To protect against pricey cancer treatments, a high coverage cancer insurance is key. We compare the top three plans to see which best serves your needs.
Undergoing treatments is an expensive yet necessary part of recovery when you’re diagnosed with cancer. This is where cancer insurance — specifically catered to cancer-related finances — helps protect you and your family against high medical costs.
But which cancer insurance plan is up to the task when the chips are down? We compare the top three cancer insurance plans in the market and find out which one has what it takes to protect both you and your loved ones.
MSIG vs FWD vs Tiq
| Cancer insurance plans | Key benefits |
| MSIG CancerCare Plus | Basic benefit for major cancer: S$100,000 sum assured Up to 50% of basic benefit for early-stage cancer Automatic renewal up to 84 years old Up to S$50,000 payout for early-stage cancer Able to purchase the insurance plan online; immediate policy issuance Three health declarations to get covered No difference in premiums for smokers and non-smokers |
| FWD Cancer Insurance | Maximum coverage: up to S$200,000 100% payout for all cancer stages, including early stages Death benefit: up to S$5,000 if cancer is found to be cause of death Complimentary second opinion conducted by FWD medical partners |
| Tiq Cancer Insurance | Cancer benefit: S$50,000, S$100,000 or S$200,000 Death benefit: up to S$5,000 Automatic renewal up to 85 years old 100% payout for all stages of cancer, including early stages 6% no claim discount if zero claims made in the previous policy term |
What these cancer insurance plans have in common
After looking at all three plans, it’s clear that 100% sum assured payout upon a cancer diagnosis is a common feature across the board. However, these sum assured options vary, with FWD and Tiq Cancer Insurance assuring the highest amount option (up to S$200,000), whereas MSIG only offers a fixed sum assured of S$100,000.
Payout for early cancer detection is also a unifying feature among these insurance plans. This is good news considering that this is not usually covered in a standard critical illness plan. By getting cancer insurance, you’re closing up a potential coverage gap here. More importantly, early cancer treatment also boosts your chances of survival and should never be overlooked when you’re shopping for cancer insurance.
How these cancer insurance plans differ
#1 Cancer benefit
| MSIG CancerCare Plus | FWD Cancer Insurance | Tiq Cancer Insurance |
| S$100,000 (fixed) | S$50,000, S$100,000 or S$200,000 | S$50,000, S$100,000 or S$200,000 |
Now, a quick glance at the above table and you’ll find that MSIG is a lot more limited when it comes to its cancer benefit payout, with a maximum of S$100,000. This amount is also fixed, which may be a deal-breaker for you if you’re looking for more flexible coverage.
Its peers, on the other hand, come out on top with twice that amount at a maximum of S$200,000. Both FWD and Tiq provide two other options that amount to S$50,000 and S$100,000.
#2 Early-stage cancer payout
| MSIG CancerCare Plus | FWD Cancer Insurance | Tiq Cancer Insurance |
| Up to 50% of sum assured | Up to 100% of sum assured | Up to 100% of sum assured |
Early-stage cancer diagnosis is covered by all three plans too, with Tiq and FWD leading the pack here with 100% of the sum assured. MSIG only offers up to 50% sum assured (or S$50,000) for early-stage cancer diagnosis. On the plus side, the remaining 50% will kick in if you’re ever diagnosed with a later stage of cancer somewhere down the line.
#3 Death benefit
| MSIG CancerCare Plus | FWD Cancer Insurance | Tiq Cancer Insurance |
| Not available | Up to S$5,000 | Up to S$5,000 |
We’ve come a long way in terms of medical advancement but the cold hard truth is that cancer remains one of the leading causes of death. If you’re looking to maximise your cancer insurance plan, another benefit that’s worth looking at is the death benefit. This payout is important considering it could help ease your family’s financial strain should you pass on from cancer.
If death benefit is high on your priority list, you’ll be happy to know that FWD and Tiq offer a payout of up to S$5,000. That leaves MSIG as the odd one out here as there is no death benefit provided.
#4 Perks and savings
| MSIG CancerCare Plus | FWD Cancer Insurance | Tiq Cancer Insurance |
| Automatic annual renewal up to age 84 Three health declarations to get covered |
Get second opinion at no cost One health declaration to get covered; no health examination required |
Automatic annual renewal up to age 85 6% no claim discount if zero claims made in the previous policy term |
This is where the comparisons get interesting, as each plan caters to different needs.
If you’re more inclined towards fuss-free auto-renewals (which remains in force even after making a claim upon an early-stage diagnosis), MSIG is worth looking into. It gets bonus points here as getting covered is reasonably simple, and only three health declarations are required. Plus, there's no price difference for non-smokers and smokers — this means you'll both enjoy the same premiums.
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MSIG Cancer Insurance Promotion: Enjoy 20% off for MSIG Cancer Insurance when you purchase NOW! Valid till 31 July 2023. T&Cs apply
If you like the idea of getting a complimentary second-opinion consultation with one of the insurer’s medical partners, look no further than FWD. Its coverage requirement is even simpler here with only one health declaration necessary to kick things off.
That said, if savings remains an irresistible perk, Tiq is your best bet here as the plan provides a decent 6% yearly discount upon renewal if no claims are made in the previous year.
Conclusion: Which cancer insurance plan stands out from the rest?
From a benefits point of view, it’s fair to say that TIQ and FWD are pretty much neck and neck. But hey, don’t count out MSIG just yet — its premiums are affordable and start from as low as S$54* a year given the relatively high S$100,000 sum assured.
If you're a high-risk case with a family history of cancer, it’s best to go for the most well-rounded option of the bunch AKA FWD cancer insurance. This high-coverage plan may also be the better option if you’re the sole breadwinner of the family as the payout is larger and able to tide you through longer — even if your income is at a standstill while you recover.
However, if you’re an average joe who’s mainly looking to cover your bases (and you’ve got critical illness coverage in your back pocket already), it might be more prudent to go for the Tiq cancer insurance plan over FWD as you can leverage on its no-claim discount and save some money on your premiums.
*premium amount applies to males, age 20 to 29
Protected up to specified limits by SDIC.
Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future healthcare needs.
If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.
Read these next:
Best Cancer Insurance Plans In Singapore (June 2021)
Best Critical Illness Insurance Plans In Singapore (June 2021)
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MSIG CancerCare Plus Review: Simple Cancer Plan With Accelerated Benefit
How To Avoid Overpaying Your Insurance
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