Prutriple Protect (PTP) vs Manulife Ready Completecare (MCC)
Introducing the PRUtriple Protect (PTP).
If you've seen it or heard of it somewhere, and you would like to find out more, this post is for you.
With PRUtriple protect, now you can buy Early CI coverage even with a small budget
PRUtriple protect (PTP) is offering sum assured as low as $10,000.
If I'm not wrong, most plans start off at $30,000 minimum.
With such a low starting point, you should buy this coverage if you have budget constrains.
As shown above, $12/mth is a starting premium if you are aged 30.
However, IMO with proper planning, you should be looking at a way larger sum assured amount.
Comparisons with other multi CI plans
PTP was launched only in July2018.
It is the latest (as of writing) multi CI coverage plan offered. Similar plans in the market include Tokio Marine Multicare, Aviva Mymultipay CI III, AIA Triple Critical Cover.
In terms of design, I think the Manulife Ready CompleteCare is closest to PRUtriple Protect Plan. However, there are still uniqueness in each plan.
Four differences between PRUtriple Protect (PTP and Manulife Ready Completecare (MCC)
1) PTP allows you to add on an early protector accelerator rider which pays out 50% of sum assured.
This PTP 50% accelerator rider feels a bit dated to me.
MCC's is not designed as a rider. It is just any condition listed (CI or ECI), you get 100% of sum assured.
2) PTP pays 100% sum assured while MCC with the "additional major CI benefit" pays 300% sum
The list of the covered advanced stage CIs under this "additional major benefit" by MCC are as follows:
(i) Major Cancers
(ii) Heart Attack of Specified Severity
(iii) Stroke
(iv) Alzheimer's Disease
(v) Multiple Sclerosis
(vi) Parkinson’s Disease
3) PTP has flexibility in term duration while MCC term can only be till age75 and 99
PTP has much more flexibility in term plan duration for planning purposes.
4) PTP allows up to 3x of claims but MCC (with cover-me-again) allows 5x of claims
The conditions claimed must be different. Ie, cancer and heart and lung for example.
5x claim by MCC (with cover-me-again) seems far-fetched.
The waiting period of 12months before each claim as the same for both plans.
Why buy multipay critical illness plans in the first place?
Surviving past one CI and having more than one CI is very real.
This means that if you have a traditional CI coverage , it may NOT be sufficient.
The views and opinions expressed in this article are those of the author and do not represent the views of any other organisation.
Image: Brochure of plans.
In case you skimmed to the end, this is a summary
1) PTP uses an early protector accelerator rider which pays out 50% of sum assured.
2) PTP pays 100% sum assured while MCC with the "additional major CI benefit" pays 300% sum
3) PTP has flexibility in term duration while MCC term can only be till age75 and 99
4) 4) PTP allows up to 3x of claims but MCC (with cover-me-again) allows 5x of claims
Last updated on September 4th, 2018 at 10:49 am
