Be assured of lifetime cover
Get benefits early to ease your recovery.
Comprehensive cover that pays out on multiple critical illnesses.
Get some money back if you surrender.
Provides cover for your loved ones.
i-Secure provides lifetime early to late-stage critical illness cover.
The guaranteed minimum benefit is a higher fixed payout that extends up to age 86. After age 86, the critical illness benefit will be the sum of the sum assured and any bonuses accrued. This give you a high level of cover initially and inflation protection after that as bonuses are added on each year.
i-Secure also provides death cover and a surrender value should you wish to terminate the policy early.
i-Secure provides lifetime cover for a fixed premium payment term. So the earlier you buy this policy for your child, the less will be paid for this policy and the coverage period will be longer.
For example, the premiums for a 5-year old boy is $178.20 per month for 25 years to get a cover of minimum guaranteed benefit of $400,000 for his whole life (sum assured of $200,000). If you wait for 10 more years, this rate increases by 31% and the cover period is now 10 years less. So you will end up paying more and the period of cover will be less.
In the future, your child can take over paying the premiums for the remainder of the premium term and choose to continue the policy or surrender the policy for a lump sum cash. At that stage, the premium rate will be very low for the level of cover.
i-Secure is also eligible for the Refer a Friend program. Refer your friends and family for i-Secure and get DIY$10 for each referral.
DIY$ can be exchanged for vouchers including InsureDIY vouchers, NTUC Fairprice and Cold Storage vouchers. Check out our rewards catalogue here.
How to refer:
Simply ask your friend to select "Referral" during the application process and key in your email address or referral code when they apply for i-Secure here.
* Only applicable if your friend has not bought any insurance policy through InsureDIY before. DIY$ will only be awarded after your friend's free-look period. Not applicable for parents buying i-Secure for their child/children.
i-Secure is a "multiplier" product. This means that you can choose to scale up your benefits up to age 86. After that, the benefits revert to the original sum assured plus any bonuses that the insurer has declared on the product. The scaled up benefit forms the "guaranteed benefit". If the sum assured plus bonus exceeds that guaranteed benefit at any time, the sum assured plus bonus will be paid out.
For example, if $50,000 is selected as the sum assured with a factor of 2x:
$50,000 sum assured can be added to the Early Care Rider (which covers early to late stage critical illnesses).
Critical illness benefit: Higher of $100,000 ($50,000 X 2) or $50,000 plus bonus up to age 86 and the $50,000 sum assured plus bonuses thereafter.
Death benefit: Higher of $100,000 ($50,000 X 2) or $50,000 plus bonus up to age 86 and the $50,000 sum assured plus bonuses thereafter.
As the bonuses add to the sum assured each year, this provides some protection against inflation.
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.
InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.