Best Cheap Cancer Insurance Singapore 2021

Our insurance experts analysed a dozen cancer insurance policies in Singapore and considered price, benefits, and overall coverage to determine which policies are the best on the market. If you are looking to get cancer coverage, take a look at our top picks below.

Cheapest Cancer Insurance: FWD & MSIG

FWD and MSIG provide some of the cheapest cancer insurance premiums, while also providing a substantial level of coverage. These insurers can help you save up to 67% on your cancer insurance premiums compared to other competitors on the market.

Best Value Cancer Insurance: FWD Cancer Insurance

Promotion:
A comprehensive cancer coverage for below average prices.
Sum InsuredGenderAge 25Age 35Age 45Age 55
S$50,000MaleS$78.40S$94.40S$166.40S$390.40
FemaleS$110.40S$158.40S$302.40S$414.40
S$100,000MaleS$118.40S$142.40S$286.40S$670.40
FemaleS$190.40S$278.40S$518.40S$710.40
S$150,000MaleS$198.40S$230.40S$470.40S$1,078.40
FemaleS$310.40S$454.40S$838.40S$1,142.40
Annual premiums, including GST

FWD Cancer Insurance offers customers the best value plan on the market, with affordable premiums and 100% coverage for all stages of cancer. With three coverage options available for–S$50,000, S$100,000, and S$200,000–individuals will pay anywhere from 21% to 47% less than the market average for their annual premiums. Alongside cheaper premiums, individuals will also receive S$120.66 to S$1,008 of coverage for every S$1 spent, making it one of the highest value plans on the market. All policies come with an annual guaranteed renewal up to age 85, and a death benefit of S$5,000.

Promotion:

A comprehensive cancer coverage for below average prices.
Sum InsuredGenderAge 25Age 35Age 45Age 55
S$50,000MaleS$78.40S$94.40S$166.40S$390.40
FemaleS$110.40S$158.40S$302.40S$414.40
S$100,000MaleS$118.40S$142.40S$286.40S$670.40
FemaleS$190.40S$278.40S$518.40S$710.40
S$150,000MaleS$198.40S$230.40S$470.40S$1,078.40
FemaleS$310.40S$454.40S$838.40S$1,142.40
Annual premiums, including GST

FWD Cancer Insurance offers customers the best value plan on the market, with affordable premiums and 100% coverage for all stages of cancer. With three coverage options available for–S$50,000, S$100,000, and S$200,000–individuals will pay anywhere from 21% to 47% less than the market average for their annual premiums. Alongside cheaper premiums, individuals will also receive S$120.66 to S$1,008 of coverage for every S$1 spent, making it one of the highest value plans on the market. All policies come with an annual guaranteed renewal up to age 85, and a death benefit of S$5,000.

Cheapest for Younger, Healthy Individuals: MSIG CancerCare Plus

Promo: 20% off CancerCare Plus
A cancer insurance plan for younger customers looking for affordable cancer coverage.
Sum InsuredGenderAge 25Age 35Age 45Age 55
S$100,000MaleS$53.50S$94.16S$325.28S$898.80
S$100,000FemaleS$108.43S$282.48S$812.49S$1,409.55
Premiums are paid annually

MSIG's CancerCare Plus is the best cancer insurance for young adults looking for cheap cancer coverage. With MSIG, policyholders will pay premiums that are 34% to 67% cheaper than the market average. This means that for every S$1 spent on your premium, individuals will receive anywhere from 39% to 137% more coverage than they will with other insurance policies on the market. Coverage extends to early cancer diagnosis as well, although it is capped at 50% of the sum assured. Furthermore, there is also a S$5,000 fixed death coverage included in this policy.

However, despite having the most affordable rates on the market for young adults, the policy is limited to S$100,000 worth of coverage and becomes pricey for older consumers. Thus, MSIG may not be the best fit if your cancer insurance needs are greater than S$100,000 or you are 45 years and older.

Promo: 20% off CancerCare Plus
A cancer insurance plan for younger customers looking for affordable cancer coverage.
Sum InsuredGenderAge 25Age 35Age 45Age 55
S$100,000MaleS$53.50S$94.16S$325.28S$898.80
S$100,000FemaleS$108.43S$282.48S$812.49S$1,409.55
Premiums are paid annually

MSIG's CancerCare Plus is the best cancer insurance for young adults looking for cheap cancer coverage. With MSIG, policyholders will pay premiums that are 34% to 67% cheaper than the market average. This means that for every S$1 spent on your premium, individuals will receive anywhere from 39% to 137% more coverage than they will with other insurance policies on the market. Coverage extends to early cancer diagnosis as well, although it is capped at 50% of the sum assured. Furthermore, there is also a S$5,000 fixed death coverage included in this policy.

However, despite having the most affordable rates on the market for young adults, the policy is limited to S$100,000 worth of coverage and becomes pricey for older consumers. Thus, MSIG may not be the best fit if your cancer insurance needs are greater than S$100,000 or you are 45 years and older.

Best for Highest Coverage: Great Eastern & Prudential

These cancer insurance plans provide above average coverage and can be useful for people who need comprehensive benefits.

Best for Highest Coverage: Great Eastern Insurance

Promo: 15% off first year premiums
A cancer insurance plan with coverage that exceeds S$200,000.
Amount InsuredGenderAge 25Age 35Age 45Age 55
S$100,000MaleS$329.52S$548.54S$1,112.76N/A
FemaleS$485.15S$722.45S$1,184.30N/A
S$150,000MaleS$446.13S$774.66S$1,620.99N/A
FemaleS$679.58S$1,035.54S$1,728.30N/A
S$200,000MaleS$552.03S$947.27S$1,691.60N/A
FemaleS$863.30S$1,295.11S$2,133.19N/A
Premiums are paid annually

GREAT Cancer Guard by Great Eastern offers individuals some of the highest coverage on the market, while covering all stages of cancer–early, middle, and late-stage. With coverage options available up to S$300,000, Great Eastern beats many of its competitors who mainly offer policies that have a maximum of S$100,000 to S$200,000 worth of coverage. While its premiums are higher than the market average, they do not increase with the policyholder’s age and you are guaranteed renewal until you turn 85. On top of this, each policy comes with a S$5,000 death benefit that will be paid out upon the death of the insured.

Despite the fact that Great Eastern offers some of the highest coverage available, it primarily benefits those who are looking for coverage above S$200,000 as there are more affordable options for policies with less coverage.

Promo: 15% off first year premiums
A cancer insurance plan with coverage that exceeds S$200,000.
Amount InsuredGenderAge 25Age 35Age 45Age 55
S$100,000MaleS$329.52S$548.54S$1,112.76N/A
FemaleS$485.15S$722.45S$1,184.30N/A
S$150,000MaleS$446.13S$774.66S$1,620.99N/A
FemaleS$679.58S$1,035.54S$1,728.30N/A
S$200,000MaleS$552.03S$947.27S$1,691.60N/A
FemaleS$863.30S$1,295.11S$2,133.19N/A
Premiums are paid annually

GREAT Cancer Guard by Great Eastern offers individuals some of the highest coverage on the market, while covering all stages of cancer–early, middle, and late-stage. With coverage options available up to S$300,000, Great Eastern beats many of its competitors who mainly offer policies that have a maximum of S$100,000 to S$200,000 worth of coverage. While its premiums are higher than the market average, they do not increase with the policyholder’s age and you are guaranteed renewal until you turn 85. On top of this, each policy comes with a S$5,000 death benefit that will be paid out upon the death of the insured.

Despite the fact that Great Eastern offers some of the highest coverage available, it primarily benefits those who are looking for coverage above S$200,000 as there are more affordable options for policies with less coverage.

Most Comprehensive Coverage: Prudential PruCancer 360

A cancer insurance plan with long term coverage.
Amount InsuredGenderAge 25Age 35Age 45Age 55
S$50,000MaleS$73.50S$112.88S$207.38S$564.90
FemaleS$110.25S$249.38S$495.08S$773.85
S$100,000MaleS$140.00S$215.00S$395.00S$1,076.00
FemaleS$210.00S$475.00S$943.00S$1,474.00
S$150,000MaleS$199.50S$306.38S$562.88S$1,533.30
FemaleS$299.25S$676.88S$1,343.78S$2,100.45
S$200,000MaleS$266.00S$408.50S$750.50S$2,044.40
FemaleS$399.00S$902.50S$1,791.70S$2,800.60
Premiums are paid annually

Prudential PruCancer 360 offers the most extensive coverage and can be a great option for people looking for flexibility. Not only does Prudential offer one of the highest coverage options–S$300,000–but it also offers coverage for those up to 100 years old (the closest competitors only offer coverage for those up to 85 years old). Additionally, Prudential offers a very flexible coverage system, as users can choose any coverage amount between S$10,000 and S$300,000 in S$10,000 increments. These coverage options give individuals more freedom in selecting a more custom policy.

While Prudential does offer options for older individuals, their premiums tend to be more expensive than the market average. More specifically, policyholders that are ages 55+ will have to pay 1% to 48% more per year. Despite this, Prudential is a good option for individuals who are willing to spend more for a customized insurance policy or those who want coverage above the age of 85.

A cancer insurance plan with long term coverage.
Amount InsuredGenderAge 25Age 35Age 45Age 55
S$50,000MaleS$73.50S$112.88S$207.38S$564.90
FemaleS$110.25S$249.38S$495.08S$773.85
S$100,000MaleS$140.00S$215.00S$395.00S$1,076.00
FemaleS$210.00S$475.00S$943.00S$1,474.00
S$150,000MaleS$199.50S$306.38S$562.88S$1,533.30
FemaleS$299.25S$676.88S$1,343.78S$2,100.45
S$200,000MaleS$266.00S$408.50S$750.50S$2,044.40
FemaleS$399.00S$902.50S$1,791.70S$2,800.60
Premiums are paid annually

Prudential PruCancer 360 offers the most extensive coverage and can be a great option for people looking for flexibility. Not only does Prudential offer one of the highest coverage options–S$300,000–but it also offers coverage for those up to 100 years old (the closest competitors only offer coverage for those up to 85 years old). Additionally, Prudential offers a very flexible coverage system, as users can choose any coverage amount between S$10,000 and S$300,000 in S$10,000 increments. These coverage options give individuals more freedom in selecting a more custom policy.

While Prudential does offer options for older individuals, their premiums tend to be more expensive than the market average. More specifically, policyholders that are ages 55+ will have to pay 1% to 48% more per year. Despite this, Prudential is a good option for individuals who are willing to spend more for a customized insurance policy or those who want coverage above the age of 85.

What Is Cancer Insurance?

Cancer insurance provides a lump sum payout if you are diagnosed with cancer. Cancer insurance is a lot like critical illness insurance, but it is specifically designed to protect families from the high medical expenses of cancer. Depending on the plan, you can receive financial protection for all stages of your cancer diagnosis, no matter the type of cancer.

This graph shows the average cost of a S$100,000 cancer insurance policy for a 35-year-old non-smoking male and 8 different insurer options. MSIG is the cheapest while Great Eastern is the most expensive.

Why Should I Buy A Cancer Insurance Policy?

A lot of health insurance plans include coverage for cancer treatment. However, they do not provide lump sum payouts when you are diagnosed. While critical illness plans do provide lump sum payouts for cancer (in addition to other critical illnesses), they are more costly than the average cancer insurance plan. Cancer insurance policies can be useful if you are most concerned about heightened cancer risks. By buying a cancer insurance policy, you can feel more confident with the added financial protection of a lump sum payout, especially if you are the breadwinner of the household and your dependents will require financial assistance if you are unable to work.

How to Find the Best Cancer Insurance Plan

Finding the right insurance policy ultimately comes down to what you prioritize. First, you should consider your expenses and how much money you'll need to treat cancer. More specifically, your policy’s coverage should be able to offset the cost of your treatment and rehabilitation. Furthermore, if you are put out of work, your policy should be able to cover all of your expenses for an extended period of time. Recovering from cancer may require different treatments and services, so choosing a policy that provides the coverage you need is crucial. Alternatively, you may even decide that you want a policy that covers illnesses beyond cancer. In this case, we recommend purchasing critical illness insurance instead.

Another aspect to think about is how much you are able to afford. Knowing what policy fits your monthly/annual budget will help you avoid spending beyond your means. It's important to note that premiums increase with age, which means that it is better to get a cancer insurance plan when you are still young. By calculating the available money you have to put towards a policy will help you refine your options and make your decision process much easier.

Methodology

To arrive at our conclusions for the best cancer insurance policies, we analyzed cancer insurance policies from 8 different insurers in Singapore, focusing on coverage and premiums. We collected benefits and pricing data from over 200 cancer insurance providers. To find pricing for the average applicant, we selected a median age to represent each age group–25, 35, 45, 55. Additionally, we opted for the non-smoker option as it represents a majority of Singaporean applicants, and ultimately gave us the most accurate premium pricing that the average Singaporean would be required to pay.

Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.