By Shawn Lee
If you’ve only got a minute:
- Traditional critical illness insurance pays out once upon a successful claim and the cover ends, but many survivors face recurring or multiple illnesses requiring ongoing financial support.
- Multi-Pay Critical Illness (MPCI) plans offer multiple claims for different or recurring illnesses, covering early to late stages for better long-term protection.
- While MPCI premiums are higher, they provide a crucial safety net for surviving multiple health challenges, especially if you have dependants or a family history of critical illnesses.
Singaporeans today are living longer - up to an average of about 84 years - but many of those years are spent in poor health. While most people understand the need for hospitalisation coverage through plans like MediShield Life and Integrated Shield Plans, some are unprepared for the long-term financial impact of a critical illness (CI), especially when it strikes more than once.
What Is Multi-Pay Critical Illness Insurance?
CI insurance pays a lump sum if you’re diagnosed with a serious illness. Traditional plans typically offer a single payout upon a successful claim, after which the policy ends. But what happens if the illness returns, or if you’re diagnosed with a different condition later?
Multi-Pay Critical Illness (MPCI) insurance addresses this gap. It allows multiple claims offering financial support even after the first payout. Think of it as a CI coverage with a "reset button”, and coverage that stays with you through more than one health challenge.
Key differences between Single-Pay and Multi-Pay CI Plans
Feature | Single-Pay CI | Multi-Pay CI (MPCI) |
|---|---|---|
Number of payouts | One-time lump sum | Multiple payouts |
Coverage ends after first claim | Yes | No |
Covers recurrence of illness | No | Yes |
Premium cost | Lower | Higher |
Best for | Basic protection | Long-term, ongoing support |
Why consider a Multi-Pay CI Plan?
A one-time payout may seem enough, until it isn’t. People are surviving serious conditions like cancer or heart disease longer, but recovery is often slow and uncertain, with a real risk of relapse. Medical costs can stretch over years, and a single payout may only cover the early stages of that journey.
MPCI plans offer support through different stages of illness, with some covering claims for early, intermediate, and late stages.
While the premiums for MPCI are generally higher than single-pay plans, the value lies in the extended safety net especially when considering that survivors of one critical illness may be more prone to future conditions.
Key benefits of Multi-Pay CI Plans
1. Ongoing coverage for multiple conditionsMPCI plans allow multiple claims across different and unrelated illnesses. For instance, you might claim for early-stage breast cancer, and later for a heart attack. Some insurers allow policyholders to claim multiple times across different conditions, giving you long-term protection without reapplying for coverage after each event.
This continued coverage is critical because once you’ve made a CI claim under a traditional plan, you may become uninsurable for future CI plans due to your medical history.
2. Support for recurrence of the same illnessSome illnesses, like cancer, are known to return. Around 30% of early-stage breast cancer patients experience a recurrence within 5 years. MPCI plans may offer additional payouts if the same illness returns after a waiting period, usually 12 to 24 months, providing financial support for multiple rounds of recovery.
3. Coverage from early to late stages
Traditional CI plans often only pay out at advanced stages. For a greater peace of mind, MPCI plans, such as Manulife Early CompleteCare, provide benefits for early and intermediate stages as well. Early payouts can ease financial pressure and encourage timely treatment before conditions worsen.
Manulife Early CompleteCare
Among the MPCI options available, Manulife Early CompleteCare stands out for its wide-ranging coverage and practical features:
- Up to 5 claims across early, intermediate, and late-stage CI
- Coverage for 106 medical conditions
- Relapse and recurrence benefits with defined waiting periods
- Premium waivers after early-stage diagnosis
- Optional add-ons like premium refunds or extra early-stage payouts
It’s ideal for those seeking extensive and flexible protection against CIs.
Learn more: Manulife Early CompleteCare.
Who Should Consider a Multi-Pay CI Plan?
MPCI insurance coverage may be especially relevant if you:
- Have dependants or young children
- Have a family history of CI
- Are concerned about long-term or recurring medical costs
It complements MediShield Life and Integrated Shield Plans by covering expenses like outpatient treatment, income loss, and other costs not addressed by hospitalisation insurance.
In Summary
Surviving a CI is more likely today than ever but staying financially stable through it is not. As such, traditional CI plans offer limited protection if you're affected more than once.
A MPCI plan provides more comprehensive and realistic coverage over time, making it a strong addition to your overall financial plan.
