5 Best Cancer Insurance Plans In Singapore (2020)

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If you’re a Singaporean, statistically, cancer is the most worrying cause of death. And although medical technology has greatly increased our chances of surviving cancer, the impact on our finances can be dire. 

As we explained in why you should seriously consider getting cancer insurance, the average Singaporean has a critical illness protection gap of over $250,000.

But since critical illness insurance can be prohibitively expensive, cancer insurance is a way to get protection against the highest-probability critical illness at a relatively low price. Getting it is almost a no-brainer—especially if you have a history of cancer in your family.

But there are several cancer insurance plans you can choose from. And not all of them will be the ideal fit to your individual circumstances. So, to help you make the optimal choice for yourself—and to save even more money on top of that—here are the best cancer insurance (along with promotions and discounts) out there today.

(P.S. If you’re still confused about what it entails, be sure to read about the five critical things to know about cancer insurance.)

Cancer Insurance PlanHighlightsPremium (per year)Promotion
FWD Cancer Insurance– 100% payout even for early stage diagnosis
– Obtain a free medical second opinion via Mediguide
– Additional death benefit payout 
From $98 ($50,000 Sum Assured)21 – 25 Sep 2020: Use promo code CANCER to get 20% off
MSIG CancerCare Plus– Highest coverage to premiums ratio
– Highest default basic sum assured of $100,000
– 50% accelerated payout for early cancer diagnosis
 
From $94.16 ($100,000 Sum Assured)Get 20% discount and $10 cash via PayNow if you apply on SingSaver from now till 30 Sep 2020

[SingSaver Flash Deal] Score a Dyson Pure Cool Me™ purifying fan (worth S$499) by being the first 5 each day to apply! Valid from 24 – 27 Sep 2020.
TIQ Cancer Insurance– 6% of past year’s premiums worth of savings on yearly policy renewal if no claim made in previous year
– 100% payout even for early stage diagnosis
– Additional death benefit payout 
From $96 ($50,000 Sum Assured)
Get $5 reward via PayNow if you apply on SingSaver

[SingSaver Flash Deal] Score a Dyson Pure Cool Me™ purifying fan (worth S$499) by being the first 5 each day to apply! Valid from 24 – 27 Sep 2020.

Use promo code TEIF on Fridays to get 20% off premiums 
Great Eastern GREAT Cancer Guard– 100% payout even for early stage diagnosis
– No medical examination required 
From $396.16/year ($100,000 Sum Assured)Enjoy 15% off your first-year premium and free 12 months Dengue Care when you sign up by 30 Sep 2020
SingLife Cancer Plus Plan– Lump sum $5,000 death payout
– Allows multiple claims in the event of relapse
– Very flexible premium options
From $82.52/year ($40,000 Sum Assured)
Keep a lookout for more promos!

*The premiums are based on a 30-year-old male, non-smoker. 


End your September with a bang! Happening between 24 and 27 September 2020 only, you can get your hands a slew of cash rewards, Dyson products, and Apple AirPods, just by applying for selected credit cards, loans or insurance plans from the likes of Citibank, Standard Chartered, UOB and AXA.

You’ll have to be quick about it as we’re only giving out these rewards to the first 75 applicants each day! Get the full Flash Deals details here.


FWD Cancer Insurance: Best and most unique benefits

What sets FWD’s cancer insurance plan apart from the rest is its free medical second opinion. Policyholders are entitled to obtain a second opinion from Mediguide, where a team of expert physicians will review your medical records. Considering the gravity of a cancer diagnosis, this can offer huge peace of mind.

That aside, the nuts and bolts of FWD’s cancer insurance plan stand up well against the market. Basic coverage starts as low as $50,000 but goes all the way up to $200,000—the upper limit of the market. Furthermore, it pays out a full 100% of the sum assured even for early stage diagnoses. There’s also a smaller and separate death benefit.

Its premiums are priced slightly above the market average, but if that is not a big issue for you, this is a great ‘all-rounder’ plan that has one of the best benefits on the market.

FWD Cancer Insurance Promotion: From 21 – 25 Sep 2020, use promo code CANCER to get 20% off.

MSIG CancerCare Plus: Best value for money

MSIG’s cancer insurance plan is a little more rigid than others. The sum assured is fixed at $100,000, with no flexibility given. On the surface, that can seem to be a drawback, and we’re not denying that—all things being equal—most people would prefer to have that flexibility.

But all things are not equal, because MSIG CancerCare Plus may be one of the best value for money plans on the market. For the same premiums you would pay for a plan that gives you $50,000 of coverage, you get the full $100,000.

That said, the plan does have a couple of other drawbacks to note. For one, early stage diagnoses are only eligible for 50% of the sum assured (the remaining 50% can be used for any non-early stage diagnoses down the line). There is also no additional death benefit. However, if this is not a major concern and you just want to maximise value in your cancer insurance plan, look no further.

SingSaver exclusive: Apply from 1 – 30 September 2020 and get 20% discount off premiums and a $10 cash reward (for annual premiums only) via PayNow. [SingSaver Flash Deals] On top of that, score a Dyson Pure Cool Me™ purifying fan (worth S$499) by being the first 5 each day to apply! Valid from 24 – 27 Sep 2020. Details here

TIQ Cancer Insurance: Great benefits plus yearly savings

To be honest, TIQ’s cancer insurance plan is very similar to FWD’s. They are both solid ‘all-rounder’ plans which pay the full 100% sum assured regardless of the diagnosis stage. They also have the same smaller lump sum death benefit, and their coverage sums also range from $50,000 to $200,000. Premium-wise, they are also within a few dollars of each other. You really can’t go wrong with either option.

The salient differences really only come down to two main points. FWD has the unique benefit of getting a free medical second opinion from a team of expert physicians. Whereas for TIQ, you can enjoy 6% off your annual premiums so long as you haven’t made any claim. This is essentially the ‘No Claim Discount’ model you see with motor insurance.

If you are looking for a good ‘all-rounder’ cancer insurance plan, either TIQ or FWD will serve your needs. It just depends on what you value more—a second medical opinion or a 6% annual discount.

SingSaver exclusive: Get 20% off premiums when you use the promo code TEIF on Fridays. Plus, until 30 September 2020, enjoy a $5 reward via PayNow. [SingSaver Flash Deals] On top of that, score a Dyson Pure Cool Me™ purifying fan (worth S$499) by being the first 5 each day to apply! Valid from 24 – 27 Sep 2020. Details here

Great Eastern GREAT Cancer Guard: Most convenient plan

Great Eastern’s GREAT Cancer Guard plan is designed to give you the maximum convenience and consistency possible. For one, the premiums don’t increase with age—this consistency gives you the ability to plan your finances with much more clarity. Second, there’s no medical examination required, just a simple health declaration with a guaranteed renewal until age 85.

Its sum assured starts at $100,000 and goes up to $200,000—it’s rather standard. It pays out 100% of the amount regardless of the diagnosis stage, although it doesn’t include a death benefit.

That said, its premiums are definitely on the higher end of the market—a necessary trade-off for maintaining it for the entire term of the plan. However, if you don’t mind bearing higher premiums (and the absence of a death benefit) in exchange for this convenience and consistency, then this is one plan worth looking into.

Current promotion: Get 15% off your first-year premiums and free 12 months Dengue Care for you and your family when you sign up by 30 September 2020.

SingLife Cancer Insurance: Best for those on a tight budget

Truth be told, cancer insurance is one of the more overlooked insurance types in Singapore, despite the sobering statistics. And if you are one of those with a ‘some is better than none’ mindset, SingLife has a very affordable cancer insurance plan for some measure of cancer protection. 

Starting at about $82.52/year for a 20-year basic plan (the lowest on this list), its sum assured goes for $40,000 for late stage cancer only, with a death payout of $5,000. An upgrade to the SingLife Cancer Plus plan would see complete inclusion of early and intermediate stages; in the event cancer strikes, you are entitled to a 25% and 50% (of sum assured) payout respectively, all without having your policy lapse. Yes, it does offer multiple claims, whether or not it is a case of relapse or the occurrence of a new cancer. 

Two other great features are that you won’t have to undergo any medical examination, and getting covered is a simple matter of pre-filling an online form using MyInfo. It makes the SingLife Cancer plan one of the latest entering the fray of fuss-free digital insurance offerings, one that you can get quick coverage on the go.

Helping you make the best choice for your protection

Cancer is unpleasant to read, hear, or even think about. But we cannot ignore reality, which is why it’s important to stay protected. SingSaver is here to help you make the best choices when it comes to your protection. Click here to compare all our cancer insurance plans at a single glance.

Read these next:
Here’s Why You Should Seriously Consider Getting Cancer Insurance
Breast Cancer In Singapore: A Guide On Treatment Costs And Insurance Plans
5 Critical Things You Need to Know About Cancer Insurance
4 Must-Have Insurance In Your 20s
Best Women’s Credit Cards In Singapore 2020


By Ian Lee
Ian is a former investment banker turned freelance financial and investment writer. He specialises in creating versatile finance content for the attention economy on topics ranging from personal finance and investing to fintech and cryptocurrencies.