1. Should I apply for my Critical Illness cover now or wait till I am older and more likely to get struck by Critical Illness?
Our advice is that you get your Critical Illness Insurance cover as soon as possible. As you get older, there is a high chance that you would develop medical conditions. Even if these medical conditions are not classified as "critical illness", it may mean that insurer would not be willing to offer you any cover at that time.
2. What is the maximum age that Critical Illness Insurance will cover to?
It depends on the policy. Typical Critical Illness plans will cover you until 85. However, i-Secure will cover you for your whole life.
3. Do I need to go for a medical examination if I apply for Critical Illness Insurance?
If you are above a certain age and/or sum assured, then, yes, you will need to go for a medical checkup.
4. Why is it not a "sure-thing" that I can get my money back through the surrender value?
The surender value will comprise a guaranteed portion and a non-guaranteed portion. The non-guaranteed portion is based on the bonus that the insurer declares from year to year. In addition, the surrender value accumulates over time, which means that you will get a low surrender value if you terminate the policy early.
5. What if the sum assured plus bonuses are higher than the guaranteed benefit before age 86?
If the sum assured plus bonuses are higher than the guaranteed benefit (sum assured X multiplier factor) before age 86, the benefit payout will be the sum assured plus bonuses.
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