Tokio Marine Early Cover Review: Should You Get in 2022?

Tokio Marine Early Cover Review

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Tokio Marine Early Cover Review

Table of Contents

The Tokio Marine Early Cover is a single-pay, regular, non-participating critical illness insurance policy that provides basic protection against multi-stage critical illnesses and other specified medical conditions.

It’s also been selected by our team to be one of the best CI plans in Singapore.

Read more to find out why.

Basic Product Features

Premium Policy Terms

The Tokio Marine Early Cover provides insurance coverage for you up to age 70, 75, or 85.

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

Critical Illness Benefit (CI)

The Tokio Marine Early Cover provides a lump sum payout against 109 early, intermediate, and severe stage CIs, with the option of either up to age 70, 75 or 85.

The below table provides the maximum claim limit for the various stages of critical illnesses.

tokio marine early cover claim limits

Here are the critical illnesses covered by the Tokio Marine Early Cover:

tokio marine early cover critical illnesses covered

Other Features and Benefits

Special Benefits

Upon diagnosis of a Special Condition, receive a payout of an additional 20% of the sum assured, up to S$25,000 per life.

Here are the 10 Special Conditions covered under Tokio Marine Early Cover Policy.

tokio marine early cover special benefits

A maximum claim limit of 5 is applicable for the Special Condition Benefit.

Juvenile Condition Benefit

Upon diagnosis of a Juvenile Condition, receive a payout of an additional 20% of the sum assured, up to S$25,000 per life.

Here are the 10 Juvenile Conditions covered under Tokio Marine Early Cover Policy.

tokio marine early cover juvenile benefits

A maximum claim limit of 5 is applicable for the Juvenile Condition Benefit.

Death Benefit

Upon death, you will receive a lump sum payout of S$2,000.

To be eligible for the Death Benefit, the policy is required to be still in force, regardless of the number of prior claims or the remaining sum assured of the policy.

Premium Waiver Benefit

To be eligible for the Premium Waiver Benefit, a first successful claim of an early or intermediate stage critical illness is required.

Optional Riders

For enhancement of insurance coverage, you may consider the following Optional Riders:

  • Payer Benefit Rider
  • Enhanced Payer Benefit Rider
  • Spouse Rider
  • Enhanced Spouse Rider

 

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.

Waiting Period

The following conditions will result in CI benefit or Premium Waiver Benefit not being paid out:

  • Upon diagnosis of any stage of major cancer, heart attack of specified severity, or any other serious coronary artery disease.
  • Insured is recommended to undergo Transmyocardial Laser Therapy, port access or keyhole cardiac surgery or coronary artery bypass surgery.

 

The above applies if the occurrence is within 90 days of the policy issue date, policy reinstatement date, or date of sum assured increment, whichever is later.

The insured is also not eligible for the special benefit if he or she is required to undergo angioplasty or any coronary artery invasive treatment, within 90 days of the policy issue date, policy reinstatement date, or date of sum assured increment, whichever is later.

Survival Period

To be eligible for the benefits under the Tokio Marine Early Cover policy – CI Benefit, Special Benefit, or Juvenile Benefit, you have to survive at least 7 days after the date of diagnosis.

If the insured passes away within 7 days of diagnosis, the Death Benefit will be payable instead. After the benefit payout, the policy terminates.

Termination

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

  • Termination of policy that fulfils the terms and conditions of the policy.
  • The death of the insured.
  • The policy expires.
  • The lapse of the policy
  • Payment of Death Benefit
  • Upon policy sum assured reaching zero due to payment of one or more CI benefits.
  • Request by the insured to terminate the policy, which is approved by Tokio Marine.
  • Policy Termination due to change of laws, regulatory requirements, with court orders inclusive.

 

My Take on Tokio Marine Early Cover

Tokio Marine Early Cover Aviva My Early Critical Illness II Aviva MyMultiPay Critical Illness Plan IV AIA Beyond Critical Care w/ Early Critical Cover Extra Rider Tokio Marine MultiCare Manulife Ready Complete Care AXA Super CritiCare FWD Recover First
Policy Term Up to age 70,75 or 85 years old From 10 years old to 99 years old From 10 years old to 99 years old Up to age 85 or 30 years Up to age 70,75 or 85 Up to age 75 or 99 Up to age 50,55,60,

65, 70 or 75

 

Or

 

Renewable term of 5,10,25,20,25, or 30 years

From 5 years to age 85.
Annual Premiums $912 $920 $1,465 $3,104.80 $1,165 $1,475 $1,165 $1,124
Max Sum Assured $100K $100K $250K $3 Million $350K $500K $1 Million $350K

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, the Tokio Marine Early Cover Plan has one of the most affordable premiums with one of the highest and most comprehensive coverages of multi-stage critical illnesses Conditions (129 CI Conditions).

 

Tokio Marine Early Cover Aviva My MultiPay Critical Illness Plan IV AIA Beyond Critical Care Tokio Marine MultiCare Manulife Ready CompleteCare AXA Super CritiCare FWD Recover First
No of Critical Illness Conditions Covered 114 132 43 CIs and 5 Rediagnosed CIs at advance stage.

 

Or 104 CIs if you opt for the Early Critical Cover Extra Rider

109 106 111 37. Future Protect Benefit Provides coverage for early and intermediate CI.
No of Juvenile Conditions Covered 10, payout of up to a maximum of $25,000 once per life, for each of the juvenile conditions 11, claim up to 6 times, 20% of assured sum, with a maximum limit of $25K 10, claim up to 5 times, 20% of assured sum, with a maximum limit of $25K 18, claim up to 6 times, 20% of assured sum, with a maximum limit of $25K 18, claim up to 3 times,10 % of assured sum, with a maximum limit of $25K
No of Special Conditions Covered 10, payout of 20% of sum assured, less any indebtedness. 16, claim up to 6 times, 20% of assured sum, with a maximum limit of $25K 10, claim up to 5 times, 20% of assured sum, with a maximum limit of $25K 18, claim up to 5 times,10% of assured sum, with a maximum limit of $25K 10, claim up to 6 conditions,10%, maximum limit of $25K per claim
Rider Enhancement Option Yes.

Payer Benefit Rider

Enhanced Payer Benefit Rider

Spouse Rider

Enhanced Spouse Rider

Yes Yes Yes Yes. With “Cover Me Again” Option Yes No

The Tokio Marine Early Cover has the following benefits for consideration when choosing a CI plan best suited for your needs:

  • One of the most comprehensive coverages of multi-stage CI conditions.
  • Offer additional benefits such as Special Benefit (Coverage of 10 conditions), Juvenile Benefit (Coverage of 10 conditions), Death Benefit.
  • Flexible policy term up to age 70, 75, or 85 years old.
  • Additional riders to enhance coverage – Payer Benefit Rider, Enhanced Payer Benefit Rider, Spouse Rider, Enhanced Spouse Rider

 

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).
  • Lesser special conditions and Juvenile Conditions are covered as compared to Aviva MyMultiPay Critical Illness Plan IV which covers 11 Juvenile Conditions and 16 Special Conditions.

 

Furthermore, if you were to top up $253 more annually, you can get the Tokio Marine MultiCare multipay plan that allows you to make multiple CI claims.

Pretty worth it to me.

However, before choosing any policies, you should always assess your insurance coverage.

For critical illness policies, it is recommended to consider the coverage, instead of just the policy premiums.

This is especially true when you’re purchasing for ECI/CI coverage. Check the definitions and whether what’s covered is in line with your past medical history and your family’s.

If you need help, our best critical illness plans in Singapore article can help you make a better decision.

Otherwise, speak to a financial advisor to understand if there are better plans for you.

References 

Product Brochure

https://www.tokiomarine.com/sg/en/personal/protect

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