Cancer Insurance Plans in Singapore | Cancer Insurance Policy Singapore

Health Insurance | Insurance

In this blog, we tell you about cancer insurance plans in Singapore.

Cancer Insurance Plans in Singapore

Allianz

Allianz Cancer Protect could be the one for you if you’re looking for a comprehensive cancer insurance plan that offers a monthly income benefit as well as a lump sum benefit upon diagnosis of non-invasive cancer (one claim per lifetime; counts towards your sum assured) (one claim per lifetime; counts towards your sum assured). While Allianz Cancer Protect is slightly more expensive than some other cancer insurance plans that offer the same S$50,000 sum assured, the others do not include the useful monthly income benefit that is payable for up to 12 months following a major cancer diagnosis.

Another advantage of Allianz Cancer Protect? When it comes to selecting the right coverage for you and your loved ones, you have options. You can choose between the S$50,000 sum-assured Silver Plan and the S$75,000 sum-assured Gold Plan or the S$100,000 sum-assured Platinum Plan in addition to the S$50,000 sum-assured Silver Plan shown above. The Allianz Cancer Protect Gold Plan includes a S$15,000 non-invasive cancer benefit and a S$2,500 monthly income benefit. The Allianz Cancer Protect Platinum Plan includes a S$20,000 non-invasive cancer benefit and a S$3,500 monthly income benefit.

MSIG

MSIG’s cancer insurance plan is a little more rigid, with a fixed sum assured of S$100,000 and no flexibility. On the surface, this may appear to be a disadvantage, and we don’t deny that all else being equal, most people would prefer to have that flexibility. However, not all things are equal, as MSIG CancerCare Plus may be one of the best value-for-money plans available. For the same premiums as a plan that provides S$50,000 of coverage, you get the full S$100,000.

However, there are a couple of other issues to consider with the plan. For one thing, only 50% of the sum assured is available for early-stage diagnoses (the remaining 50% can be used for any non-early-stage diagnoses down the road). If this is not a major concern and you simply want to get the most out of your cancer insurance plan, look no further. This policy also includes automatic renewal, which is valid even if you have made a claim for early-stage diagnoses. A simple application process with only three health declarations before you’re covered would make things even easier.

NTUC Income – Cancer Insurance Plans in Singapore

The Cancer Protect policy from NTUC Income is simple in every way. If no claim is made, policyholders are automatically renewed for the same contract term and sum assured every decade. This does not apply if you file a claim for an early stage of major cancer.

This policy, however, is subject to medical underwriting and may require the applicant to submit to a medical test. Furthermore, it will not pay any benefits if a claim is made based on an existing medical condition that was not disclosed in advance. The sum assured is also not as competitive, beginning at S$50,000 and peaking at S$100,000. When it comes to early-stage cancer payouts, you only get 25% of the sum assured. On the plus side, the premiums are reasonable and the coverage is extensive. The monthly premium begins at S$14.40, but you have the option of paying quarterly, half-yearly, or yearly. Furthermore, if you are diagnosed with advanced-stage cancer, you will receive up to 125% of your sum assured. Finally, there is a S$5,000 death benefit or 100% of premiums paid (if death occurs within a year from the date that coverage begins).

FWD

The free medical second opinion is what distinguishes FWD’s cancer insurance plan from the competition. Policyholders have the right to a second opinion from Mediguide, which will review your medical records with a team of expert physicians. Given the seriousness of a cancer diagnosis, this can provide significant relief.

Aside from that, the nuts and bolts of FWD’s cancer insurance plan hold up well in comparison to the market. Basic coverage starts at S$50,000 and goes all the way up to S$200,000—the market’s upper limit. Furthermore, even for early-stage diagnoses, it pays out 100% of the sum assured. There is also a separate, smaller death benefit.

Its premiums are slightly higher than the market average (starting at S$7 per month for a non-smoking 30-year-old male), but if that isn’t an issue for you, this is a great ‘all-rounder’ plan with some of the best benefits available. The application process is also simple, requiring only one health declaration and no medical examination.

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