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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