Zurich Life Insurance Singapore has recently launched a new product Z Care which is regular premium critical illness plan which covers the Life Assured against any of the 30 Critical Illnesses. The plan has a unique Early Stage Critical Illness Option feature to claim up to 50 % against the policy for early stages of Critical Illnesses as defined. Once a Early Stage Critical Illness claim has been made against the policy, all future premiums are waived.
Early stage critical illness coverage was sold like hot cakes in recent years. New products are mushroomed and insurers just keep adding new “different stages of illnesses” in the products. For example, NTUC VivoCare covers Early, Intermediate and Advanced stages of Dread Diseases up to 74 Conditions. I doubt if clients or even advisers can understand these terms clearly. Moreover, medical conditions are grouped and staged and subject to different waiting periods and claim percentages, which adds to more confusions to the products.
Some of the early stage critical illness products in the markets are:
I personally like the simple design of Zurich Z Care and high 50% payout for early stage critical illnesses. The product also offers some additional benefits
This is a monthly payout of $1000 for up to 6 months post treatment or surgery for claims on the 100% CI payout
An additional fixed benefit of $5,000 is payable upon the diagnosis of any of the 30 Critical Illness listed (excluding Angioplasty & Other Invasive Treatment for Coronary Artery).
On Death, 10% of the Sum Assured or $20,000, whichever is lower, is payable in one lump sum.
You can contact me if you would like to know more about early stage critical illness cover.