Be assured of lifetime cover
Get benefits early to ease your recovery.
Comprehensive cover that pays out on multiple critical illnesses.
Get money back if you surrender.
Provides cover for your loved ones.
i-Secure Legacy (II) is a highly popular whole of life critical illness plan. This plan provides lifetime early to late-stage critical illness cover with a short premium term and are ideal for your children.
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 of China Taiping's i-Secure Legacy (II) for a 5-year old boy is $83.45 per month for 25 years to get a cover of minimum guaranteed benefit of $200,000 for his whole life (sum assured of $100,000). If you wait for 15 more years, this rate increases by 29% and the cover period is now 15 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 Legacy (II)
Singlife Whole Life
Star Secure Pro
|Premium terms available|
|5, 10, 15, 20 or 25 years||10, 15, 20 or 25 years, or up to age 65||5, 10, 15, 20, 25 or 30 years, or up to age 64|
|Guaranteed benefit multipliers available|
200%, 300%, 400%, 500%
Multipler will reduce by 10% per year for the next 5 years after the guaranteed benefit expiry age and remain at 50% thereafter.
|100%, 200%, 300%, 400%||
100%, 200%, 300%, 400%, 500%
|Guaranteed benefit expiry age (Age Next Birthday)|
|76 or 86||65, 70 or 75||75 or 80|
|Number of critical illnesses covered|
Early, intermediate & Advanced: 161
|Early & intermediate: 131
|Early & intermediate: 142
|No||Yes before age 85. Pays 50% of the Advanced Secure Accelerator rider sum assured if you undergo a surgery or suffer from an infection and you are required to stay in an ICU for a total of 5 days or
more in one hospital admission
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. How is i-Secure Legacy (II) different to other whole of life critical illness plans?
i-Secure Legacy (II) provides multiplier benefits up to age 76 or 86. After that age, the multiplier will reduce by 10% per year for the next 5 years and remain at 50% thereafter. This provides better coverage at older ages when you need it most compared to other plans where the multiplier benefit reduces to zero after the guaranteed benefit expiry age.
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 of 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 the guaranteed benefit expiry age?
If the sum assured plus bonuses are higher than the guaranteed benefit (sum assured X multiplier factor) before the guaranteed benefit expiry age, the benefit payout will be the sum assured plus bonuses.
6. Are the critical illness premium rates guaranteed?
While the premium rate for the critical illness rider is not guaranteed during the premium payment term, after the premium payment term, the insurer can no longer charge you any premium for the policy. This way, you have "locked-in" the critical illness premium rates once you pass the premium payment term.
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.