Manulife has recently launched a stand-alone critical illness plan called mEase.
mEase provides coverage for 29 critical illnesses and 10% coverage for Angioplasty and other invasion treatment for Coronary Artery.
The plan also provides a death benefit of $10,000 and comes with an option to convert to regular premium whole life, endowment or investment-linked policy, providing similar cover, from Manulife (Singapore), without evidence of health.
Looks like more and more companies are coming out with standalone (term) plans that provides coverage for mainly critical illnesses. Note that such plans typically come with a survivor period clause – you have to survive for x number of days after being diagnosed with a critical illness before you can make a claim.
The point being that the critical illness benefit (lumpsum payout) is meant to help you maintain your lifestyle (due to loss of income) and bear the cost of other medical expenses. If a person dies (eg sudden heart attack), then he won’t be needing this money anyway.
And of course, the premiums are priced (and kept lower) with that in mind.