Best Critical Illness & Cancer Insurance in Singapore 2023

Is critical illness insurance necessary?

While critical illness isn't mandatory, it could be a necessary contingency plan to avoid paying thousands of dollars in out-of-pocket costs if you get diagnosed with a severe illness. If you are looking to purchase a CI plan, our guide will walk you through the best critical illness insurance plans that are currently on the market based on budget and coverage.

FWD's Big 3 Critical Illness Insurance can be a suitable peace of mind critical illness plan for people who want coverage for the 3 major illnesses affecting Singaporeans: Cancer, heart attacks and stroke. With 90% of critical illness claims arising from these 3 conditions, FWD's Big 3 plan provides no-frills coverage for the most likely health events. We found that FWD's premiums average to 50% less than other standalone critical illness plans on the market. For an additional fee, you can also choose a heart condition and neurological disorder add-on that provides coverage for a variety of illnesses and necessary procedures including heart disease, bacterial meningitis, pacemaker insertion and primary lateral sclerosis.

Big 3 will provide a one-time full payout for detection of any stage of cancer or in the event of a heart attack of a specified severity and stroke that results in a permanent neurological deficit. FWD also provides a market beating S$20,000 death benefit if you die while the policy is in force. Another useful feature is that because this is a standalone policy and not a policy attached to a life insurance product, you can choose to renew your plan annually. You can renew your policy up until you turn 85 and you only have to answer one health declaration to purchase the policy without any medical examination required.

HL Assurance's Early Protect360 is a standalone critical illness plan that you can buy online without going through the hassle of getting a medical checkup or having to speak to a representative. It offers up to S$300,000 worth of coverage for cancer, heart attack (of a specified severity) and stroke. It will provide a 30% accelerator payout for early diagnosis of these conditions (for instance, if you need to get a pacemaker installed or there is early detection of cancer) and a full payout if you are diagnosed at the severe illness stage. This is a 5-year renewable plan, which will renew until you turn 75. You can pay monthly, yearly or in a lump sum (for the full 5 years).

Generally, premiums for this plan range between 8%-197% more than compared to its closest competitor, FWD's Big 3 CI plans, for the same sum assured. However, HL Assurance offers critical illness coverage of up to S$300,000, compared to FWD's maximum payout of S$200,000. Furthermore, HL Assurance provides early diagnosis coverage for all 3 conditions, while FWD provides coverage for cancer only. These are important differences to consider when making a decision between which tailored critical illness plan you want to pursue. Lastly, we found that premiums for women cost between 25%-80% more than for men until you look at premiums for ages 55+ where they even out.

FWD's Cancer Insurance offers above-average coverage for an affordable price, making it a high value cancer-only critical illness option. First, its maximum cancer coverage amount of S$200,000 is above average compared to other cancer-only plans on the market. Furthermore, there is also a fixed S$5,000 death coverage.

Furthermore, you can purchase this plan online and receive the full 100% sum assured for any stage of cancer, which are both unique features. In terms of miscellaneous benefits, you will also receive complimentary medical advice from a second doctor, can file a claim online and purchase the policy without getting a medical examination.

MSIG's CancerCare Plus is a critical illness insurance plan that provides S$100,000 of cancer insurance coverage and an accelerated benefit of $50,000 for early stage cancer. This means that upon early-stage diagnosis, you'll get 50% of the sum assured and upon a major cancer diagnosis, you'll get the other 50%. It is most affordable for millennial customers, with premiums that range between 47-64% less than MSIG's competitors. It is easily accessible, since you can buy this plan online and with just 3 simple health declarations. You can purchase this plan if you're between the ages of 20 and 64, but it's automatically renewable until you turn 84.

While CancerCare Plus is affordable for most age groups, it does cost above average for older consumers (ages 50-64). Furthermore, the level of coverage may be underwhelming for people who are looking for high levels of coverage across all stages of cancer. Thus, this plan is best suited as a contingency plan for young, healthy individuals.

Great Eastern's GREAT Family Care is a unique standalone critical illness plan that provides protection for the whole family in Singapore. You will receive coverage against 53 critical illnesses, death, total and permanent disability and Terminal Illness until age 85. Your children will also receive the same coverage, including 25 additional juvenile conditions, for free until they turn 18. Furthermore, you can add a rider that will provide coverage for your parents with no need for a medical assessment. They will receive coverage until they turn 100 against major cancers, Alzheimer's disease/Severe Dementia and Parkinson's. The maximum payout is 25% of your sum assured for your children (maximum S$50,000 per child) and 15% of the sum assured or S$15,000 (whichever is greater) for your parents.

Etiqa 3 Plus Critical Illness Insurance is a critical illness plan that covers 3 major critical illnesses: cancer, heart attacks and strokes. Given that it only covers these 3 critical illness, its premiums are 50-66% cheaper than average compared to other standalone CI plans for most age groups. Their unique selling point of Etiqa 3 Plus Critical Illness Plan lies in two areas: Complimentary Child cover and Special Conditions Benefit.

The Complimentary Child Cover provides a death benefit of S$20,000 each for up to 4 children, between 14 days to 16 years old, of the insured. In addition, the Special Conditions Benefit provides the insured with an additional 20% sum payout against Diabetic Complications and Severe Rheumatoid Arthritis (SRA), capped at S$25,000 per special condition.

Singlife Multipay Critical Illness is a multi-pay plan that provides up to 5 lump sum payouts with up to 600% of the sum assured. You will also get an additional payout of up to 20% of your sum assured upon diagnosis of 24 Special Conditions. Reach out to our advisors at PolicyPal if you want to learn more or are interested in purchasing any of these plans. It is one of the cheaper multi-pay critical illness plans on the market.

Two other multi-pay plans are TokioMarine's TM MultiCare and ManuLife Ready CompleteCare with the "cover again" add-on. TokioMarine provides a total payout of up to 900% of the sum assured and lets you claim twice for advanced stage critical illness, twice for major cancers and twice for early or intermediate stage critical illnesses. ManuLife Ready CompleteCare offers a payout of up to 500% of the sum assured for 36 critical illnesses and lets you claim up to 6 times per policy as long as each of the conditions are different. There is also a lump sum benefit of S$25,000 when diagnosed with one of the 18 Special Conditions.

Prudential's PRUtriple Protect plan is another multi-pay option, offering one of the highest potential payouts on the market. You can claim up to 300% (maximum of S$9 million) of your sum assured and you'll have protection against death and total and permanent disability as well. Get a quote by speaking to one of our advisors at PolicyPal.

Singlife with Aviva's MyEarly Critical Illness Plan will provide a 100% lump sum payout in for any of the covered critical illnesses at any of their stages. It will also cover you until age 99 and lets you pay in the currency of your choice, including USD, GBP and AUD. Due to its simplicity, it is one of the cheapest critical illness plans on the market, costing around 50% less than its main competitor, TM EarlyCover.

Another example of a critical illness plan that covers early stage conditions is AXA's EarlyStage Criticare. With this plan, you will receive a 100% lump sum payout during the early onset of your critical illness and up to 150% of the sum assured at the terminal stage of your illness. It also offers a premium waiver for the duration of your policy after your first successful claim. If you'd like to learn more about these plans, reach out to our advisors at PolicyPal.

A good example of a tailored critical illness policy is TokioMarine's Protect Cancer Plan, which offers protection for early and advanced stage cancers. Its coverage is for adults between the ages of 30 and 65 and you will get a 50% payout upon diagnosis of early-stage cancer and a full payout up to S$150,000 upon diagnosis advanced stage cancer.

Another exmaple is AXA's Criticare for Her/Him plans. These plans offer tailored coverage of gender-specific critical illnesses such as cervical cancer or prostate cancer. They also provide miscellaneous benefits such as a premium waiver after the first payout, free child cover and biennial health checkups. Are you interested in these plans or want to learn more? Consult with our advisors at PolicyPal to find the best plan for you.

FWD's term life DPI plan is affordable enough that its rates are still competitive even when you add the critical illness rider. For instance, consumers looking for DPI plans with S$300,000-S$400,000 of death and terminal illness coverage will see base plan and rider premiums around 50% cheaper than the industry. Furthermore, FWD is also competitive for 20-year DPI plans, with its premiums around 25-35% cheaper compared to other 20-year plans on the market. Its critical illness rider provides coverage for 30 out of the 37 critical illnesses. However, once you do make a claim on your critical illness rider, sum insured for death and terminal illness will be reduced according to the amount of your claim.

Aviva's critical illness rider is very competitively priced for younger consumers looking for 5-year and 20-year DPI plans. For instance, Aviva's 5-year term life DPI base life insurance plan plus the critical illness rider can cost up to 15% less than the same combination from other insurance companies. Aviva offers coverage for 30 of the 37 critical illnesses. Similar to other DPI critical illness add-ons, it will decrease the total death benefit by the amount claimed of the critical illness rider. To learn more about adding a critical illness rider to your life insurance, please speak to our advisors at PolicyPal by clicking the "Get a Quote" button above.

SingLife's Term Life DPI and Critical Illness rider combination are competitive for older consumers, especially for up-to-age 65 plans. For instance, SingLife's up-to-age 65 plans cost around 10% below average for consumers 45 and over compared to other DPI term life/critical rider packages. SingLife's critical illness rider covers 30 critical illness conditions and terminal illnesses. SingLife is an accelerated payment policy, meaning that once you file a claim under the critical illness rider, your base plan's death and terminal illness will decrease by the claimed amount. To learn more about adding a critical illness rider to your life insurance, please speak to our advisors at PolicyPal by clicking the "Get a Quote" button above.

Etiqa's critical illness rider is competitively priced compared to other whole life DPI and critical illness plan packages. For instance, the total cost of its up to age 70 whole life DPI and critical illness rider package is up to 15-20% cheaper than the industry average. Etiqa's critical illness rider covers 30 of the 37 critical illnesses. Similar to other DPI critical illness riders, it will reduce the sum insured on your base DPI policy by the amount claimed on your critical illness rider.