7 Best Cancer Insurance Plans in Singapore [2022] Selection

Advertisement

7 Best Cancer Insurance Plans in Singapore

Articles written are independent opinions, and are not affiliated/sponsored unless specifically mentioned.

best cancer insurance singapore

Table of Contents

On average, one in three people in Singapore will be diagnosed with cancer at some point in their lives, and about one in four deaths are caused by cancer.

And if that’s not worrying enough, the National Cancer Centre of Singapore reported a total of 78,204 cancer cases in Singapore from 2015 – 2019. That’s quite a significant number!

Plus, it’s a fact that cancer cases will continue to rise over the years, and the number of people living with cancer will also continue to increase.

Regardless of what type of cancer, it is important to protect yourself against an unforeseeable future with a cancer insurance plan.

In this article, we have compiled a comprehensive guide to the best cancer insurance plans in Singapore so you know how to pick what’s best for your needs!

Stick around to find out more.

What are Cancer Insurance Plans?

Not to be mixed up with critical illness insurance plans, cancer insurance plans focus only on one type of illness (cancer) and cover all types and stages of cancer.

They also offer post-cancer treatment coverage such as post-treatment medication, reconstruction surgeries, or even in-house nursing care.

Yes, in critical illness insurance plans, coverage does include cancer along with its wide range of other illnesses.

However, you can only claim from those plans if you’re diagnosed with terminal cancer.

This means that unless your cancer diagnosis is in the early stages, you will unlikely be able to claim any money.

That is, of course, if you didn’t purchase early critical illness coverage in those plans.

But they are NOT the cancer insurance plans we will discuss here.

In this post, we will discuss cancer insurance purely.

But if you’re still confused about the two, you can check out this article to clarify your doubts.

Cancer Insurance Plans in Singapore

In Singapore, there are currently 10 cancer insurance plans in the market mainly:

  1. Allianz Cancer Protect (Silver, Gold, and Platinum)
  2. TM Protect Cancer
  3. TIQ Cancer Insurance by Etiqa
  4. FWD Cancer Insurance
  5. NTUC Income Cancer Protect
  6. Prudential PRUCancer 360
  7. Great Eastern GREAT Cancer Guard (Lite, Plan A, Plan B, Plan C, and Premier)
  8. POSB CancerCare (Headstart, Essential, and Advantage)
  9. MSIG CancerCare Plus
  10. AIA MultiStage Cancer Cover

 

Cheapest Cancer Insurance Plan – MSIG CancerCare Plus & FWD Cancer Insurance

For this example, we will be comparing premium rates for a 30-year-old male and female respectively.

Keep in mind that rates also differ for smokers and non-smokers. We will be referring to the rates for non-smokers in this case.

You may notice that the premiums for females are more expensive due to their higher risk of developing cancer early. Due to their increased cancer risk, male premiums tend to rise with age.

Cancer Insurance Plan Sum Assured Annual Premium Rates for a 30-Year-Old ($) Notes
$100,000 Male Female
Allianz Cancer Protect (Platinum) $285.60 $426 Renewable every 5 years
TM Protect Cancer $156 $258 Renewable every 5 years
FWD Cancer Insurance

(cheapest for females)

$148 $238 Renewable every 5 years
TIQ Cancer Insurance by Etiqa $152 $258 Renewable yearly
NTUC Income Cancer Protect $207.70 $326.55 Premiums are levelled for 10 years, renewable every 10 years
Prudential PRUCancer 360 $160 $330 Renewable every 5 years
Great Eastern GREAT Cancer Guard (Plan A) $388.75 $557.80 Renewable yearly, premiums are levelled
POSB CancerCare (Essential) by Manulife $199.68 $341.76 Renewable every 5 years
MSIG CancerCare Plus

(cheaper for males)

$94.16 $282.48 Renewable yearly
AIA MultiStage Cancer Cover $242 $496 Prices are levelled for 20 years

Take note that as most of these policies are renewable in nature, this means that you will receive coverage until the renewable term – which may or may not offer guaranteed renewability.

In terms of premiums, this also means that at every renewable term, your premiums may increase – depending on your age and if the insurer increases its prices across age groups.

It’s best to talk to a financial advisor regarding this.

As you can see, FWD Cancer Insurance and MSIG CancerCare Plus offer some of the cheapest premiums on the market, with their premiums reaching just below $100 for a 30-year-old non-smoker male.

If you’re a male and had to choose between the two, MSIG CancerCare Plus takes the win for the cheapest cancer insurance premiums.

Although, you should know that MSIG’s premiums may increase every year. Unfortunately, for MSIG CancerCare Plus, you can’t have the flexibility to choose any other sum assured (either higher or lower) depending on your needs.

Another disadvantage of this plan is that early-stage cancer diagnoses are only eligible to receive 50% of the sum assured.

The remaining 50% would only be paid out for any non-early stage diagnoses in the future, upon which the policy terminates.

But all things considered, MSIG CancerCare Plus is extremely value-for-money with a reasonable sum assured. Plus, it has an easy online application which only requires 3 simple health declarations to get covered.

Not to mention an automatic renewal even if you had claimed for an early-stage diagnosis previously.

Thus, if the cheapest is what you’re after, then MSIG CancerCare Plus is for you!

However, if you’re looking for more predictable premiums, different coverage amounts, or full payouts during early-stage CI, consider FWD’s Cancer Insurance instead!

Now for the ladies, you’re better off with FWD Cancer Insurance as your cheapest cancer insurance premiums.

It starts at $238/year based on the demographics above and is renewable every 5 years.

MSIG CancerCare Plus Get Free Quote
FWD Cancer Insurance Get Free Quote

Best Cancer Insurance for Highest Benefit Limit – Great Eastern GREAT CancerGuard or Prudential PRUCancer 360

Here’s the breakdown of the various benefits offered across insurers.

Cancer Insurance Plan Sum Assured ($)
Allianz Cancer Protect $50,000

(Silver)

$75,000

(Gold)

$100,000

(Platinum)

TM Protect Cancer $50,000 $100,000 $150,000
FWD Cancer Insurance $50,000 $100,000 $200,000
TIQ Cancer Insurance by Etiqa $50,000 $100,000 $200,000
NTUC Income Cancer Protect $50,000 $80,000 $100,000
Prudential PRUCancer 360 $100,000 $150,000 $300,000
Great Eastern GREAT Cancer Guard $50,000

(Lite)

$100,000

(Plan A)

$150,000

(Plan B)

$200,000

(Plan C)

$300,000

(Premier)

POSB CancerCare $50,000

(Headstart)

$100,000

(Essential)

$150,000

(Advantage)

MSIG CancerCare Plus $100,000
AIA MultiStage Cancer Cover $100,000 $150,000 $250,000

If you fall into the category of “kiasu” Singaporeans and simply wish to opt for a cancer insurance plan that provides you with the highest benefit limits, you should definitely consider Great Eastern GREAT Cancer Guard (Premier) and Prudential PRUCancer 360 – where they provide up to whopping $300,000!

However, the highest benefit limits would also mean paying the highest premiums compared to the other cancer insurance plans.

But the good thing about Great Eastern GREAT CancerGuard is that their premiums do not increase with age compared to Prudential PRUCancer 360!

So, if you can afford it and it is within your budget, go for it! Great Eastern GREAT CancerGuard guarantees a 100% payout for all cancer stages and a $5,000 death benefit upon the insured’s death.

Just make sure that you’re not overstepping your budget just to pay for your insurance premiums.

Otherwise, the Prudential PRUCancer 360 starts at $160 for guys and $330 for ladies. If you want to start with lower premiums and are alright with increasing premiums, go for this instead!

Great Eastern GREAT CancerGuard Get Free Quote
Prudential PRUCancer 360 Get Free Quote

Best Cancer Insurance for Maximum Coverage Period – Prudential PRUCancer 360

Here’s the breakdown of the coverage period across insurers.

Cancer Insurance Plan Coverage Period

*For renewal = If you’re an existing client with either of these respective insurers, you can renew your existing policy until the maximum renewal age as stated. 

Entry Age (the age range to sign up)

Policy term (the period of coverage)

Renewable until age (if renewable)

Allianz Cancer Protect Entry Age: 18 – 65

Renewable until age: 79

TM Protect Cancer Entry Age: 30 – 65

Renewable until age: 85

FWD Cancer Insurance Entry Age: 18 – 65
TIQ Cancer Insurance by Etiqa Entry Age: 17 – 65

Renewable until age: 85

NTUC Income Cancer Protect Entry Age: 30 – 64

Renewable until age: 84

Prudential PRUCancer 360 Entry Age: 1 – 100

Renewable until age: 95

Great Eastern GREAT Cancer Guard Entry Age: 1 – 85

Policy Term:

POSB CancerCare Entry Age: 18 – 60

Renewable until age: 70

MSIG CancerCare Plus Entry Age: 20 – 65

Renewable until age: 84

AIA MultiStage Cancer Cover Entry Age: 16 – 55

Renewable until age: 85

Looking across the table, you can tell that Prudential PRUCancer360 easily wins this category hands down.

It offers coverage up to 100 years old while other insurers only offer coverage up to 85 years old!

Not to mention, it has one of the highest benefit limits of $300,000! And you’ll only have to answer one simple health question when you apply.

Although its premiums tend to get pricier with age, the payoff here is that Prudential PRUCancer 360 offers a highly customisable and flexible coverage term, where policyholders can choose any coverage amount between $10,000 and $300,000 in $10,000 increments.

Especially since there is a longer life expectancy, this policy may seem attractive to you if you wish to be covered for as long as possible.

Prudential PRUCancer 360 Get Free Quote

Best Cancer Insurance for Best Comprehensive Benefits – Allianz Cancer Protect

Here’s the breakdown of overall policy benefits across all insurers.

Cancer Insurance Plan Overall Policy Benefits 
Allianz Cancer Protect
  • 100% payout for major cancer diagnosis
  • Monthly income benefit of $1,500 for 12 months upon major cancer diagnosis
  • Includes protection for infants (from the age of 30 days) and children
  • Non-invasive cancer benefit of $10,000, $15,000 and $20,000
  • No medical examination required
  • Renewal guaranteed
TM Protect Cancer
  • 50% benefit payout on early detection of cancer
  • 100% benefit payout on advanced cancer diagnosis
  • $5,000 death benefit
  • Renewal guaranteed
FWD Cancer Insurance
  • 100% payout for all stages of cancer
  • Additional death benefit payout of $5,000
  • No medical examination required
  • Complimentary FWD Care Recovery Plan
  • Renewal discount of 5% (only from 2nd-year premium onwards)
TIQ Cancer Insurance by Etiqa
  • 6% of the past year’s premiums worth of savings on yearly policy renewal if there is no claim made in the previous year
  • 100% payout even for early-stage diagnosis
  • Additional death benefit payout of $5,000
NTUC Income Cancer Protect
  • Up to 125% of the sum assured
  • Covers accidental death of $5,000
  • Automatic renewal every 10 years
Prudential PRUCancer 360
  • Coverage for all stages of cancer
  • 100% payout of the sum assured for all cancer diagnosis
Great Eastern GREAT Cancer Guard
  • 100% payout even for early-stage diagnosis
  • No medical examination required
POSB CancerCare
  • Covers all stages of cancer
  • Independent death benefit of up to $30,000
  • No health examination required
MSIG CancerCare Plus
  • Major Cancer Benefit
  • Early Stage Cancer – Accelerated Benefit
  • Automatic renewal even after payout of accelerated benefit
AIA MultiStage Cancer Cover
  • 100% payout for all stages of cancer
  • Premiums do not rise with time
  • No medical examination required

If you’re looking for an all-rounded comprehensive plan, you should be looking at Allianz Cancer Protect.

Besides having a 100% payout for major cancer diagnosis, it is also the only plan that provides a monthly income benefit of $1,500, $2,500, or $3,500 for 12 months upon the major cancer diagnosis.

Plus, it has a non-invasive cancer benefit of $10,000, $15,000, or $20,000 for its Silver, Gold, or Premium plans.

And as an added perk, it also includes protection for infants (from the age of 30 days) and children!

Even better – you do not have to undergo any medical examination to get covered!

Allianz Cancer Protect Get Free Quote

Best Cancer Insurance for Healthy Individuals – TIQ Cancer Insurance by Etiqa

Using the table that highlights overall policy benefits (same as above), we found that TIQ Cancer Insurance by Etiqa offers the best option for healthy individuals or those without a family history of critical illness!

TIQ Cancer Insurance by Etiqa
  • 6% of the past year’s premiums worth of savings on yearly policy renewal if there is no claim made in the previous year
  • 100% payout even for early-stage diagnosis
  • Additional death benefit payout

For every policy renewal, you’ll also get to enjoy a 6% discount on annual premiums if you remain in good health and avoid making any claims.

So if you consider yourself a healthy individual or think you’re at low risk of critical illness, consider TIQ Cancer Insurance!

But we do have to say that TIQ’s Cancer Insurance is renewable yearly, so this means that your premiums may increase yearly.

This makes it difficult to determine whether you’ll pay lesser yearly due to the 6% savings or whether the rate of increase would be higher than 6% in the long term.

Despite this, we still think that this policy is pretty attractive as compared to plans without the 6% savings (especially those that require yearly renewals!).

TIQ Cancer Insurance by Etiqa Get Free Quote

Best Cancer Insurance for Supplementary Support Plan Benefits – FWD Cancer Insurance

As mentioned earlier, FWD Cancer Insurance has one of the most affordable annual premiums for cancer insurance on the market. Unfortunately, it had lost to MSIG CancerCare’s cancer premiums Plus just by a little.

Is there a redeeming factor though? Well, it seems fit to mention that FWD is the only insurer which offers an additional support program– the FWD Care Recovery Plan, that goes beyond paying your cancer claim.

FWD Cancer Insurance
  • 100% payout for all stages of cancer
  • Additional death benefit payout
  • No medical examination required
  • Complimentary FWD Care Recovery Plan
  • Renewal discount of 5% (only from 2nd-year premium onwards)

The best thing is, this support program is absolutely free-of-charge and available for anyone who has an approved major event claim under its cancer insurance plan!

Under the FWD Care Recovery Plan, they provide a range of complimentary expert services (see below) that are worth up to $1,300 – which can be booked in consultation with a dedicated recovery nurse just for you.

fwd cancer insurance support programme

Source: FWD Care Recovery Plan Brochure

So if you’re one who finds value in having post-cancer support in times of need, you should definitely check out FWD Cancer Insurance.

FWD Cancer Insurance Get Free Quote

Best Cancer Insurance for Safeguarding Against Rising Premium Costs – AIA MultiStage Cancer Cover or Great Eastern GREAT CancerGuard

It is a known fact that premiums for insurance plans tend to rise over time.

According to The Straits Times, healthcare costs and inflation will continue peaking over the years which coincides hand in hand with the constant increase in annual premiums for insurance plans as well– a trend that looks set to continue.

The good news is, AIA MultiStage Cancer Cover is the only cancer insurance plan that offers the guarantee of their premiums not increasing over time!

AIA MultiStage Cancer Cover
  • 100% payout for all stages of cancer
  • Premiums do not rise with time
  • No medical examination required

As such, this offers full visibility of the cost of your insurance premiums as you age, where you know exactly how much you should set aside from your budget if you do opt for this plan.

If you’re someone who is worried about not being able to pay for rising premiums in the future, AIA MultiStage Cancer Cover might be the best option for you if you are confident that you can afford its premiums in the long run.

However, its policy only lasts for 20 years which is relatively shorter than others, so if you’re looking at getting a longer-term longer this may not be for you.

Plus, its initial premiums are very high as compared to the rest – reaching up to $496 for a 30-year non-smoker female.

Not forgetting Great Eastern GREAT CancerGuard too, where its premiums do not increase with age!

AIA MultiStage Cancer Cover Get Free Quote
FWD Cancer Insurance Get Free Quote

How should you choose the Best Cancer Insurance Plan for yourself?

Ultimately, cancer insurance plans are especially useful for those who have a family history of cancer or are just more concerned about getting any type of cancer in general.

It should also boil down to your priorities, your budget, how many expenses you might potentially incur if you are diagnosed with cancer, and how much money you would possibly need to bridge the sudden gap in your income (if you are unable to work).

You must not forget that even the recovery process from cancer requires some money as well – so your coverage should be sufficient to cover such aspects.

Always remember to not spend beyond your means and avoid having to fork out a huge sum of unnecessary savings just to pay for your cancer insurance.

Conclusion

As much as we all hate to talk about cancer or the possibility of getting it, cancer insurance plans are great for enhancing your overall insurance coverage and protecting against cancer.

It is also advisable that you get cancer insurance plans because cancer is the leading cause of death in Singapore, or it may also be hereditary in your family.

It is certainly better to be safe than sorry.

We hope that this comprehensive guide has been useful in laying out the various cancer insurance plans offered in Singapore and in determining which of these plans is best suitable according to certain criteria.

Want to compare cancer insurance plans or find out which is best for you?

We partner with financial advisors to provide you with unbiased advice.

Click here to get connected.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

Follow us here:

Other Useful Reads

Get Our Free Financial Planning E-book

Join over 1,000 Singaporeans in their financial planning journey!

moomoo Singapore is giving away

FREE S$220

moomoo mascot

Our Telegram channel is being enjoyed by over 300 individuals, don’t miss out!