Early Payout Critical Care from Great Eastern can be purchased as a standalone critical illness plan or as a rider to one of their plans. Some of the key features of the Early Payout Critical Care are as follows:
1. Standalone plan or rider with varying terms (6 years till age 75). Entry age is 1 to 65.
2. Able to opt from $50,000 to $1 million in coverage.
3. Early payout is based on differing severity levels for the 30 critical illnesses which are grouped into 3 groups of Severity 25, Severity 50 and Severity 100.
4. There are limits to what can be claimed under Severity 25 and Severity 50.
5. Possible for multiple claims across unrelated illnesses without any waiting period
The advantages of the Early Payout Critical Care introduced by Great Eastern are as follows:
1. First plan in Singapore to offer payouts at earlier stages of cancer.
2. Multiple lump sum payouts at different stages of the same critical illness or across different critical illness.
3. No minimum waiting period between claims.
Some disadvantages are as follows:
1. Slightly more expensive compared to a traditional critical illness benefit. This is understandable since it offers early payouts.
2. Limited incentive to be covered greater than $100,000 as limits on the payout for severity level 25 and 50 will make it difficult for one to claim in excess of $100,000
3. If insured does not survive beyond 30 days, only $10,000 in death benefit will be payable.
4. Coverage is up till age 75 only. Critical illness is more likely to strike when one is older so this is something to take note of when choosing this plan.
1. Standalone plan or rider with varying terms (6 years till age 75). Entry age is 1 to 65.
2. Able to opt from $50,000 to $1 million in coverage.
3. Early payout is based on differing severity levels for the 30 critical illnesses which are grouped into 3 groups of Severity 25, Severity 50 and Severity 100.
4. There are limits to what can be claimed under Severity 25 and Severity 50.
5. Possible for multiple claims across unrelated illnesses without any waiting period
The advantages of the Early Payout Critical Care introduced by Great Eastern are as follows:
1. First plan in Singapore to offer payouts at earlier stages of cancer.
2. Multiple lump sum payouts at different stages of the same critical illness or across different critical illness.
3. No minimum waiting period between claims.
Some disadvantages are as follows:
1. Slightly more expensive compared to a traditional critical illness benefit. This is understandable since it offers early payouts.
2. Limited incentive to be covered greater than $100,000 as limits on the payout for severity level 25 and 50 will make it difficult for one to claim in excess of $100,000
3. If insured does not survive beyond 30 days, only $10,000 in death benefit will be payable.
4. Coverage is up till age 75 only. Critical illness is more likely to strike when one is older so this is something to take note of when choosing this plan.
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ReplyDeleteI really liked this blog of yours
ReplyDeleteThe Early Payout Critical Care plan by Great Eastern seems like a step forward in providing more flexible coverage for critical illnesses, especially with its early-stage payouts and multiple claims feature. However, the limitations on payout amounts for Severity 25 and 50, along with the age cap at 75, could be significant concerns for individuals seeking comprehensive long-term protection.
ReplyDeleteWhen exploring similar coverage options, it’s essential to consider local advisors who can tailor solutions based on personal needs. For example, an experienced insurance agency Houston TX can help navigate through different critical illness plans, comparing early payout features with more traditional policies to ensure clients make well-informed decisions that align with their long-term health and financial goals.