If you are a Singaporean, cancer is the leading cause of death, statistically speaking. And while medical technology has significantly increased our chances of surviving cancer, the impact on our finances can be severe.
Here’s why you should seriously consider cancer insurance: The average Singaporean has a critical health coverage gap of over $ 250,000.
Because critical illness insurance can be prohibitively expensive, cancer insurance is a way to get your most likely critical illness protection at a relatively low cost. It’s almost a no-brainer to get it – especially if you have a family history of cancer.
However, there are several cancer insurance plans that you can choose from. And not all of them are ideal for your individual circumstances. So that you can make the optimal choice for yourself and also save even more money, you will find the best cancer insurance available today here.
FWD cancer insurance: the best and most unique services
What sets FWD cancer insurance apart from the rest is the free medical second opinion. Policyholders have the right to get a second opinion from Mediguide, where a team of specialist doctors will review your medical records. Given the severity of a cancer diagnosis, this can provide tremendous reassurance.
That being said, FWD’s cancer insurance nuts and bolts can stand out well from the market. Base coverage starts at just $ 50,000 but goes up to $ 200,000 – the upper limit of the market. In addition, it pays a full 100 percent of the sum insured, even for early-stage diagnoses. There is also a smaller and separate death benefit.
Prices are slightly above the market average, but if that’s not a big problem for you, this is a great all-rounder plan that offers one of the best perks out there.
MSIG CancerCare Plus: Best value for money
MSIG’s cancer insurance plan is a little stricter than others. The amount insured is set at $ 100,000 with no flexibility. On the surface, this can be a disadvantage, and we do not deny that most people – if all things are equal – would prefer this flexibility.
But not all things are created equal because MSIG CancerCare Plus may be one of the best value for money out there. Get the full $ 100,000 for the same premiums you would pay for a plan that gave you $ 50,000 coverage.
There are a few other drawbacks to the plan, however. On the one hand, diagnoses in the early stage are only entitled to 50 percent of the sum insured (the remaining 50 percent can be used for all diagnoses in the early stage). There is also no additional death benefit. However, if this isn’t a huge problem and you just want to maximize the value of your cancer insurance, look no further.
TIQ Cancer Insurance: Great Benefits Plus Annual Savings
To be honest, TIQ’s cancer insurance plan is very similar to FWD’s. Both are solid all-rounder plans that pay the full 100% insured amount regardless of the diagnostic level. They also have the same lower death benefit, and their coverage levels range from $ 50,000 to $ 200,000 as well. Premium-wise, they are also within a few dollars of each other. You really can’t go wrong with either option.
The salient differences are actually only due to two main points. FWD has the unique advantage that a team of medical specialists can obtain a free second medical opinion. While you receive 6 percent of your annual premiums for TIQ as long as you have not made a claim. This is essentially the no entitlement discount model that you see with auto insurance.
If you are looking for good all-round cancer insurance, TIQ or FWD is for you. It just depends on what you value more – a second medical report or a 6 percent annual discount.
Great Eastern GREAT Cancer Guard: The Most Convenient Plan
Great Eastern’s GREAT Cancer Guard plan is designed to give you the greatest possible convenience and consistency. For one, the premiums don’t increase with age – this consistency gives you the opportunity to plan your finances much more clearly. Second, no medical examination is required, just a simple health declaration with a guaranteed extension to the age of 85.
The insured amount starts at $ 100,000 and goes up to $ 200,000 – it’s more standard. It pays 100 percent of the amount regardless of the diagnosis level, although it does not include any death benefit.
However, the rewards are definitely at the high end of the market – a necessary tradeoff to keep it up for the life of the plan. However, if you don’t mind carrying higher premiums (and the lack of a death benefit) in exchange for that convenience and consistency, this is a plan to look into.
ALSO READ: What Happens If You Are Underinsured Against Critical Illness?
SingLife Cancer Insurance: Best for People on a Shoestring Budget
To be honest, despite the sobering statistics, cancer insurance is one of the most overlooked types of insurance in Singapore. And if you’re one of those people who feels that some are better than none, SingLife has a very affordable cancer insurance plan for some level of cancer protection.
Starting at around $ 82.52 / year for a 20-year baseline (the lowest on this list), the amount insured is $ 40,000 for late-stage cancer only, with a $ 5,000 death payout. An upgrade to the SingLife Cancer
The Plus plan fully includes the early and middle stages. In the event of cancer, you are entitled to a payout of 25 percent or 50 percent (of the sum insured) without your policy expiring. Yes, there are multiple claims whether it is a relapse or the onset of a new cancer.
Two other great features are that you don’t have to undergo a medical exam. To get insurance, all you have to do is fill out an online form with MyInfo in advance. This makes the SingLife Cancer plan one of the latest in no-hassle digital insurance deals that can get you coverage quickly on the go.
NTUC Income Cancer Protect: A Straightforward Plan With Additional Benefits
NTUC Income’s Cancer Protect policy is literally straightforward. Policyholders receive an automatic extension for the same contract term and an insurance sum that is guaranteed every ten years if no claim is made. Fortunately, this rules out the event where you make an early stage serious cancer claim.
However, this policy is subject to medical insurance and may require the applicant to perform a medical test. In addition, no benefits will be paid if an entitlement arises from an existing illness that was not previously communicated. The amount insured is also not as competitive, starting at $ 50,000 all the way up to $ 100,000.
On the plus side, the premiums are affordable and the coverage is extensive. The monthly premium starts at $ 14.40, but you have the flexibility to make your payment quarterly, semi-annually, or even annually. In addition, you will receive up to 125 percent of your sum insured if you are diagnosed with advanced cancer.
Prudential PRUCancer 360: Provides the longest coverage across all tiers
Prudential’s PRUCancer 360 policy offers the largest coverage on this list, including infants one year old to seniors up to 100 years of age. In addition, it covers all cancer stages and offers a 100 percent payout of your sum insured upon diagnosis for each stage.
The sum insured starts at $ 10,000 and goes up to a maximum of $ 300,000. This equates to a maximum monthly premium of USD 46 (based on a 25-year-old woman who is a non-smoker). However, applicants ages 1 to 16 are limited to a maximum insured amount of $ 100,000 and the maximum age of renewal is 95 years. There is also no death benefit included.
Fortunately, signing up for this policy is very easy as you only need to answer a single health question when you apply. You don’t have to jump through multiple hoops to get on board.
This article was first published on SingSaver.com.sg.
