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.
Our team also selected it as one of the best CI plans in Singapore.
Here’s our review of it.
My Review of the Tokio Marine Early Cover
| Tokio Marine Early Cover | Singlife Comprehensive Critical Illness Plan | Singlife Multipay Critical Illness Plan | AIA Beyond Critical Care w/ Early Critical Cover Extra Rider | Tokio Marine MultiCare | Manulife Ready Complete Care | HSBC Life 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 | $1,515 | $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 | Singlife Multipay Critical Illness Plan | AIA Beyond Critical Care | Tokio Marine MultiCare | Manulife Ready CompleteCare | HSBC Life Super CritiCare | FWD Recover First | |
| No of Critical Illness Conditions Covered | 114 | 132 | 43 CIs and 5 Rediagnosed CIs at the advanced 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 | 11, 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 | – | 11, 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 Benefits (Coverage of 10 conditions), Juvenile Benefits (Coverage of 10 conditions), and 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
- There is 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 the Singlife Multipay Critical Illness Plan, which covers 11 Juvenile Conditions and 16 Special Conditions.
- Only can make claims once.
Furthermore, if you were to top up $603 more annually, you can get the Tokio Marine MultiCare multipay plan that allows you to make multiple CI claims (up to 900%).
If you can afford it, I think it’s pretty worth it.
Or if budget is really a concern, the HSBC Life Super CritiCare only costs $253 more annually and gives you up to 600% in claims. This is something to consider if your budget permits.
Otherwise, your other 2 options are either the Singlife Comprehensive Critical Illness or the PRUEarly Stage Crisis Cover.
In our comparison of the best early-stage critical illness plans, we found that Singlife offers more covered conditions while Tokio Marine Early Cover has a higher sum assured of 350k.
If you’re looking for other ways to reduce your premium costs potentially, the Singlife Elite Term with ECI/CI rider is popular amongst many budget-conscious Singaporeans and those looking for the best value.
With multiple types of ECI/CI riders available, you can choose from a single-claim ECI or CI rider, or a multi-claim ECI or CI rider – that’s 4 riders to choose from based on your preferences – excluding premium waivers.
Confused yet?
Don’t worry, I understand.
With so many options available, it can get overwhelming to decide which policy or policies are best for you.
We recommend starting your research with our posts on the following:
- 11 Best (Early & Late-Stage) Critical Illness Insurance Plans in Singapore
- 11 Best Whole Life Insurance Plans in Singapore [2023 Edition]
- 9 Best Term Life Insurance Plans in Singapore (2023 Edition)
When exploring your insurance options, it’s important to consider the variety of ECI/CI plans available in the market.
Many of these plans offer the flexibility to be included as riders on either whole life or term life insurance policies.
This approach allows for a more comprehensive coverage strategy, tailored to your specific needs and circumstances.
Once you’ve familiarised yourself with the potential alternatives, it’s highly advisable to consult with an unbiased financial advisor.
This way, they can help assess whether the FWD Recover First plan aligns with your individual requirements and financial goals.
Getting a second opinion is particularly crucial in this context, as it ensures that you make an informed decision based on expert advice.
Choosing an ECI/CI plan should not be taken lightly.
Considering that you’ll be committing to premium payments for the next 20 to 30 years, exploring your options thoroughly is essential.
The goal is to ensure that you have the right coverage in place, avoiding any future scenarios where you might discover gaps in your coverage.
The last thing anyone wants is to realise too late that they are not covered for specific conditions, making all those years of premium payments futile.
If you’re in need of a second opinion, we have partnerships with MAS-licensed financial advisors who are ready to assist you.
Their expertise can be invaluable in helping you navigate the complex world of insurance and find a plan that best suits your needs.
For a non-obligatory second opinion, feel free to reach out.
Let’s now explore the Tokio Marine Early Cover in depth.
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.
Here are the critical illnesses covered by the Tokio Marine Early Cover:
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.
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.
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 must still be 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.
