This article was written in collaboration with AIA Singapore. All views expressed in this article are the independent opinion of DollarsAndSense.sg
Any company that wishes to continue serving the ever-changing needs of their customers must always continue to build on their strengths and innovate with their products and services.
Imagine what would happen if Apple rested on their laurels after launching the world-changing iPhone in 2007. We would be carrying around devices with a tiny 3.5-inch screen, a grand total of 4GB of storage space, and not be able to surf the web at even 3G speeds.
With continued innovation and by listening to the needs of their customers (and potential customers), Apple fielded the most compelling lineup against Android competitors in years in the form of the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max in 2019.
In the insurance space, AIA celebrates its 100th birthday this year with a year-long series of events, promotions and new products. One of these new products is the AIA Power Critical Cover, which is a comprehensive Critical Illness (CI) policy with several first-in-market features.
And just like the latest iPhone, here’s why the new AIA Power Critical Cover could be a compelling choice for those who are looking for full-featured, extensive protection against 175 conditions.
What Is AIA Power Critical Cover?
AIA Power Critical Cover is a comprehensive multiple-pay critical illness protection solution that provides policyholders with financial and medical support through various stages of critical illness: pre-early, early stage, intermediate stage, late major stage and even in unfortunate cases of relapse.
Like all critical illness plans, it provides you with a lump sum payout in the event that you contract a critical illness, giving you financial peace of mind while you focus on recovery and adjust to a different lifestyle.
AIA Power Critical Cover comes in two flavours: AIA Power Critical Cover Value Plan and AIA Power Critical Cover Life Plan, which provides coverage till age 75 and 100, respectively.
To help you better understand how AIA Power Critical Cover works, we’ll examine 5 of its features in greater detail.
#1 Extensive Coverage Across Various Stages: Pre-Early, Early, Intermediate, Major Stage
With AIA Power Critical Cover, you’ll receive 100% of your coverage amount upon contracting any of the 150 critical illnesses across various stages: 42 Early Stage CIs, 35 Intermediate Stage CIs, and 73 Major Stage CIs.
List of 150 multi-stage critical illnesses covered. (Source: AIA)
In addition, AIA Power Critical Cover also pays out 10% of insured amount, up to a cap of $25,000, for any of the 10 conditions under the pre-early benefit, including chronic conditions like Type 2 Diabetes, benign/borderline malignant tumours, as well as cardiovascular diseases.
List of 10 pre-early critical illnesses covered. (Source: AIA)
Finally, AIA Power Critical Cover gives you a payout of 20% of your insured amount for 15 special conditions, capped at $25,000. Coverage for these special conditions is up to age 85, and include osteoporosis, diabetic complications and severe gout.
List of 15 special conditions covered. (Source: AIA)
As explained above, AIA Power Critical Cover provides you with comprehensive coverage for a total of 175 conditions: 150 multi-stage critical illness conditions, 10 pre-early conditions and 15 special conditions.
#2 You Don’t Lose Coverage Even After Making A Claim
With medical advances in early detection and treatment, the chances of survival and recovery after contracting a critical illness has been improving over the years. This naturally leads to another concern, where policyholders who make claims on their CI plan are left uninsured and potentially uninsurable for future CI conditions, even after they recover from their illness.
AIA Power Critical Cover addresses this concern with two features: Power Reset and Power Relapse.
The Power Reset benefit means that 12 months after making a CI claim, your coverage amount gets reset to 100% against different, subsequent critical illnesses. Policyholders can make multiple claims under Power Reset for up to 500% of the coverage amount.
The Power Relapse benefit allows you to make another claim if you’re re-diagnosed with the same critical illness in this list: namely major cancer, recurred heart attack or stroke, and repeated major organ/bone marrow transplantation or heart valve surgery. A waiting period of 24 months from the last claim applies, capped at 200% of coverage amount.
#3 Option For Guaranteed Cash Value At Policy Maturity
Some people prefer to buy insurance policies that have cash value at policy maturity, which many CI plans don’t offer.
As mentioned earlier, AIA Power Critical Cover comes in 2 flavours. The Value Plan, which covers you till age 75, and the Life Plan, which covers you till age 100.
Under the Life Plan, policyholders are assured of guaranteed cash value in the form of Surrender Benefit and Maturity Benefit, less any claims made and amounts owed.
The Surrender Benefit gives policyholders the option to discontinue their plan at age 75, and to receive 75% of the coverage amount in cash, less any benefits already paid and amounts owed. Alternatively, the surrender value increases by 1% for every additional year you keep the policy from age 75 up till the age of 100.
At age 100, the plan matures and automatically terminates, giving the policyholder a guaranteed Maturity Benefit of 100% of coverage amount, less any benefits already paid and amounts owed.
The Surrender Benefit and Maturity Benefit feature of the AIA Power Critical Cover Life Plan makes it attractive to those who want their insurance policies to also have a cash value.
#4 Policy Pays Out In The Event Of Death Or Total Permanent Disability
In the unfortunate event of death, your AIA Power Critical Cover policy will pay out 100% of the coverage amount, less any critical illness benefits already paid and amounts owed, as well as an additional compassionate benefit of $5,000.
This means that AIA Power Critical Cover doubles as a Term Life/Whole Life insurance plan, since coverage lasts till age 75 (for Value Plan) and 100 (for Life Plan). Thus, you can use this feature to complement or supplement your existing life insurance coverage.
#5 Access Benefits Beyond Financial Protection
We’ve highlighted four different ways the AIA Power Critical Cover can protect you financially in the event you contract a critical illness.
Besides receiving financial protection and a peace of mind, policyholders can also gain access to an entire suite of value-added services, such as tele-medicine for day-to-day illnesses and consultations with medical specialists to help you make informed care decisions.
AIA is working with WhiteCoat to enable policyholders to receive professional medical advice from Singapore-registered doctors via video consultation 7-days a week, with a flat consultation fee of $12. After you’ve seen a doctor, your prescribed medicines can be delivered to your doorstep within 90 minutes (medication, delivery charges and GST apply).
With AIA’s partnership with Medix, policyholders can also access personalised medical advice from world-leading specialists on your critical illness condition for at least 3 months. This can serve as a useful secondary source of guidance as you make medical decisions together with your own doctors and specialists.
The Best Time To Buy AIA Power Critical Cover
AIA Power Critical Cover can be purchased for policyholders who are as young as 2-weeks old to as old as 65-years of age.
If you’re interested to get yourself or your loved ones covered, you might be glad to know that as part of AIA’s 100th anniversary celebrations, you can enjoy up to 30% off your first-year’s premium for AIA Power Critical Cover and other selected plans if you sign-up by 15 December 2019.
To learn more about AIA Power Critical Cover, visit the AIA website or speak with an authorised AIA representative today.
Buying insurance is a long-term, perhaps even lifelong commitment. Besides product features, you should also consider your ability to afford the premiums over the long-term and carefully read the terms and conditions before buying any policy.
(Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.)