TM Early Cover To Replace TM Early Care From Tokio Marine Group For Critical Illness

Early detection for Critical Illness or Dread Disease has been the buzz word these days and insurance companies have been launching many plans to meet the demands and improving/ replacing existing early detection policies with new and better ones. , TM Early Care was not spared either. On 29 January 2018, it was replaced by TM Early Cover.


The differences between the 2 plans are not really significant, but let us share with you what are some of TM Early Cover's features:

• 3 Coverage terms to age 70, to age 75 & to age 85 
• Customer can buy from as young as age 1 till age 65 (Age Next Birthday).
• Maximum Claim Limit per stage is $350,000 , compared to the old TM Early Care, which was $75,000 only.
• However for TM Early Cover, each payout reduces the claim compared to the earlier plan, which does not.
• Covers 36 Critical Illnesses (Terminal Illness has been added as a CI, whilst Angioplasty is now 1 of the special benefits)
• Another Extra 20%, subject to a maximum limit of $25,000 can be paid out for the following 10 Special Benefits:  

Cancer Income : Does Life Still Goes On When Cancer Strikes?

In today's advanced medical technology, if Cancer strikes an individual, there is still hope for recovery. However, the truth of the matter is that lifestyle costs also increases after the arrival of this dread disease, no matter how hard you try to contain it.

What are the costs?

TM Protect Cancer If You Want More Cancer Coverage

Concerned about the rising rate of Cancer incidents affecting many in Singapore? For those who still do not know, Cancer is the number one killer disease in Singapore. See this link.

That is why Tokio Marine Life Insurance Singapore has launched the TM Protect Cancer, which is a non-participating term plan that provides financial aid when one is diagnosed with early and advanced stage cancer, so you can stay 100% focused on recovery. This plan also provides a $5,000 death benefit.

This yearly renewable plan provides up to S$150,000 insurance coverage for cancer and is specially designed for adults between the ages of 30 and 65, with coverage extending until the age of 85.

The key features of the plan are:

Early Detection Critical Illness Policy from Tokio Marine Group

Product will Be Terminated from 29 Jan 2018

So much talk has been made on Critical Illness plans from Singapore insurance companies since most pay out only during the last or final stages of the chronic illnesses; to which many clients rebutted saying that they won't have any use for the money since it's as good as a death benefit. Well you will be happy to know that Tokio Marine Life Insurance has a product to resolve this issue and the plan is called TM Early Care, which pays on early, intermediate or advanced stages of the stated Critical Illness*. The product can be sold as a stand alone or as a rider.

What is so special about TM Early Care?

• Extra 25% of Sum Assured will be paid out if Critical Illness happens before age 65 next birthday.
• Future premiums are waived if there's remaining coverage after early diagnosis of the critical illness.
• Extra payout will not reduce the Sum Assured (Early Stage Maximum Limit is $75,000) *
• Multiple claims for different critical illness or dread disease are allowed.
• Another Extra 20%, subject to a maximum limit of $25,000 can be paid out for the following 5 Special Benefits:                                                                                                                          (i) Diabetic Complications
  (ii) Osteoporosis
  (iii) Severe Rheumatoid Arthritis
  (iv) Dengue Haemorrhagic Fever
  (v) Breast Reconstructive Surgery following a Mastectomy
  Payment of Dread Disease Benefit will not reduce the amount payable under Special Benefits
•  A Death Benefit of S$20,000 will be paid out in a lump sum regardless of the Sum Assured.
• A biennial cash benefit of S$100 is payable starting from the 2nd Policy Anniversary till the end of the coverage term, even when there are claims.
• Critical Illness Benefit or Special Benefit must have the client survive for 7 days from the date of diagnosis before being able to disburse payout to them
• Customer can buy from as young as age 1 till age 65 and coverage can be remain up till 85 age next birthday for the insured.

* Please refer to policy or product summary for details. If you want to find out more about the product or want to have a more comprehensive cover in your insurance portfolio, do contact us.

As at 08 January 2016, the Tokio Marine Group has launched another rider to assist in the recovery process if Cancer were to strike.

TM Legacy LifeFlex - Tokio Marine's (TMLS) Booster?

It's finally out! Ever since Tokio Marine Life Insurance Singapore (TMLS) withdrew their flagship product, TM Legacy Plus..clients and peers alike have been asking why and waiting patiently for the company's product team to come up with another unique life plan which can cover critical illness and maybe early detection riders and finally the wait is over as TM Legacy LifeFlex is born! Since it's so fresh from the oven, we will just share what we know about it and maybe over time, post some updates on the pros and cons of the product
  

• Limited premium term.
• Early, Intermediate & Advance stages of Critical Illness (CI) can be claimed.
• Flexibility to buy & CHOOSE BETWEEN Early Care (EC-early detection) & CI riders or both.
• Early Care limit has been raised to $150,000 from the previous $75,000
• GUARANTEED CI premium rates.
• Multiplier available up to 10x or what they call "boosters" to increase your coverage (if you are on a tight budget).
• ANNUAL DIVIDEND (1% of sum assured) from @65 for retirement income (non guaranteed)~the only plan in the market to offer this currently.
• Up to 50% off medical underwriting (for high multiplier).
• Some companies can only claim 25-50% of Sum Assured for Early Detection.. The EC in this plan can claim full (up to the limit stated*).
• Boosters stop at age 65.
• Early Care Pays for life on wellness* benefit, while its booster does not have this benefit at all.
• Once Basic booster terminates, all boosters will lapse.
• Minimum CI Rider to be purchased is $15k.
• Must have rider before purchasing rider boosters.
• Riders must be added within the 1st 6 months of policy being incepted.

*For more details, please refer to policy.
Even though there are puns about it being known as "lie flat"; we are very sure this product is going to take the market by storm with its flexibility! Contact us now for more info! If you need us to elaborate the product to your company's employees, feel free to contact us using the above link as well.

Is your Dread Disease or Critical Illness Coverage Sufficient When You Don't Have A Job?

Ever since I started focusing on corporate clienteles, I realised many of my personal friends and clients have also been neglecting their own insurance portfolios; so much so that most of them have stopped buying life insurance, which includes major illness coverage or some might call it critical illness coverage.

As such, many are grossly under insured and with medical costs not spared from inflation; a $50,000 or $100,000 coverage in the 90's is really miniscule in today's context.That is why I took a painstaking 3 hours (with my minimal HTML knowledge), trying to create this simple calculator for you to see why it is important to update your dread disease or critical illness cover.

Dread Disease Adequacy Calculator

How Much Coverage do you have for Major Illness / Critical Illness? (Approximate)
$
How much do you need EVERY YEAR if you are not working?
$0

100,000

Number of years your existing Sum Assured can provide for you:

SO WHAT'S AFTER THAT?

Some might argue that you already have a company insurance or a "shield plan" Well the latter is to cover the bills for a hospital stay and as for company's insurance, the chances of you staying with the company till you kick the bucket is rare these days as staff turnover is normally between 2-3 years with the Gen Y crowds and when you leave, you can't bring the firm's insurance with you. A critical illness insurance is often still needed as in most cases (eg. cancer), the staff will at most be kept with the company for 6 months or so and in the real world, will finally be asked to leave as paying for an employee who is often not in the office does not make economic sense.

So, if you were to use the dread disease adequacy calculator above, you will understand if after the money from your insurance has been exhausted (most of the time, when major illness strikes; one will attempt to find many alternative ways to recover; like going overseas or try alternative EXPENSIVE treatment), do you have a financial back up plan? Feel free to try on the calculator and give me a buzz if I made a point or if you are concerned. Just contact us here.

As at 08 January 2016, TMLS or Tokio Marine Life Insurance has launched a rider to take care of your recovery costs. Check out the details here!