NTUC has recently launched a new product called VivoCare. This is a all-in-one participating regular premium whole life plan that covers death, total & permanent disability (TPD), terminal illness and dread diseases.
Although the plan is a whole life insurance, the emphasis of the product is to cover dread diseases (critical illness).
Cover Early, Intermediate and Advanced stages of Dread Diseases up to 74 Conditions
Most of the critical illness plan covers only 30 out of 37 critical illnesses, which is standardized since 2003. Subsequently there are some insurance policies extend to cover early or intermediate stages but NTUC VivoCare is providing one of the most comprehensive range of medical conditions.
NTUC VivoCare Covered Medical Conditions (Click to enlarge)
Early Stage Dread Disease is covered up to 50% of the prevailing sum assured subject to a maximum of $75,000
Most early payout critical illness plan covers only up to 25% of the sum assured and are subject to waiting period conditions for multiple claims. The wordings for VivoCare seem to be more reasonable:
More than one claim can be made during the policy term, subject to the following:
i. Each Early Stage Dread Disease can only be claimed once; and
ii. The Intermediate Stage Dread Disease on the same condition has not already been claimed for.
300% Minimum Benefit of the prevailing sum assured Death and Terminal illness
While critical illness coverage is important, some times Death could occur unexpectedly or immediately after critical illness is diagnosed. If you have a plan which only pays out upon critical illness, you may not be able to claim a single cent as some critical illness plan comes with survival period clause.
With this benefit, you could have more comfort that the family would be taken care of no matter how the unfortunate events occur.
Pay premium for a limited period, whole life coverage
The premium payment term is flexible. you can choose to pay 20 or 25 years, or up to age 64 or age 84 last birthday. Death and Critical illness is covered for life. This solves two problems
- If you purchase the plan early, say age 30 to 40, you don’t have to worry if you still can afford the premium after you retired.
- You have a peace of mind that you will have continous coverage whenever you wish. Otherwise, in the case of term insurance, you may have to consult a fortune teller how many years (terms) do you need to buy the insurance, and worry what to do if the critical illness happens after the policy expires.
However, you should still take note that the premium is not guaranteed.
Above all, I think this is a plan worth considering but please do seek professional advice from your advisers. There is no best plan for everybody, the key word is suitability, i.e. whether the plan suits your financial situation and objectives.
You can find out more information about the product here.
NTUC is having promotion for this new product with sign up gift up to $200 complimentary CapitaVouchers.