Term Critical Illness (“Term CI”) Insurance mainly covers the top 3 critical illnesses (cancer, heart disease, stroke) with fixed coverage term of 1, 5 or 10 years. A fixed lump sum benefit is payable if the insured is diagnosed with a pre-defined illness.
Although the structure of Term CI is relatively simple, the coverage of the products in the market can be quite different. Some only cover the top 3 critical illnesses, while others also cover early stage or minor illness (e.g. carcinoma-in-situ, angioplasty) and/or other major illnesses. As more new Term CI products are launched, the coverage available is becoming wider, with some products even allowing multiple claims. Nonetheless, consumers should also check the terms and conditions of Term CI products, such as maximum coverage age and required survival period after diagnosis, to determine if the product meets personal needs.
10Life actuaries analyse and score the Term CI products based on their overall coverage. If the product scores 9 or above, it can be rating as a "5 Star Product", indicating its superior protection over similar products in the market.
Whole life critical illness insurance carries savings component. If the full sum assured has not been claimed, a cash value is available at policy surrender. It usually provides wider coverage with higher number of diseases, multiple claims and life time coverage.
On the contrary, without savings component, term life critical illness insurance offers pure protection and is renewable every fixed term (e.g. 1, 5 or 10 years). The maximum coverage is generally up to age 80.
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