Insurance

Best Critical Illness Insurance Singapore

Updated as of 28 May 2021.

  • Phuan Wei Ning
  • |
  • Published on 24 Aug 2020

Best affordable critical illness insurance: FWD Big 3 Critical Illness Insurance

Pros

  • Competitive prices
  • Coverage for the three most claimed for critical illness in Singapore
  • Full pay-out upon diagnosis of cancer, heart attack or stroke
  • Just one health declaration question needed
  • Flexible, with policy renewable yearly up to the age of 85
  • Entry age from age 18 to 65
  • Coverage of up to $200,000
  • Apply and claim directly online, simple and fuss-free
  • Cons

  • Covers only for cancer, heart attack and stroke
  • Pre-determined sum assured at 3 coverage points ($50,000, $100,000 and $200,000)
  • Promotion: Use promo code "IFAST" to enjoy 35% off your FWD Big 3 Critical Illness plan.



    Pick this if... you want affordable coverage for the three most commonly claimed critical illnesses in Singapore.


    May not be suitable for: Multiple claims coverage.

    *Promotions shown are accurate as of 6 December 2021 with changes subjected to the insurer's discretion.

    Striking a balance between coverage and affordability, FWD Big 3 Critical Illness insurance is our top pick for affordable critical illness insurance. Providing a 100 per cent pay-out upon a heart attack, stroke or cancer diagnosis, FWD Big 3 Critical Illness offers early stage protection against the three most commonly claimed critical illnesses.1

    While coverage for FWD Big 3 Critical Illness may not be as extensive as compared to traditional early critical illness insurance, the three conditions that FWD covers for makes up more than 90 per cent of the critical illness claims in Singapore. An enhanced heart disorder rider and/or enhanced neurological rider can also be opted for should you wish to further enhance your coverage.

    Cost of annual premiums for $100,000 coverage for a non-smoker:

    Age 30
    Age 40
    Age 50
    Male
    $253
    $322
    $771
    Female
    $314
    $453
    $910

    *Premiums shown are before discounts and are rounded down to the nearest whole number. Accurate as of 24 August 2020 with changes subjected to the insurer's discretion.

    With its low price point, we like how FWD manages to keep its premiums affordable while providing coverage for the three most commonly claimed critical illnesses. By offering individuals an alternative to traditional early critical illness plans, we feel that FWD Big 3 Critical Illness insurance is a good entry level critical illness insurance.


    Best multiple coverage critical illness insurance: Manulife Ready CompleteCare (cover me again)

    Pros

  • Coverage restarts even after a claim is made, up to 500% sum assured
  • Up to 6 claims per policy for different conditions
  • Complimentary basic health check every 2 years
  • Enjoy coverage up to age 99
  • Free child cover for advanced critical illness
  • 100% premium refund, less any claims, in the event of death
  • Entry age from age 0 to 65
  • Cons

  • "Cover Me Again" benefit is only applicable for different critical illnesses and have a waiting period of 12 claim-free months in order for coverage to restart
  • Pay-outs staggered according to severity of critical illness (early, intermediate or advanced stage)
  • Limited policy terms offered (up to age 75 or age 99 only)
  • Pick this if... you would like an easy to understand multiple coverage plan with cover up to the age of 99.


    May not be suitable for: Direct online purchase or individuals looking for affordable critical illness insurance.

    With the "Cover Me Again" benefit allowing coverage to restart even after a claim is made, Manulife Ready CompleteCare is our pick for multiple coverage critical illness insurance. Covering for 106 conditions and critical illnesses, the multiple coverage benefit allows individuals to make a maximum of 6 claims for up to 500 per cent of the basic sum assured. Individuals are also given a complimentary basic health check every two years with this benefit transferrable to a loved one.



    Best critical illness insurance for extensive coverage: Tokio Marine TM EarlyCover

    Pros

  • Covers for up to 119 medical conditions or procedures
  • Up to $350,000 coverage for early stage critical illness
  • Waiver of premiums upon first early or intermediate stage critical illness claim
  • Entry age from age 1 to 65
  • Cons

  • Pay-outs are staggered according to severity of critical illness (early, intermediate or advanced stage)
  • Limited policy terms offered (up to age 70, 75 and 85)
  • Pick this if... you want extensive coverage of up to 119 medical conditions or procedures.


    May not be suitable for: Individuals who are worried about being diagnosed with a second critical illness or prefer the convenience of purchasing directly online.

    Our pick for critical illness insurance with extensive coverage, TM EarlyCover covers for up to 119 medical conditions and procedures. This includes 109 critical illness conditions, 10 juvenile conditions and 10 special conditions.

    With up to $350,000 given for early stage pay-outs, TM EarlyCover also offers a higher capped amount for early stage pay-outs. Additionally, premiums are waived upon a first early or intermediate stage claim thus ensuring that you can focus on your recovery without having to worry about your finances.


    Best gender-specific critical illness insurance: NTUC Lady 360

    Pros

  • Tailored plan for females
  • Coverage for specific female illnesses, surgeries and post diagnosis support
  • Premiums waived for the next 24 months upon diagnosis of specific female illness
  • Flexible with the option for a 10 year renewable policy term or term of up to age 64
  • Complimentary health screening every two years
  • Cons

  • Pay-outs for female procedures range between 5 to 100 per cent of sum assured
  • Pick this if...your are concerned about female-specific conditions and procedures.


    May not be suitable for: Individuals who do not require female critical illness insurance or want to purchase directly online.

    Tailored for females, NTUC Lady 360 is our pick for the best gender-specific critical illness insurance. Covering for specific female conditions and procedure, coverage includes hormone replacement therapy, eggs freezing and reconstructive surgery for mastectomy following breast cancer or carcinoma in situ of the breast, malignant skin cancer, accidental burns and/or accident.

    NTUC Lady 360 also offers flexibility with the option for a 10 year renewable policy term or a policy term of up to age 64. A complimentary biennial health screening is also provided with this tailored specifically for females.


    For more information on the new 37 standard critical illness (CI) as defined by Life Insurance Association (LIA), you may refer to our article "3 Reasons To Not Get Basic Critical Illness Insurance".


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    Information accurate as of 24 August 2020.


    Available Products on FSMOne Insurance

    Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment


    from Etiqa Insurance, Manulife, NTUC Income and Tokio Marine Life Insurance


    *Please check with our advisory team if the product you want is available on FSMOne Insurance


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    1Source: https://www.genre.com/knowledge/publications/ri15-4-droste-xiang-en.html

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