Insurance

Cheap Cancer Insurance Singapore 2021

Touted as the “cheaper” alternative to critical illness insurance, do you know which cancer plan is right for you? Updated 6 December 2021.

  • Phuan Wei Ning
  • |
  • Published on 02 Jul 2021


Name of plan
Allianz Cancer Protect
FWD Cancer Insurance
CancerCare Plus
NTUC Cancer Protect
TM Protect Cancer
Insurer
Allianz
FWD Insurance
MSIG
NTUC Income
Tokio Marine
Entry age
Age 18 to 65 Age Last Birthday (ALB) (for adults) or between 30 days and 18 or 24 years old Age Last Birthday (ALB) if registered as full time students at an Educational institution (for a child)
Age 18 to 65 Age Last Birthday (ALB)
Age 20 to 64 Age Last Birthday (ALB)
Age 30 to 64 Age Last Birthday (ALB)
Age 30 to 65 Age Next Birthday (ANB)
Policy term
Yearly renewable up to age 79 (ALB)
Yearly renewable up to age 85 (ALB)
Yearly renewable up to age 84 (ALB)
Renewable until age 84 (ALB)
Renewable up to age 85 (ANB)
Coverage levels
$50,000, $75,000 or $100,000
$50,000, $100,000 or $200,000
$100,000
$50,000, $80,000 or $100,000
$50,000 to $150,000. Coverage can be increased in increments of $1,000
Early stage cancer benefit
Lump sum pay-out upon diagnosis of major cancer
Full lump sum pay-out upon diagnosis
Accelerated payment of $50,000 for specified early stage cancer
Receive 25% of your sum assured when you are diagnosed with an early stage cancer
Receive 50% of sum assured for early stage cancer
Advanced stage cancer benefit
Lump sum pay-out less any amount that was previously paid
Full pay-out if not yet claimed for early stage
$100,000 less any amount that was previously paid out
Up to 125% of your sum assured when you are diagnosed with an advanced stage cancer. No reduction in sum assured even after early stage cancer claim.
100% benefit payout on advanced stage cancer diagnosis
Medical check-up
Not required. Just answer 2 to 3 underwriting questions.
Not required. Just answer 1 health declaration. Cover may be given even with pre-existing non-cancer related medical conditions.
Not required. Just answer 3 health declaration questions.
Underwriting will be based on your health declaration in your proposal form. Medical check-up may be required if deemed necessary. Cover may be given even with pre-existing non-cancer related medical conditions.
Just answer 7 health-related questions.
Medical second opinion service
No
Yes
No
No
No
Monthly income benefit
Up to 12 months of monthly income benefit while you recover
No
No
No
No
Death benefit
No
$5,000
No
$5,000 or up to 100% sum assured for accidental death before age 70
No
Direct online purchase
Yes
Yes
Yes
No
No
Claim process
Downloaded claim form must be filled in and delivered to Allianz via email or post with supporting documents.
Digitised, click to claim with pre-filled data.
Claim must be reported to MSIG with a completed claim form and supporting documents delivered to MSIG.
Documents and completed claim form can be emailed to NTUC Income.
Annual premiums*
$434.40
$248
$194.03
$334.60
$263
Ongoing promotions
30% off first year premiums, T&Cs apply.
35% off with promo code "IFAST".

20% off. Valid till 19 December 2021. T&Cs apply.
-
-

*Profile: Age 40, non-smoker male for $100,000 sum assured. Premiums shown are before discounts and is accurate as of 6 December 2021.


For full pay-out upon diagnosis of cancer: FWD Cancer insurance or Allianz Cancer Protect

Unlike typical cancer plans that stagger pay-outs into early and advanced stages, FWD Cancer insurance and Allianz Cancer Protect offers a full pay-out upon diagnosis of cancer. This allows you to receive your pay-out at an earlier stage and eliminates any financial worries that you may have of being unable to afford the appropriate treatment for your illness.

(See "Best Cancer Insurance Singapore")


For customisable sum assured levels: TM Protect Cancer

While most cancer plans offer plans with coverage levels that are pre-determined, TM Cancer Protect offers the flexibility to customise your coverage level. This means that you can choose to increase your coverage in increments of $1,000, with a minimum of $50,000 sum assured and a maximum of $150,000 sum assured.


For a monthly income replacement benefit while you recover: Allianz Cancer Protect

The daily hospitalisation cash benefit is no longer available in new integrated shield plan riders. While cancer plans will provide a lump sum pay-out that can either help to offset your treatment costs or serve as income replacement during your recovery period, Allianz goes one step further with a monthly income benefit. This benefit provides up to 12 months of monthly income benefit while you recover, thus allowing you to receive additional income during your recovery period.

(See "Cover Your “Missing” Hospitalisation Cash Benefits With These 3 Plans")


For a higher coverage: FWD Cancer insurance

While FWD Cancer insurance does not offer customisable coverage levels, the three pre-determined coverage levels are at varying levels thus making it suitable to be considered by individuals with varying needs. Furthermore, at $200,000 sum assured, FWD Cancer insurance offers the highest coverage levels for cancer plans.

Additionally, unlike cancer plans from other insurers, the entry age for FWD cancer insurance starts from just 18 years old. This therefore allows individuals to get protected at a younger age.

(See "3 Reasons To Not Get Basic Critical Illness Insurance")


For direct, online purchase: Allianz Cancer Protect, FWD Cancer Insurance, MSIG CancerCare Plus

Allianz Cancer Protect, FWD Cancer Insurance, MSIG CancerCare Plus offers a simple and fuss-free application with everything easily done online. A medical checkup is also not required to purchase cancer plans from Allianz, FWD, and MSIG. Instead, individuals would just have to answer 1 to 3 health questions to determine their suitability to purchase the product.

FWD Cancer Insurance also allows individuals to file for their claims online. All you have to do is click to claim with your data pre-filled on FWD’s mobile application or website.


Get cancer plans for:
Cancer plans are not suitable for:
  • Income replacement
  • Affordable and comprehensive coverage for all stages of cancer
  • Simple, fuss-free application
  • Death coverage
  • Wealth accumulation
  • Extensive critical illness coverage

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