible for the Advance Care Option:

Upon opting for the Advance Care Option, eligibility for the Recurrent Critical Illness Benefit will cease.

Benign and Borderline Malignant Tumour

Upon diagnosis of a Borderline Malignant Tumour or completion of surgical excision of a Benign Tumour of suspected malignancy, receive a payout of an additional 20% of the sum assured, up to S$25,000 (or equivalent currency) per life.

Here are the 22 Specified Organs covered under the Benign and Borderline Malignant Tumour Benefit:

Waiting Period: Benign and Borderline Malignant Tumour Benefit

The following condition will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:

• The date of diagnosis of the borderline malignant tumour or any condition diagnosis, which results in having to go through a surgical excursion of the benign tumour of suspected malignancy.

Intensive Care Benefit

If the insured is required to be admitted into the intensive care unit (ICU) for 4 or more days within one hospital stay, he or she is entitled to an additional 20% of the sum assured up to S$25,000 (or equivalent currency) per life.

Waiting Period: ICU Stay Benefit

The following condition will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:

• The date of the first day of ICU stay of an admissible claim under the ICU Stay Benefit.

Special Benefit

Upon diagnosis of any of the 27 medical conditions as stated below, the insured is entitled to an additional 20% of the sum assured up to S$25,000 (or equivalent currency) per life per condition.

Here are the conditions covered under the Special Benefit:

Waiting Period: Special Benefit

The following conditions will result in benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:

i) The date of diagnosis of severe presbycusis (age-related hearing loss), or age-related macular degeneration with visual impairment, or;

ii) The date of diagnosis resulting in surgical procedure: urinary incontinence requiring surgical repair, mastectomy, hysterectomy caused by cancer, or angioplasty and other coronary artery invasive treatments.

Death Benefit

Upon the death of the insured, receive a payout of S$5,000 (or equivalent currency).

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

Upon eligibility of claims, all benefits are made payable to you, your legal representative, the hospital, or authorised parties.

Full premium payments have to be received by Singlife, for the policy to be eligible for claims.

Survival Period

To be eligible for the benefits under the Singlife Multipay Critical Illness, the insured has to survive at least 7 days after he or she is diagnosed or the date of surgical procedure for CI.

Termination

The policy will terminate if any of the below situations occur, whichever is earliest.

• The death of the insured.
• The policy expires.
• The date when Singlife pays the full death benefit.
• The date when Singlife pays 900% of the sum assured for the CI Benefit and Recurrent CI Benefit.
• The date when Singlife pays 700% of the sum assured for the CI Benefit and Advance Care Option.
• When the grace period of premium payment reaches its due date.
• Any other event resulting in the termination of the policy.

References

https://singlife.com/en/insurance/life-and-health/my-multipay-critical-illness-plan-iv

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