Benefit

“Old” Products

“New” Products

Remarks

Life Cover

Expensive, funding structure linked to investment.

Cheaper, paying only for cover.

Disability

“Occupation” based only
E.g.if you could still do your job in a wheelchair, you could still perform your occupation...no claim.

“Occupation” and impairment definitions.

Much more holistic approach.

Subjective claims assessment.

Objective claims assessment.
You have certainty in knowing upfront what would constitute a claim.

Notice the “exact” conditions mentioned in some companies policy documents.

Waiting periods

Mostly no waiting periods

E.g. Under "old" Would you want to wait for 6 months to claim after being disabled? Would you still be able to pay your premium in those 6 months?

Exclusions (especially mental..depression and back disorders).

Check policy document.

Some companies have very progressive policies about this. Consider: mental and back disorders make up a large percentage of claims...would you want this exclusion?

Disability Benefit reduces from age 55 or 60 to retirement, where it is nil.

Check policy document.

Some companies keep disability benefit completely until retirement age. One company even automatically converts disability cover to Severe Illness cover at retirement age, allowing you cover for the rest of your life.

Severe Illnesses

Commonly the 10 Dread Diseases

Comprehensive full body cover.

Much wider coverage.

Paid once , benefit falls away.

Some companies allow multiple claims.

One company even allows claims on lower severities of the same condition.

Full benefit paid at claim.

Claims based on the severity of the illness.

Allows for the multiple claims, lower severities can also trigger a claim.