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.
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.
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.
|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
- 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
|Premium is for coverage till age 70|
|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
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:
|Severe Rheumatoid Arthritis|
|Dengue Haemorrhagic Fever|
|Mastectomy Due to Carcinoma-In-Situ or Malignant Breast Condition|
|Hysterectomy Due to Cancer|
|Vulvectomy Due to Cancer|
|Necrotising Fasciitis Requiring Surgery|
|Tourette Syndrome (TS)|
|Attention-deficit Hyperactivity Disorder (ADHD)|
|Autism Spectrum Disorder (ASD)|
|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, you will be backed up with twice the coverage amount (up to 200%) with the Power Relapse Benefit, as long as 24 months have passed from the last claim.
This applies to re-diagnosed major cancer, recurred heart attack or stroke, and repeated major organ/bone marrow transplantation or heart-valve surgery.
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)
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|
|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|
|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.
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.
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:
|Severe Rheumatoid Arthritis|
|Severe Osteoporosis with Fractures|
|Severe Dengue Haemorrhagic Fever|
|Systemic Lupus Erythematosus|
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.
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.
|Heart Attack of Specified Severity|
|Alzheimer’s Disease/ Severe Dementia|
|End-Stage Lung Disease|
|Fractures of Specified Sites as a Result of an Accident|
|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.
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.
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.
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.
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|
|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.
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.
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.
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. 😄