Financial News and Advice in Singapore

Great Eastern GREAT Cancer Guard Review: Fixed-premium Cancer Care With High Sum Assured

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A dependable standalone cancer care plan with one of the highest sums assured available.

Offering a lump-sum payout of up to S$300,000 upon cancer diagnosis, GREAT Cancer Guard by Great Eastern is a shoe-in for those seeking high levels of protection against cancer.

In addition to the any-stage payout feature, the policy also runs on a fixed-premium basis, saving your family from having to worry about premiums becoming too expensive in your old age – which is arguably when you’ll need the coverage most.

While it is a solid and dependable plan, should GREAT Cancer Guard be the default choice for all who seek cancer protection?

Let’s dive in for a closer look.

Pros and cons of Great Eastern GREAT Cancer Guard

ProsCons
Lump-sum payout upon cancer diagnosis, at any stageWaiting period of 90 days
Fixed premiums throughout coverage termDoes not cover other critical illnesses
Covers up to age 85Fixed premiums mean plan is expensive for younger applicants
High sum assured of up to S$300,000
No medical examination necessary, just health declaration

Key features of Great Eastern GREAT Cancer Guard

#1: Fixed premiums throughout coverage term
This is one of the plan’s distinguishing features, but it is somewhat of a double-edged sword.

Unlike some other cancer care plans, GREAT Cancer Guard features fixed premiums throughout the term of cover. This means that you won’t have to face anxieties about your plan becoming too expensive as you get older; your premiums will cost the same from the day you sign up all the way until the plan terminates.

However, the downside is that if you sign up for this plan while still young, your premiums may be very much higher compared to plans with premiums that increase with age. (These types of plans charge low premiums for younger applicants deemed to be of lower risk, but premiums can rise sharply as you enter higher-risk age bands.)

If you’re relatively young and are facing budget constraints, it may be better to hold off on this plan, and instead go with a plan that offers similar benefits at a cheaper premium.

#2: Lump-sum payout upon cancer diagnosis
GREAT Cancer Guard is extremely simple; it pays out 100% of the sum assured once a cancer diagnosis is confirmed (as long as stated exclusions are not triggered).

This is extremely helpful in enabling suitable treatment as early as possible, which increases the chances of survival and recovery.

#3: High sum assured of S$300,000
As a standalone cancer care plan, this one has among the highest sum assured on the market. You can opt for up to S$300,000 in coverage, while some plans max out at S$200,000.

#4: No medical examination required
There is no need to undergo a medical exam in order to qualify for this plan. You need only submit a health declaration. Do note, though, that any inaccuracies in the health declaration can cause your policy to be invalidated.

Important exclusions to note

If you’re thinking of signing up for GREAT Cancer Guard, do note the following important exclusions.

For a complete list of exclusions, be sure to read the policy document.

  • Maximum age of qualification is 55 (age next birthday). Individuals older than 55 at the time of application may be rejected.
  • Waiting period of 90 days from either i) Policy Issue date or ii) Date of Reinstatement of Policy applies; no benefits will be paid out for claims made within the waiting period.
  • No benefits will be paid out for any cancers at any stage caused directly or indirectly by
    • Related pre-existing conditions
    • Alcohol or drug abuse
    • Congenital anomaly or defect

For whom is GREAT Cancer Guard best suited?

GREAT Cancer Guard offers a 100% payout of the sum assured as long as there is a certified diagnosis of cancer, no matter which stage. Premiums are fixed throughout the term of cover, so there’s no fear of the plan becoming unaffordable in your golden years. Lastly, it offers among the highest sum assured of S$300,000 for standalone cancer care plans in Singapore.

These three features make GREAT Cancer Guard an ideal plan for those approaching high-risk ages, who desire high cancer coverage and lump-sum payout upon diagnosis, without the pressure of escalating premiums.

Plan tiers, premiums and promotions

Below, we’ve summarised GREAT Cancer Guard for a quick and easy reference.

This is a cancer care plan that pays out 100% of the sum assured upon medical diagnosis of cancer, at any stage. It also offers fixed premiums throughout (instead of premiums that increase with age).

All these make it relatively simple when signing up. You need only choose the amount of coverage you want, and whether the premiums fit your budget.

Item coveredSum assured
Confirmed medical diagnosis of cancer, any stageS$50,000 to S$300,000, lump-sum payout

How much does GREAT Cancer Guard Cost?

To be sure, Great Eastern’s cancer care plan is not the cheapest one around, although premiums are affordably priced.

See the following table for an illustration:

Male, 30 years old, non-smoker

Lump-sum coverageMonthly premiums
S$50,000S$18.25
S$100,000S$31.78
S$150,000S$43.80
S$200,000S$54.97
S$300,000S$81.17

To find out how much premiums will cost for you and your family members, use this online quotation page.

What promotions are there for GREAT Cancer Care?

15% off first-year premiums

  • Receive 15% off premiums in the first year
  • Valid only for new applications
  • Discount automatically applied when you apply online

How to claim

If you’re a GREAT SupremeHealth customer and holds Singapore citizenship or permanent residency, your hospital will automatically submit your claims on your behalf; there’s no need for any action on your part.

Otherwise, you may submit a claim by following these steps:

  1. Go to Great Eastern’s ‘Make A Claim’ page
  2. Choose “Medical/Hospitalisation Claim”, and follow the instructions on the page
  3. You may submit your claim documents in one of three ways
    1. via your Financial Representative
    2. drop-off at any of Great Eastern’s three Customer Service Centres
    3. by post

For more information or assistance, you may contact Great Eastern via:

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By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.