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.)
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|Cancer Insurance Plan||Highlights||Premium (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)||Use promo code CANCER to get 20% off. Valid from 28 Nov to 29 Nov 2020.|
|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)||Enjoy 20% off all CancerCare Plus plans and $10 via PayNow. Valid from 12 Nov to 30 Nov 2020. T&Cs apply.|
|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)||Use promo code TEIF on Fridays to get 20% off premiums. T&Cs apply.|
|Great Eastern GREAT Cancer Guard||– 100% payout even for early stage diagnosis|
– No medical examination required
|From $396.16 ($100,000 Sum Assured)||Get 15% off your premium for the first year. T&Cs apply.|
|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 ($40,000 Sum Assured)|
|NTUC Income Cancer Protect||– Up to 125% of sum assured|
– Covers accidental death
– Automatic renewal every 10 years
|From $172.80 ($50,000 Sum Assured)||Get 20% off your premium for the first year. T&Cs apply.|
|Prudential PRUCancer 360||– Coverage for all stages of cancer|
– Coverage up till age 100
– 100% payout of sum assured for all cancer stage diagnosis
|From $192 ($100,000 Sum Assured)||Get 10% off your premium for the first year. T&Cs apply.|
*The premiums are based on a 30-year-old male, non-smoker.
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: Use promo code CANCER to get 20% off. Valid from 28 Nov to 29 Nov 2020.
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.
MSIG CancerCare Plus Promotion: Enjoy 20% off all CancerCare Plus plans and $10 via PayNow. Valid from 12 Nov to 30 Nov 2020. T&Cs apply.
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.
TIQ Cancer Insurance Promotion: There are no promotions currently running for TIQ’s cancer insurance plan. Check back for updates soon.
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.
Great Eastern GREAT Cancer Guard Promotion: Get 15% off your premium for the first year. T&Cs apply.
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.
NTUC Income Cancer Protect: A fuss-free plan with added benefits
NTUC Income’s Cancer Protect policy is fuss-free in every sense of the word. Policyholders enjoy an automatic renewal for the same contract term and sum assured every decade if a claim isn’t made. Fortunately, this excludes the event where you make a claim for an early stage of a major cancer.
However, this policy is subject to medical underwriting and may require the applicant to undergo a medical test. Furthermore, it will not pay any benefits should a claim arise from an existing medical condition that was not communicated beforehand. The sum assured is not as competitive too, starting at $50,000 and capping out at $100,000.
On the bright side, the premiums are affordable and coverage is comprehensive. The monthly premium starts at $14.40, but you have the flexibility to make your payment quarterly, half-yearly, or yearly too. Additionally, you receive up to 125% of your sum assured should you be diagnosed with an advanced stage cancer.
NTUC Income Cancer Protect Promotion: Get 20% off your premium for the first year. T&Cs apply.
Prudential PRUCancer 360: Features the longest coverage across all stages
Prudential’s PRUCancer 360 policy boasts the widest coverage on this list, including infants who are a year old to senior citizens up to 100 years old. Additionally, it covers all stages of cancer and provides a 100% payout of your sum assured upon diagnosis for any stage.
The sum assured starts at $10,000 and goes up to a maximum of $300,000. This translates into a maximum monthly premium of $46 (based on a 25-year-old female who is a non-smoker). However, applicants age 1 to 16 are restricted to a maximum sum assured of $100,000 and the maximum age of renewal is 95 years old. There is also no death benefit included.
Fortunately, signing up for this policy is extremely easy because you only need to answer a single health question when applying. You do not need to jump through multiple hoops just to get on board.
Prudential PRUCancer 360: Get 10% off your premium for the first year. T&Cs apply.
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.