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Best Critical Illness Insurance Plans in Singapore

I used to feel slightly iffy towards insurance, but ever since I started to get my personal finance sh*t together, I realised the importance of having adequate coverage.

“One can die but can’t fall sick in Singapore.”

Is a phrase I’ve heard since I was young.

In the age where people are having longer lives, the chances of falling ill become higher too.

In fact, almost 1 in 4 people may develop cancer in their lifetime.

that's horrible britney
Source: Tenor

In an unfortunate event where such news had to be dealt with, the least we would want to worry about is the medical treatment costs.

Which is why a critical illness plan is one some would get as one of their key insurance policies.

With the changes to the definition of critical illnesses (CI) happening soon, I (along with many others) have been trying to gain a deeper understanding of the various CI plans available.

The plethora of plans available today has allowed us to get critical illness coverage through different ways: standalone critical illness policies, as as a rider along life policies (be it term or whole).

For the purpose of this article, we will be focusing on standalone CI policies.

With this, we are looking into plans that are offering either single payout or multiple payouts.

As with all insurance plans, please do not chiong (read: rush) to get the cheapest plan available. It is important to assess your own insurance needs, and purchase the ones that suit these needs the best.

Different plans also come with different features, so if it’s possible, do approach a licensed advisor that you trust to help you make objective comparisons.


TL;DR Best Critical Illness Insurance Plans in Singapore

As the insurance premiums are largely based on an individual’s profile, we are quoting the premiums based on the following assumptions: 30-year-old female, non-smoker, looking for a coverage of $200,000

As a rule of thumb by the Life Insurance Association of Singapore (LIA), the amount of CI coverage required would be 3.9x your annual pay.

However, a common number that is recommended (if you can afford it) would be 5x your annual pay.

  Plan Yearly Premium Features Note
AIA Power Critical Cover Coverage to age 75: $3,328
Coverage to age 100: $4,886
– Covers 175 conditions (including 10 pre-conditions, 150 multi-stage critical illnesses and 15 special conditions)

– Covers upon diagnosis of Type 2 diabetes

Aviva Aviva My Core CI Plan II $2,032 – 14 critical illnesses and 4 diabetic conditions

– Covers pre-existing conditions (Diabetes, 3 highs – high BP, cholesterol and BMI)

– Get rewarded 20% of total premiums if no claim is made

Premium is for coverage till age 65
Aviva MultiPay CI III $2,368 – Up to 5 lump
sum payouts upon diagnosis of
CI across Early, Intermediate or
Severe Stages

– Up to
2 payouts if re-diagnosed with
cancer or suffer from recurring
heart attack or stroke

FWD Cancer Insurance & Medical Cover $388 100% payout for all stages of cancer, even early stages Only cancer coverage, cannot own this and Big 3 Critical Illness plan at the same time
Big 3 Critical Illness $370 Covers 90% of all critical illnesses at one third the cost of a regular critical illness plan Only coverage for cancer, heart attack and stroke, cannot own this and FWD Cancer insurance at the same time
Great Eastern Critical Care Advantage $2,010 – Covered across 3 stages of illnesses – early, intermediate and critical

-No waiting between multiple claims

– Covered for 92 medical conditions (37 critical illnesses & 7 special conditions)

Manulife Critical SelectCare – Covers existing health conditions such as high blood pressure, high blood sugar, high cholesterol, or diabetes

– No medical check-ups required beforehand

Ready CompleteCare – Covers 106 conditions and critical illness for all stages

– ‘Cover Me Again’ option available

– Complimentary health check every two years

NTUC Income Cancer Protect $207.20 (Based on $100,000 sum assured) – Receive 25% of the sum assured upon diagnosis of early stage cancer

– Receive up to 125% of the sum assured upon diagnosis of advanced stage cancer

– Maximum sum assured is $100,000

-Renewable every 10 years, premium will increase with every cycle

Singlife Critical Illness Plan $1029.71 – Coverage of 36 late-stage critical illnesses

– Death benefit of S$8,000

Premium is for coverage till age 65
Multi-claim Critical Illness Plan $1138.11 Multiple claims up to 300% of sum assured
Tokio Marine EarlyCover $1,392 – Covers 119 medical conditions or procedures, including 99 CIs, 10 special conditions and 10 juvenile conditions

– Waiver of future premiums upon early or intermediate stage of critical illness

Multicare $2,774 – Total payout of up to 900% of sum assured

– Allows for 2 advanced stage critical illness claims

– Allows for 2 additional claims for major cancer

AIA

Power Critical Cover

The AIA Power Critical Cover Plan provides an extensive coverage of 175 conditions, including 10 pre-conditions, 150 multi-stage critical illnesses, and 15 special conditions.

The 15 special conditions include:

Diabetic Complications
Osteoporosis
Severe Rheumatoid Arthritis
Dengue Haemorrhagic Fever
Mastectomy Due to Carcinoma-In-Situ or Malignant Breast Condition
Hysterectomy Due to Cancer
Vulvectomy Due to Cancer
Severe Gout
Necrotising Fasciitis Requiring Surgery
Tourette Syndrome (TS)
Attention-deficit Hyperactivity Disorder (ADHD)
Autism Spectrum Disorder (ASD)
Dyslexia
Kawasaki Disease With Heart Complications
Rheumatic Fever With Heart Involvement

There is a Power Reset Benefit, which resets your last claim after 12 months.

This therefore allows multiple claims to be made, of up to 500% the coverage amount.

For the same critical illnesses, there will be twice the coverage amount

For this plan, there are two options – AIA Power Critical Cover Value Plan and AIA Power Critical Cover Life Plan.

The Value Plan offers coverage of up to 75 years old, while the Life Plan offers coverage of up to 100 years old.

The main difference is the guaranteed cash value that comes with the Life Plan.

For the Life Plan, there is a maturity benefit at age 100, where 100% of the coverage amount will be paid, less any prior critical illness benefits that were cashed out.

There is also a surrender benefit of 75%, which will be payable on or other the 60th policy year or at age 75, whichever is earlier, with 1% increment with each progressive year.

With this, the Life Plan is quite a lot more costly as compared to the Value Plan ($3,328 vs $4,886 per year based on profile assumption above)


Aviva

My CoreCI Plan II

The My CoreCI Plan II covers 14 critical illnesses and four diabetic conditions, which includes three new critical illnesses.

Critical Illnesses Covered
Major Cancer
Heart Attack of Specific Severity
Stroke with Permanent Neurological Deficit
Blindness (Irreversible Loss of Sight)
Coronary Artery By-pass Surgery
End-Stage Kidney Failure
Other Serious Coronary Artery Disease
End-Stage Lung Disease
Irreversible Loss of Speech
Major Burns
Deafness (Irreversible Loss of Hearing) (New)
Major Head Trauma (New)
Severe Bacterial Meningitis (New)
Angioplasty & Other Invasive Treatment For Coronary Artery

This plan covers existing health conditions too, which include Type 2 Diabetes, Pre-diabetes, and/or the three Highs (high blood pressure, high cholesterol, and high Body Mass Index (BMI)).

If there is no claim made, you can also get to receive 20% of your total premiums paid at the end of the policy term.

There is also an additional lump-sum payout for diabetic complications, where you can get 20% of the sum assured upon diagnosis of any of the 4 diabetic conditions that are covered.

In addition, there is an early payout of 10% of the sum assured (up to S$25,000) upon angioplasty and other invasive treatments for the coronary artery.

My MultiPay Critical Illness Plan III

This plan offers up to five lump-sum payouts upon diagnosis of critical illnesses across early, intermediate, or severe stages.

For early or intermediate stages, one can receive a lump sum payout of up to 200% sum assured.

Also, there will be up to two payouts if one is re-diagnosed with cancer, recurring heart attack, or stroke, with each payout amount to be 150% of the sum assured.


FWD

Cancer Insurance & Medical Cover

FWD offers a cancer insurance plan which provides a 100% payout for all stages of cancer, including early stages.

This insurance plan can be bought on top of other regular critical illness insurances, to offer a payout on top of any existing CI plans you might already have.

On top of this, there is also an option to receive a medical second opinion, allowing any diagnoses to be evaluated by expert medical professionals.

This service might help individuals in making critical decisions about their healths.

However, do note that this insurance only covers cancers, as opposed to usual critical illness plans which cover a range of illnesses.

Big 3 Critical Illness

Another product that FWD is offering is the Big 3 Critical Illness plan, which covers cancer, heart attack & stroke – three of the most common critical illnesses in Singapore.

It is a single payout plan, where the full coverage amount will be payable upon the diagnosis of the areas mentioned above.

The plan also comes with a death benefit of S$20,000.

The affordability of this plan makes it attractive as it offers coverage of some of the crucial critical illnesses at a low price.

However, do note that the coverage for this is limited to the three areas mentioned above, as compared to usual critical illness plans which typically provide cover for 37 illnesses.


Great Eastern

Critical Care Advantage

The Great Eastern Critical Care Advantage covers all stages of illnesses, including early, intermediate, and critical.

The plan provides comprehensive coverage against 37 critical illnesses and seven special conditions, which are:

Special Conditions
Diabetic Complications
Severe Rheumatoid Arthritis
Severe Osteoporosis with Fractures
Severe Dengue Haemorrhagic Fever
Systemic Lupus Erythematosus
Crohn’s Disease
Cancer Recovery

For the early stages, this plan offers payouts of up to $100,000, and for intermediate stages, there will be payouts of up to $200,000.

There is also no waiting time between multiple claims, which is a plus point for this plan.

Another point to note is that once a claim is made, no more premiums have to be paid, while the insurance coverage remains.


Manulife

Critical SelectCare

The Critical SelectCare Plan is a plan which is available for all, including people with existing health conditions – such as high blood pressure, high blood sugar, high cholesterol, or diabetes.

Individuals will be covered for selected critical illnesses and special conditions of up to $25,000 for each condition.

Critical Illnesses
Heart Attack of Specified Severity
Major Cancers
Stroke
Alzheimer’s Disease/ Severe Dementia
Parkinson’s Disease
End-Stage Lung Disease
Fractures of Specified Sites as a Result of an Accident
Special Conditions
Osteoporosis with Fracture
Severe Rheumatoid Arthritis

If no claims were made throughout the policy term, policyholders can receive a payout of 25% of the total premiums at the end of the term.

Ready CompleteCare

The Manulife Ready CompleteCare Plan covers 106 conditions and critical illness for all stages.

It also covers 18 special conditions of up to $25,000 per claim, for up to six claims.

This plan includes a ‘Cover Me Again’ option, where a new claim can be made 12 months after the previous claim, with 100% of the sum assured.

Under this option, individuals can also receive 200% of the sum insured for 6 major advanced stage critical illnesses.

The 6 major illnesses include:

  • Advanced stage major cancer
  • Advanced stage heart attack of specified severity
  • Advanced stage stroke
  • Advanced stage Alzheimer’s disease
  • Advanced stage multiple sclerosis
  • Advanced stage Parkinson’s disease

In addition, there is free coverage for your child in the event of advanced-stage critical illness.

This plan also offers complimentary health check every two years which is also transferable to your loved ones.


NTUC Income

Cancer Protect

Similar to the FWD Cancer insurance, the NTUC Income Cancer Protect Plan is also a plan that offers cancer coverage.

It covers for early to advanced stages, with no reduction in the sum assured after each claim, including early-stage cancers.

No medical check-ups are required for this plan, and there is an automatic guaranteed renewal every 10 years.

In addition, individuals can receive up to 125% of the sum assured for advanced-stage cancers, if there are no early-stage claims made.

If a claim made for an early-stage cancer, individuals will be paid 100% of the sum assured upon diagnosis of an advanced stage cancer

For diagnosis of early-stage cancer, individuals can receive 25% of the sum assured.

Also, there will be a payout of up to 100% of the sum assured in the event of accidental or non-accidental death.


Singlife

Critical Illness Plan

Singlife is a new contender in the market, and has recently gained popularity through its insurance savings account.

This digital platform offers a standard critical illness plan with a one-time payout.

It includes coverage of 36 late-stage critical illnesses (LSCIs), with a lump sum of $8000 payable upon death.

This plan also has a Next Day Critical Illness Claim feature, where claims will be processed on the next business day.

Multi-Claim Critical Illness Plan

MuThe Multi-Claim Critical Illness Plan is an enhanced CI plan that offers multiple payouts.

Similarly, this plan covers 36 late-stage critical illnesses.

The difference would be that multiple claims of up to 300% of the sum assured is now available for different critical illnesses.


Tokio Marine

TM EarlyCover

The TM EarlyCover is a critical illness plan which covers 119 medical conditions or procedures comprising of 99 critical illnesses (of all stages), 10 special conditions and 10 juvenile conditions:

Special Conditions Juvenile Conditions
Angioplasty and Other Invasive Treatment for Coronary Artery Generalised Tetanus
Breast Reconstructive Surgery following a Mastectomy Glomerulonephritis with Nephrotic Syndrome
Crohn’s Disease Insulin Dependent Diabetes Mellitus
Dengue Haemorrhagic Fever Kawasaki Disease
Diabetic Complications Osteogenesis Imperfecta
Osteoporosis Rabies
Pheochromocytoma Rheumatic Fever with Valvular Impairment
Severe Rheumatoid Arthritis Severe Haemophilia
Ulcerative Colitis Severe Juvenile Rheumatoid Arthritis
Wilson’s Disease Type I Juvenile Spinal Amyotrophy

This plan offers three policy terms: Up to age 70, 75 or 85.

Also, there is a waiver of future premiums upon early or intermediate stages of critical illness.

There is also a lump sum death benefit of $20,000, regardless of whether any claims were previously made, or the remaining sum assured.

TM MultiCare

The TM MultiCare plan allows for multiple payouts across early, intermediate, and advanced stage critical illnesses.

It offers a total payout of up to 900% of the sum assured, in three different layers.

Layer 1 and Layer 2 cover critical illness of different stages of severity.

Each group covers different types of critical illness conditions.

Layer 3 provides extra benefits for advanced-stage cancer, even when the cancer has spread, persisted or recurred, or if there is a newly diagnosed advanced-stage cancer.

Tokio Marine Multicare
Source: Tokio Marine

Apart from the multiple payouts, it also allows for two advanced stage critical illness claims, and two additional claims for major cancers.

Similar to TM EarlyCover, it also covers 10 special conditions and 10 juvenile conditions under Layer 1 and 2.

Closing Thoughts

As we can see, there are so many different features offered by different insurance policies.

You can even choose to be insured for just cancer coverage, where premiums are way more affordable.

With such a huge variety to choose from, it is easy to get confused too.

When in need of insurance advice, you should always approach any licensed financial advisers that you trust, or visit our community platform that is dedicated to critical illness-related questions!

I’ve personally learned so much, solely from the good questions that have been answered. 😄

 

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